Crypto Academy / Season 3 / Week 4- Homework Post for Professor @awesononso by @joelmaxwell

INTRODUCTION

hello steemian,am proud to be part of this great community and glad to participate on the lecture the fork.seriously i didn't know about the hive and steemit splitting but am glad that in the course of this lecture i know that hive is the hard fork of steemit.

QUESTION 1

WHAT IS FORK (IN YOUR OWN WORD)

              ANSWER

Fork in cryptocurrency is the improvement,development,updating or upgrading protocol of a blockchain due to different reasons such as expanding it for large number of users at a time,improving the security,making it easily accessible or may be to accommodate more features but before this is done there must be an agreement between the miners and the users for it to be done successfully.

it help in keeping the blockchain history,but if the decision is not accepted by everyone then the will be a split which will result in creating of another blockchain with the same version(1 blockchain using 2 version).
We have 2 important type of fork which are the soft fork and hard fork

Source

QUESTION 2

EXPLAIN IN DETAILS WHAT A HARD FORK IS WITH EXAMPLE (IT CAN BE FROM ANY BLOCK CHAIN)

           ANSWER

• HARD FORK

This is the type of fork that a new version is being created from the old version because of different reasons.

It always happen when a certain part of the stakeholders are not satisfied with the functionalities of the previous blockchain and will decide to create another

It is the type of fork that an update or upgrade is being made in the blockchain and this update will be using the same version as the original version,this may be due to the fact that it wasn't agreed by everyone which will cause the splitting from the original version to form a new one(upgraded version).

The splitting may be as a reason based only to the software developers such as a result of low security,or expansion of software to accommodate more features.

Those that will be using the new version will be required to upgrade or update the original version which will help the developer in verification of transaction, in the new version.

It also create 2 blockchain

It is not compatible backwardly and during separation it aids in bringing of new currency

Source

Example of hard fork

ETHEREUM CLASSIC

Ethereum which is one of the largest cryptocurrency after Bitcoin was first known as ethereum classic before the current name ethereum and was being designed and DAO crisis in which a whopping sum of 3.6 million ether which costed about $60million was stolen.

Because of this the leaders of ethereum classic network introduce a hard fork which was ethereum but the were still people opposing this decision and still prefer using the old version but uptill today people are still actually wondering if the 3.6million ether was actually stolen because since the happening here police have ot done any criminal investigation towards the event.

Source

QUESTION 3

EXPLAIN IN DETAILS WHAT A SOFT FORK IS WITH EXAMPLE (IT CAN BE FROM ANY BLOCK CHAIN)

            ANSWER 

• SOFT FORK

This is the type of cryptocurrency fork that is being developed (new version) in a way to upgrade or update the original version not because of any issues but just for the purpose of updating,upgrading and improving the original version.

The update and improvements may be to accommodate more features such as transaction limit expansion without being splitting from the original version,This type of form is backward compactible.

Source

Example of soft fork

SEGWIT(SEGREGATE WITNESS)

Segwit was created to allow user of Bitcoin blockchain run data fast and smoothly without any delay.

Segwit which was initiated 2015 was implemented in August 2017

Segwit is an example of soft fork that was created due to the agreement that the software developers had and for the purpose of separating signature from transaction.

As the name implies, segregate means separation and this was also designed for the purpose of helping blockchain in the expansion of the limit of block size from 1MB to 2MB and this concept of segwit was brought about by Pieter Wullie.segwit after being developed helps in making the Bitcoin blockchain fast and smooth and also changes the way data is being stored and reduce burden for users

Source

QUESTION 4

DIFFERENCE BETWEEN HARD FORK AND SOFT FORK

          ANSWER 

HARD FORK	SOFT FORK
Bring about new cryptocurrency	Does not bring cryptocurrency
Split due to the fact everyone does not agree to the upgrade	split due to the fact that everyone agree to the upgrade
New version does not follow original version rules and regulations	new version follow original version rule and regulations
Examples:Ethereum classic,segwit2x ,steemit	Example Ethereum, segwit ,hive
It is not backwardly reversible	it is backwardly reversible
It creates blockchain through splitting	it creates 1 blockchain when it split
Original version	upgraded version

QUESTION 5

Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are hard forks or soft forks;

• Bitcoin Cash
• Segregated Witnesses

            ANSWER

• BITCOIN CASH

This is was created to help in the expansion of transactions but split to Bitcoin cash due to the separation that occurred between the developers about the introduction of new rules,policy and the proposal of segwit to improve plan for improving Bitcoin capacity.

Bitcoin cash came into existence 1st August,2017.

Some people feel that adopting Bitcoin cash was the best but Rogers ver and several people prefer adopted BIP91 and this will be in favour of people that wanted to treat the Bitcoin as digital investment not using it alone as transactional currency

Because of this issue the had the creation of Bitcoin cash came into existence in which so many issues were address through bitcoin cash but the shared the same origin with the original version Bitcoin.

Bitcoin cash addresses this issue of delayed transaction and made transactions fast and also improve it verification process.it was created 2017,

And with this separation and sharing of same version like the original version,Bitcoin cash is a Hard fork of Bitcoin

Source

source

• SEGWIT

Segwit meaning segregated witness was created from segwit2x and the share the same version,also follow same rules and regulations.

The segwit was created because of the large number of users the Bitcoin blockchain had but was not supported by everyone just the majority,it brought about changing of ways in which data was stored,reduced delay in the Bitcoin network and make transaction in the Bitcoin fast and smooth,it is well secured.

Due to this reason of separating from segwit2x and still follow the same rule and regulations,it only requires upgrading from the original version makes Segwit a soft fork

Source

From the picture above the size is very small (2177.625kb)

QUESTION 6

Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).

               ANSWER 

STEEM HARD FORK

steem hard fork is the separation that occured between the stakeholders of steem due to the certain disagreement that occurred when Mr Justin sun (Tron CEO)took over steemit and due to the disagreement that occurred major stakeholders left steemit to form hive though the share the same version as that of steemit but the separated due to the introduction of tron in which so many stakeholders were against the opinion.

Users of steemit of steemit are rewarded with steem,steem dollars and tron and steem power

Source

HIVE HARD FORK

Hive separated from steemit due to the disagreement between both party over the introduction of steem but the both share the same origin.In hive the users don't receive tron unlike in steemit users receive tron.

Reward here is hive and hive dollars and hive power

similarity between steemit hard fork and hive hard fork

• They are both used by content creators
• most of hive staff and members are previous steem staff and members
• They site when open has similar page
• They both have community for the users to post it content
• same 7 days to payout rewards
• In steem we have steem power,in hive we have hive power
• both of them were produce by initminer
• both of them have same vest
• same time stamp and date
  hive
  
  
  Source
  

steemit

Source

Genesis of hive and steemit

hive

Source

Source

Steemit

Source

Source

From the pictures above it clearly shows that hive and steemit are very similar because of same miner,they also have vest number. and same time stamp

CONCLUSION.

The lecture was really interesting,I have been educate to know about the fork which are of 2 types(hard and soft)which means some blockchain can split with or without reason base on the developers of the software,I also learn about our very own steem hard fork and it similarity with the hive hard fork,it was really interesting