CryptoAcademy Season 3 Week 4 | Homework Post for Professor @awesononso| Blockchain Fork
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Introduction
Hello everyone,
I am @msquaretwins. I am happy to have gone through the topic "Blockchain Forks" for beginners level course, season 3 week 4, delivered by prof. @awesononso. He has done justice to the aforementioned topic. Thank you prof. I will be posting my homework post here. Let's go to the question 1.
1. What is a Fork? (In your own Words)
Fork in cryptocurrency occur when there is a separation of a blockchain in a different path. This term is also used for a change in consensus protocol of blockchain. For example, if a cryptocurrency that's operating on Proof-of-work (PoW) changes to Proof-of-Stake (PoS), this process is called "Fork". Fork can also refer to as a process where more than one blocks have the same block height.
2. Explain in details what a Hard Fork is with examples (Can be of any blockchain).
Hard fork is one of the types of a fork in cryptocurrency. It is the separation of a blockchain into two chains. In this type of fork, one out of the new chains works on its own without agreeing with the original protocol it formed from. The other will accept instruction and information from the original protocol and keeps acting on the information. Although the new chains always have the same history with the original version of the block, but they do have different direction. Hard fork occurs marjorly when the parties involve fail to concord on the proposal placed at any point in time.
Example of of Hard Fork
Bitcoin Hard Fork
Fork, whether hard or soft is done to improve a blockchain. There is no system that is perfect. Blockchain especially, need upgrade from time to time to take care of bugs, and some lapses in the system, as well as to incorporate some features in the system. Bitcoin has experienced or has undergone what is called hard fork. The hard fork of Bitcoin gave rise to Bitcoin Cash. This was done to increase the transaction in this cryptocurrency. The rate of transaction and block size were increased in Bitcoin Cash as a result of hard fork BTC went through.
Ethereum Hard Fork
Another cryptocurrency that has done hard fork is ethereum. The coin from this hard fork is known today as ethereum classic. The main reason why ethereum underwent this was that they detected a theft in the ethereum system, and they way they could solve it was to use hard fork.
3.Explain in details what a Soft Fork is with examples (Can be of any blockchain).
Soft fork is another type of fork in cryptocurrency in which there is not separation of blockchain. It is an update that is backward compatible with the old one. This type of fork update the anomalies of blockchain without splitting it. Therefore, soft fork does not require node to perform the forking of the blockchain. Also, the upgraded node and the old one can work well with each other to create blocks. It should be noted that the block produce in soft fork is still valid as that of the old block.
Examples of Soft Fork are:
• Bitcoin soft fork -Segregated witness,
- tap root
4.What are the differences between Hard Forks and Soft Forks?
| Hard Forks | Soft Forks |
|---|---|
| As a result of hard forks a new coin is created | new coin is not created. |
| It results in the splitting of blockchain | blockchain does not undergo splitting. |
| The node is not compatible with the original protocol | It is compatible with the original protocol. |
| There is repetition of block heights in hard fork | There is no repetition of block height. |
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
Bitcoin Cash
Bitcoin cash was created from bitcoin hard fork. Bitcoin split from bitcoin in the year 2017. This was created to increase the block size so as to give room for more transaction, and thereby improving scalability. This coin is believed to be the most successful hard fork from the original protocol.
Below is the screenshot of Bitcoin cash block
Below is the screenshot of Bitcoin genesis block
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Let's us take note of the data in this screenshot.
Then let's see the screenshot of Bitcoin Cash below
From this two screenshot, we can see that the data are the same, hence this verified that Bitcoin cash split from Bitcoin.
Segregated witness
Segregated witness (Segwit) is also a bitcoin fork. This is a soft fork of bitcoin developed in the year 2015. It is a soft fork because it did not split from original protocol to create new block. It was the software upgrade of bitcoin. It was created to reduce the size of block transaction and consequently permitting more transaction to take place at once.
6. Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).
Steem and Hive hard fork was die to disagreement on the steem blockchain. Initially, there was nothing like Hive. Hive slipt from steem blockchain. The separation was as a result of disagreement that arose few months ago. The incorporation of TRX on steem blockchain was the cause of this disagreement. When this was announced, there were two sides on steem blockchain, those that supported the incorporation and those that did not. Consequently, this led to the splitting of steem blockchain. So, the result of hard fork of steem gave rise to Hive
Because Hive separated from steem blockchain, the two blockchain have the same history. Therefore they have similar genesis block.
Let's see the similarities between them below.
Similarities between Steem and Hive Genesis Block
Right fron the blog page, we can see similarity. Let start from the website page.
Below is the steem website page.
Exploring Steem Genesis Block
Step 1
Go to steemworld to explore steem genesis block. To do this, go to www.steemworld.org. When you click this, a home page will open, click "Block explorer" The screenshot of this is shown below.
Step 2
After clicking explore, another page will display, type 1 in the box and click "Ok" to check steem genesis block. See the screenshot below
Step 3:
Then you have the information about steem genesis block. The screenshot of the steem genesis block data is provided below.
From this, let's take note of the following information;
Timestamp
Witness:initminer
Producer name : initminer
and Vest:1.0000VST
Having noted this, let's explore Hive blockchain.
Exploring Hive Genesis Block
Step 1
Go to hive https://hiveblocks.com to explore it. From the home page search for block 1
The screenshot of this is uploaded below
Step 2
From the screenshot above, to see more data, click "show more op data" Then you have the screenshot below
The producer here which is initminer, the vest share which is 1.0 and timestamps are the same as that of steem genesis block shown above.
To be sure of this, i searched for block 35 in both block chain. Let's see the result below.
Let first see block 35 for steem block
Then the result of steem block 35 is displayed below.
Let's take note of the data from the above screenshot.
Then, let's see the Hive block 35 below
From the two screenshots of steem and Hive block 35, we can see that the data are similar to each other.
Conclusion
The system that will keep working need update from time to time. This is also the same for blockchain. Any blockchain that will keep serving its purpose must keep in pace with growth and development in the system. Therefore, fork in blockchain is of high importance, and it importance can never be overemphasized as it helps in the upgrade or update of the entire system and keeps it working.
Thank you for reading
Written by : @msquaretwins
Cc:- awesononso
Hello @msquaretwins,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You need to understand the topic better so that you can express yourself better as well.
There are still a lot of very important information missing in the work.
Thanks again as we anticipate your participation in the next class.
Thank you prof. @awesononso
All suggestions are noted.