Steemit Crypto Academy Contest / S4W4 - Blockchain Forks
SourceUsing your own terms to define what is a fork in general?
When you talk about a fork in a blockchain network, it refers to a change in the code of the network that results in the network being split into two. This means that the network has split off to form its own path and will continue to operate separately from the original network. But before i get into the different types of forks you might come across, let’s first discuss why changes to a blockchain network’s code are even necessary in the first place. When a blockchain network is first being created, it’s being programmed with a set of rules and regulations. One of these rules is usually a protocol that states that when a certain amount of people agree to alter the code of the network, a fork will occur. A fork is basically a change in the code of the network that results in the network being split into two. This means that the network has split off to form its own path and will continue to operate separately from the original network.
Using any blockchain example, explain what a Hard Fork is.
A hard fork is basically an alteration made to the blockchain protocol that makes the network incompatible with the old software. This means that if a blockchain network is using a hard fork, it makes it so that the new software and old software can’t be used together. When changes are being made to the blockchain code, they are sometimes made in order to improve the blockchain network. So, let’s say that someone wanted to implement a new rule or protocol on a blockchain network. If the blockchain network was using a hard fork, then everyone who is using that network would need to switch to the new software in order to follow this new rule. The old software would no longer be able to follow the new rule or protocol.
Example
The first example of a hard fork occurred in August of 2010, when a developer for Bitcoin tried to increase the block size from 1 MB to 8 MB. The community rejected the idea, and the resulting chain was eventually rebranded as Bitcoin Cash. Another example comes from Ethereum, which underwent a hard fork in 2016 in response to a major hack of the blockchain. The resulting fork — Ethereum and Ethereum Classic — stemmed from a dispute over whether the stolen funds should be returned to the original owners.
Using any blockchain example, explain what a Soft Fork is.
A soft fork is basically a modification made to the blockchain protocol that doesn’t make the network incompatible with the old software. This means that if a blockchain network is using a soft fork, it makes it so that the new software and old software can be used together. When changes are being made to the blockchain code, they are sometimes made in order to improve the blockchain network. So, let’s say that someone wanted to implement a new rule or protocol on a blockchain network. If the blockchain network was using a soft fork, then everyone who is using that network would have to switch to the new software but their data would be compatible with the old software. The old software would be able to read their data but wouldn’t be able to follow the new rule or protocol.
Example
Soft forks are typically done as a way to add new functionality to a blockchain. They are less controversial than hard forks, since there’s no risk of creating a new chain. One such example of a soft fork is the SegWit2x fork that was cancelled in November of 2017. The goal was to increase the network’s transaction capacity by changing how data is stored on the blockchain.
The differences between Hard Forks and Soft Forks?
While a hard fork and a soft fork both result in two different paths, they are each made with a different intention in mind. A hard fork is made with the intention to create two separate paths that don’t follow the same rules. A soft fork is made with the intention to create two paths that follow the same rules. So, while both of these kinds of forks result in two different paths and two different sets of rules, they are made with different reasons in mind and are not created equally. Differences between the two types of forks include:
- How often forks happen: While forks happen often, they can happen more frequently with soft forks than hard forks. This is because soft forks usually have fewer changes in the code than hard forks do.
- Difference in adoption: Hard forks tend to have higher adoption rates than soft forks do. This is because soft forks are designed to keep the original protocol and rules of the blockchain network in place.
- Risk of blockchain network splitting in two: More often than not, a hard fork results in the blockchain network splitting in two. This isn’t the case with soft forks; they are made with the intention of keeping the blockchain network intact.
- Risk of blockchain network splitting in two: More often than not, a hard fork results in the blockchain network splitting in two. This isn’t the case with soft forks; they are made with the intention of keeping the blockchain network intact.
Explain the Steem and Hive Hard fork by showing the similarities/differences in their Genesis blocks.
The Steem blockchain had been around for quite some time and the developers behind it felt that it was time to upgrade their blockchain. So, they created the Hive blockchain using a Hard Fork. There are Planned Hard Forks and Forced Hard Forks. This fork was a Planned Hard Fork because it was done on purpose. There was a lot of discussion and careful planning before the fork was officially executed.
Steem and Hive are similar because they are both blogging and social platform that rewards users for publishing content and engaging with the community.
Similarities
The Steem and Hive hard fork are similar because the genesis blocks for both networks are being generated from Steem’s Genesis block. This is a good sign because it means that the code for both networks is the same, so there will likely be very few bugs or bugs that are easy to fix. Steem’s Genesis block took place on March 24, 2016, and it was the first time that Steem was ever mined. This means that Steem’s blockchain has been running for years and will be running for more years. The same can be said for Hive’s blockchain. Since both networks are forking from Steem’s Genesis block, they will both run for more years as well.
Differences
The main difference between the two hard forks is that Steem will have 21 active consensus nodes, whereas Hive will have 101. This means that Steem will have a smaller network than Hive. Steem’s consensus nodes will be run by the Steemit Inc. team. Hive’s consensus nodes, on the other hand, will be run by the Hive team. Steem will use the Steem blockchain, which is currently running on the Graphene network. Hive will use the Hive blockchain, which will be running on the same Graphene network. Steem will be primarily used as a smart media token. Hive will be primarily used as a utility token.
Conclusion.
In conclusion, forks are a common occurrence in the blockchain space. In fact, forks are such a common occurrence that it’s become almost expected. While they can be a cause for concern, they also can be a sign of progress and an opportunity for networks to make improvements and evolve.
You have provided an awesome explanation about the blockchain forks which are soft and hard forks and how they affect the blockchain.
Just as you said, soft forks happen more frequently than hard forks and there is no creation of a new token with a soft fork upgrade, unlike Steem hard fork which brought the Hive token to existence.
Thank you for sharing.
Thank you for reading my post and Gigi your honest feedback.
This is very true
You explain very well.
I also share about blockchain Fork, if you have time please take a look and I'm very happy.
What I love about your work was its self explanatory way you have written it. awesome explanations about the blockchain forks.
From your explanations, I have learnt that Soft forks needs no creation of a new token but it is just an upgrade.
Good luck my friend..❤❤
That's correct and that leads to separation of blockchains and creation of new token on newly formed blockchain .
Yes that's correct and that's why it is said that soft fork is backwards compatible.
Good luck
Blockchain technology is backbone for decentralized application. Its application are increasing day by day due to its transparency, security and the most feature that is Decentralization. Here you have explained about the hard fork and soft fork.
There is Disadvantage of hard fork is that hacker gets more chance of fraud after the weakness of the blockchain when hard fork occurs. While soft fork convince the blockchain to accept the alter rules. In the last section you explain about the hard fork of hive and Steemit. Thanks for your great explanation. I have also posted an article, I hope you will visit my article.
Thank you for sharing with us and wishing you a very good luck for the contest.