Crypto Academy ||Season 3 ||Week 4- Homework Post for Professor @awesononso - Topic: Blockchain Forks.
Quetion One
What Is A Fork? (In Your Own Words)
A fork are essentialy a split that occurs in the blockchain network, this network is justified to be an open source software of which the codes are always free and as well available which actually means that anybody tamper around with it and as well propose a change and even configure and change the code.
Also fork in the blockchain is observed when the software of a different miners are not comparable. which is left for the miner to decide which Blockchain to use. If there no general agreement, then this could cause the creation of a new blockchain (two version), this can show a sign of increase of price votality when ever this occurs.
How Fork Works
This called fork introduce a change in the system (software protocol) of the blockchain, this is are associated with introduction of a new currency, which then tell us the two way of creating cryptocurrency which can be either fork or from the scratch. which can now make blockchain to split in two version of different currencies in the system known as the hard and the soft folks
Hard Vs Soft ForkFolk
•The Hard Fork
Having bitcoin cash from bitcoin is typical example a hard fork, hard fork is that radical change in the system (blockchain) which demands users or suscriber to change or migrate to a newer version of the software, which means the node operating in the older version will not be recognized by the new version and is a permanent migration or divergence from the older to newer version in the blockchain, and also if a sutuation where there is no general agreement this will lead to soft folk.
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•The Soft Fork
This is said to be accomdating and well compatible to the backward and the present change in the system, the ugraded blockchain in charge of trasaction validation. But, node which are not updated will still recognise and see the new version valid in the system. For a soft work to function is for the node not to recognise the new features from the upgraded one
of which Bitcoin and Etheruem has implement software such as (BIP66 in the case of bitcoin).
Reasons For Fork
• It improve and model the scalability of a blockchain which increase the size of the blockchain and also reduces the time require to complete a task in the block.
• This enhance the security in terms of up grade on the system, which increase the security walls.
• It also help to recover stollen token which was tampered or hijacked by the hackers.
• It serves as settlement in some cases of which can result due to the change of policies and disagreement in the system.
Question Two
Explain in details what a Hard Fork is with examples (Can be of any blockchain).
In a blockchain technology hard fork is known as radical change in the protocol of the system which initiate the spliting of a system
Hard fork policy is initiated in a blockchain technology which is influenced with changes on the network protocol which render the previous block features valid and it transactions vice versa. This is a contrasted with that of a soft folk.
After the development in blockchain which was due to hard fork, which causes one path to follow a new blockchain while the other will fellow the preexisting protocol, if a situation one node uses the old and the other the new software this can lead to permanent split.
Some Key Facts about Hard Fork
• Hard fork occurs in the blockchain.
• A new policy is initiated.
• A hard fork is the radical development to a protocol of blockchain network.
•Hard fork can splites a single crytocurrency into two places.
•Hard forks are of two group which are accidental and international forks
•There is always separation.
Hard fork can occure in any blockchain technology platform due to misunstanding as i have said before, let's look into one of the blockchain which have experience such like that of the steem.
Steem as a blockchain has encountered the wave of this called hard fork which happens to be when there was intergration of Tron on the steem blockchain, which splite the entire system into two opposion opinions based on the disagreement whether the the new development to take place or not which eventually lead to the diversion of the blockchain from the main source which lead to the born that of Hive currency.
Hive is a decentralize platform, which share common similarity with steemit, of which the currency is address as Hive and also as Hive Backed Dollar (HBD) as token
Take a look on the both side of the blogs and
there similarities.
The Steem Page
The Hive Page
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Question Three
Explain In Details What A Soft Fork Is With Examples (Can Be Of Any Blockchain).
As i explained in the begining, a soft fork is occured due to the backward compatible modification toward the software protocol of which it still retain and continue with the new development which the new chain fellow up the protocol accept.
Provided upgrades is concern, soft fork do not need to split in order to maitain the consensus. This is due to all with the fresh soft fork in rules are following the existing protocols.
