Crypto Academy Contest / S1W3 – Reviewing Blockchain through the concepts by @ronindboss
Discuss your favourite concept or term related to blockchain.
Hard Fork
A hard fork is a blockchain technology that conducts changes to a network protocol that makes transaction valid and invalid blocks or vice versa. Hard work can also be defined as a radical change to protocool of a blockchain network which will result into two branches, one that follows the new version and one that follows the old version.
In hard forks, the holders of the tokens in the previous blockchain will be given tokens in the new fork but to for miners, they have to choose which Blockchain to continue verifying. Hard fork can take place in any Blockchain as it has occurred in Bitcoin which led to the creation of Bitcoin Cash and Bitcoin SV.
Understanding Hard Fork
Hard fork occurs when the nodes of a new version of a particular blockchain doesn't accept the old version which results to a permanent separation from the precedent version of the blockchain.
Updating/adding a rule to the codes influences forks to be created in the blockchain where one chain follows the new updated blockchain and the other follows the old chain. Moreover, after a short period, those on the old Blockchain will realize their version is unsecured and will move to the latest version.
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Forks may be implemented by developers of a crypto community that are unsatisfied with the possibilities of exiting Blockchain features. It can also be a way to fund new projects on cryptocurrencies.
In my opinion, Hard Fork creates way for newer features to be implemented in a blockchain and hence improves the security of every users of it.
Why do you think it is important in the blockchain
There are numerous reasons for hard fork importance in the blockchain, Developers can implement hard fork to correct faulty codes in the blockchain which might lead to security risks. Looking back at when Ethereum initiated a hard fork to revoke the hack on the Decentralised Autonomous Organisation (DAO).
Some times after hack, the Ethereum organisation voted in favour of hard fork to brink back transaction that extracted millions of dollars work of cryptocurrencies by an unknown hacker. This process helped DAO holders to get their ETH tokens to be returned.
In my opinion, Hard Fork is important in the blockchain as it's enables a way for developers to make changes to an already existing Blockchain without causing unbalance in the network.
Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?
In my opinion, I think the blockchain can exist without this concept. Hard fork only have a role to play when there's a security risks in a blockchain. In contrast to this, Soft Fork was created as a more advanced System. In hard fork, when there's a split in the blockchain, the new and old version still works as compared to soft fork which only the new version of blockchain will work.
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With the daring difference in secured network, most developers and users would prefer hard fork even when soft fork could do the Job more efficiently. Rebuilding blocks in a blockchain requires a huge amount of algorithmic power but there's a lot of privacy in hard fork compared to soft fork.
Do you think it is possible to improve this term in some way?
Hard forks are important for the success of Blockchain networks. It allows the developers to make changes and implement upgrades in decentralized systems without the need for a central authority. Without forks mechanisms, we'll need a Centralized system with overall control to integrate new features as they're developed within the blockchain. Otherwise, we would be trapped with the same rules for eternity of the protocol.
In my opinion, hard fork is okay at it is, and doesn't need any improvement right now.
Thanks for reading...⭐
Hello @ronindboss,
I think there is always space for improvement in every field of life, so we can't say that the things are perfect now. We just understand the working of any blockchain and think it perfect, but there is a need for better results in every kind of work. Anyhow you can say it perfect because it is your opinion.
Thank you
Indeed, your right about this. There's always room for innovation and improvement in our technologies, there'll be a time when a problem will surface and there'll be a need for improvements.
Thanks for reading
Welcome!😎
You have given a well detailed article regarding the hard forks. Truth be told it helps greately in providing security to the blockchain. A job well done.
Thanks for reading ⭐
From this post I am guessing a hard fork brought about the creation of hive right correct me if I'm wrong about this. Your post is well executed.
Your totally wrong,
Hive is a complete different Blockchain on it own, it wasn't created due to hard fork.
But Hive broke away from Steem after the whole tron saga
It is just like the hard fork that happened on Bitcoin blockchain which led to the creation of Bitcoin Cash
Source
Source
I guess I am right, right?
Maybe your right because I studied Hive recently and my source didn't say anything about it being created from hard fork. I like your analysis
Fascinating entry, you went ahead to enlighten us on the importance of hard fork being to create new features from an old one