Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 4 | Blockchain Forks
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What is a Fork? (In your own Words)
In the world of cryptocurrencies, it is used to refer to the fork of the blockchain or the chain fork of a blockchain. Forking is a term often used for cloning and thus making changes to the blockchain, so some miners continue to use one version and others continue to use another version.
Thus forming two parallel chains with the same common origin. You can clone the source code to use as a basis for making changes that you think are suitable for it.
Examples: Bitcoin and Bitcoin Cash
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Explain in details what a Hard Fork is with examples (Can be of any blockchain).
We know that Bitcoin has an open source code. This code can be updated or modified to create new projects. This is where this process can be called a hard fork.
It is a hard fork, which basically means that the blockchain software has been updated, but some members of these users refused to change, and at that time there was a fork, that is, the fork of the blockchain. The term Hard refers to the type of alteration in the code, that is, a change.
For a fork to be made it may be because certain people think that the original ideas were not being fulfilled with the idea of bitcoin or decisions by new rules
What happens when a hard fork is made, we mainly have our block chain, and in a specific block in a block number that block chain is copied into a new chain and the old one still works, money will appear in the new chain Since what we had in the block appears before the fork was made, but the same amount does not always appear, but it can vary.
An example is bitcoin cash cryptocurrency that used the bitcoin code to emerge in 2017.
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Explain in details what a Soft Fork is with examples (Can be of any blockchain).
It happens once the new updates they made are compatible with the other variants in other terms called a soft fork, the members who have made this update recognize the new and old blocks that is, they are compatible with the network this makes an improvement of the entire system , and transactions are faster.
This is mostly used to perform new functions, on the blockchain, most of the miners that join it are updated to enforce the new standards.
An example is the update made by Bitcoin from Segregated Witness or SegWit, It is estimated that in February 2018 more than 30% of miners their transactions are based on SegWit, we can highlight that this part of the soft fork is very easy to understand.
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What are the differences between Hard Forks and Soft Forks?
Soft Forks
• Compatibility
• Upgrade system
• Same blockchain
We can see that one of the first differences between these two is that in soft forks the same block chain is always maintained here, another chain is not generated, but if it is updated in this case you are not obliged to do the update and in the same way it is ensured your compatibility with the network.
Hard Forks
• Nodes must choose
• Updating of clients
• Here if another chain of blocks is generated
• Information is shared.
Here the system is updated and another chain of blocks is generated since this chain is generated because you cannot force everyone to update and therefore another chain is generated, but it is not compatible with the old software, here the nodes choose which chain which version do you want to mine.
Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are hard forks or soft forks;
Bitcoin Cash
Bitcoin Cash this fork comes from disagreement in the same bitcoin cash society 2 times a year there are forks, this fork that has been the one that has caused the most dispute has been elaborated on November 15, 2017
One of the proposals has been from bitcoin ABC where it proposed new and superior properties of the scale of the bitcoin cash network, another initiative was to expand the magnitude of the blocks to a higher than 128MB among these there were many more proposals, this It has been a positive fork that took place on the date before that.
Segregated Witnesses
It is a change is the composition of the blocks that makes it possible to have more storage capacity with block transactions and allows us to incorporate other chains, said blocks have to be carried out with certain specifications and properties in order to be approved, they have to have a header , a count and the transaction list all of the above should use less than 1MB.
Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).
Part of the Steemit leadership society made the decision to make a Hard Forks to the Steemit code, this happens since in 2020 the sale of the Steemit social network was announced at that moment it was acquired by Mr. Justin Sun and it is where then They did an update since they felt daunted by in this way to say it, unpleasant events began to happen.
Where a different but quite similar blockchain has been generated, one of the differences is that in steemit we can manage SBD, STEEM and TRX, and in Hive only HBD and HIVE are handled.
conclusion
We can say that the forks help us to improve the system either in the area of transactions, or new rules, new characteristics, we know that to make a fork it is for various reasons, it may be due to disagreements in the miners, or simple for the better the system.
We were able to see the differences between Hard Forks and Soft Forks and you know that in one at the fork we are shown another chain which is where the miners decide where they want to mine and the longest chain is the winner so to speak, and we can share information, we learned that you can have access to the two chains, we also learned about the fork of Steemit with hive and we gave examples of some forks as well as bitcoin cash I hope my task is to your liking and I can continue to learn more blessings for everyone every day.
Cc: @awesononso
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