Why Do Soft Work Happen
Soft work can take place in scenario that it alters the system (blockchain) in order to add funtion into the system without interfering with the blockchain structuring which happens due to some tangible reasons such as change in the conscensus algorithm or software upgrade.
Example Of Soft Forks
Soft fork has being used to upgraade Bitcoin chain, because it was noticed that is the only means to get Bitcoin upgraded, because of they have low possibility to split the network,
There are previous successful soft fork such as Bip 66( deals signature validation) and p2SH ( which alters the Bitcoin address format.
Bips (34,65,and 66) this was installed into bitcoin blockchain, of which new conscensus rule were established in using the higher version alreadying existing in the blockchain network.
P2PH of PAY TO SCRIP-HASH was attached to Bitcoin blochain in 2012 which modifying the means of transaction as well.
Question 4
What Are The Differences Between Hard Forks And Soft Forks?
Difference Of Hard And Soft Folk
| N | SOFT | HARD |
|---|---|---|
| 1 | A new token is initiated. | No token is initiated. |
| 2 | There is split in the blochchain. | There is no split of blockchain. |
| 3 | New version and features are implemented. | No new version is formed they retain on there old features. |
| 4 | It accomudates the new version. | It do not accomudate the old version. |
| 5 | There is reputation on the block. | There is reputation in the block. |
Question Five
Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are hard forks or soft forks;
Bitcoin Cash
Segregated Witnesses
Bitcoin forks are are splits which takes place in the transaction chain which is specifically on the user opinion on trasaction history.
The splitting creates a room for a new bitcoin currency which are as a result of it structure as regards to blockchain system which work without a centralised body which serves as the authority.
Bitcoin fork is that that actually initiate and as well introduce new set of rules into the system for Bitcoin to follow. since a new rule is established into the system the user mining Bitcoin blockchain have the right to choose the the path to take.
Due to the slowdown in the system, Bitcoin have to initiate a solution to the problem as regard to the scale of bought and sold product which now welcome the fork.
There are two means as which bitcoin work which are based on the soft and hard fork.
The Bitcoin cash
This are hard fork of Bitcoin which actually occured in the 1, August, 2017 this was design and structured to tackle the Bitcoin problems with delay in transactions and lag, in other to achieve this, it uses the 8-megabyte block in place of 1-megabyte blocks which is used by the original Bitcoin, which make it easier to scale many users with their service.
The more larger the the block the more data and speed speed in the buying and selling in the system .
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Segregated Witnesses
This is know to be SegWit this is the process by which the capacity or the size is increased by the removal of the transaction signatures, in order to add up more transaction into the system.
Key Note About SegWit
•It act on Bitcoin.
•It increases the capacity limit on the block chain.
• it increases the size limit by pulling the signatures from Bitcoin transactions.
• SegWit means to segregate, separate and as well to witness which are known to be transaction signatures.
Question 6
Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).
Steemit hard fork, came to take place when there is disagreement within the team which was caused the integration of Tron into the system which was prononounced by the the founder known as Justin Sun,
Due to the diagreement lead to the hard fork, which now lead to the creation of Hive as a cryptocurrency.
To see the Genesis block of Steem blockchain, visit this web address https://steemworld.org
The Genesis Block for Steem blockchain is referred to as Block 1.
To see Genesis block of the Hive blockchain, visit https://hiveblocks.com/
The Genesis Block for the HIVE blockchain is known to as Block 1
Conclusion
Blockckain fork is a development which actually determine the condition and the future of a currency base on how the reach agreement within the system.
Base on this topic cation on blockchain i was able the tackle down the questions with answers.
Mean while i was able to cover fork, how it works, types of fork, there purpose and effect on the blockchain like the Bitcoin, Steem.
In conclusion i was able to distinguish some fact and as well read meaning in them base on how they work, there impact in Blockchain tecnology.
My regards to
@Awesononso
#awesononso-s3week4 #cryptoacademy #fork
#steemexclusive #steemitblog #blockchain #nigeria