Crypto Academy // Season 3 // Week 4 - Homework Post for professor [@awesononso] Blockchain Forks by @obikay

WHAT IS A FORK? (In your own Words)

source

FORK

In blockchain the word fork is the change in the protocol of a Blockchain network, with the network been an open source code, changes can be made by the developers for improvements to the Blockchain. If the miners agree to the new set of change, it then brings about the creation of two different blockchains. It also requires the users in the network to agree to the changes. So within these periods there might be high price volatility.
The major ways of new cryptocurrency creation is creating from the scratch or forking the current blockchain, thereby bringing about two different versions of that particular blockchain.

Forks can occur for many reasons but it's purpose is to add new features and attributes to the source code of a currency. Like changing the protocol rules such as security updates rules, maximum block size or better still creating something new from the previous one.
Here we have two types of fork

• Hard Fork
• Soft Fork

DETAILS OF WHAT A HARD FORK IS WITH EXAMPLES

HARD FORK

A hard fork is when the network protocol changes making the previous invalid blocks and transaction to become valid or the other way round.
This is why is been referred to as Backward Incompatible. In the Hard fork there is need for upgrade for all users who desire to run on the new chain. So through this process there have been creation of various digital currencies.

source

Examples are the Bitcoin cash, Bitcoin Gold, Bitcoin classic, Bitcoin unlimited, all through the Bitcoin hard fork.
Bitcoin has experienced various fork ever since it's creation in 2009. But the Bitcoin cash is still the most successful in all, which was created in 2017 having a higher block size of 8MB, speeding up the verification process and speed of transactions
Two types of Hard fork explained ;

• Planned Hard fork
  Everyone in the network agreeing on a software upgrade thereby creating a fresh block chain putting the old one aside.

• Contentious Hard fork;
  This occurs when there is disagreement in the community leading to two different blockchains.

DETAILS OF WHAT A SOFT Fork IS WITH EXAMPLES

SOFT FORK

Soft fork are different from the hard fork in a way that the soft fork does not create two different blockchains rather is an update that modifies the chains of block.
Which may be bug fixes and improved functionality.
This means that the new nodes can still intereact with the old nodes and vice versa. That is the new one been compatible with the previous blockchain.
Two kinds of soft fork

• Soft fork activated by miners [MASF]
  When an upgrade is done by the miners to bring in new set of rules

• User activated soft fork [UASF]
  when the nodes agree to set up new rules not with the miners aid.

Example is the Bitcoin segregated witness [segwit] with an increase in size limit of a Blockchain by taking out signature data from Bitcoin transactions. With this effect, it creates more space thereby adding more transactions to the chain.

DIFFERENCE'S BETWEEN A HARD FORK AND SOFT FORK?

Hard fork	Soft fork
Hard fork causes network splitting which leads to two different blockchains	soft fork do not bring about network split.
With the occurrence of hard fork their must be an upgrade by the users and nodes	In the soft fork, the users can access the old version but they cannot access the new features of the new version
Hard fork doesn't require these	To implement the soft fork 51% of hashing power is needed
The hard fork bring about changes in its software. Works on protocol level	The soft fork brings about how transactions and other process are been carried out . Works on network level.

EXPLAIN THE FOLLOWING BITCOIN FORKS AND EXPLORE THE BLOCKCHAIN WHERE NECESSARY. INDICATING IF THEY ARE HARD FORKS OR SOFT FORKS;

source

BITCOIN CASH

Bitcoin cash was developed in 2017 from the forking of Bitcoin. It has an increased size of blocks which allows the processing of extra transactions and also improved scalability. Bitcoin is a HARD FORK of Bitcoin blockchain. Not withstanding their differences, the both (Bitcoin & Bitcoin cash) share some resemblance in technical aspect.

SEGREGATED WITNESSES [segwit]

Segregated witness (segwit) which is a protocol upgrade which was developed to resolve the problems of scalability in blockchains. Segwit was originated by Pieter Wuille in 2015. And was implemented on the Bitcoin network as a SOFT FORK upgrade.
Recently there are many other cryptocurrencies using the segwit. Example is Litecoin, Bitcoin etc. These upgrade which brought about the increase in the block capacity and improvement in transactions speed. It also resolved the transaction melleability bug.

STEEM AND HIVE HARD FORK SHOWING SIMILARITIES IN THEIR GENESIS BLOCKS(Provide screenshots)

STEEM HARD FORK

Steemit a blockchain that is based on blogging where it's users can post useful contents, comment, vote and get rewards in cryptocurrency that is steem.
Some time back, was there was this dispute in the community concerning the integration of TRX in the Blockchain. Some were in support and some others were not. This whole thing lead to the creation of HIVE

The hive blockchain is a contentious hard fork of steem. Hive works just like steem with it's currency hive and the hive backed dollars [HBD], the influence token as [HP] hive power.

Similarities in their blockchains

Here we have the Genesis block of STEEM

And that of HIVE

With this we all can see the mining date, time been similar. With also the numbers of the both vest been the same.

CONCLUSION

Not withstanding, the type of fork. It is obvious there is much to do to ensure a trouble free transition, upgrades and updates of a Blockchain.
Hard forks requires more computational resources, however soft fork give fast results to the issues of upgrades in blockchain. They don't require much computational resources and can also implement updates without the community separating.