Crypto Academy / Season 3 / Week 4 - Homework Post for Professor @awesononso || Blockchain Forks || By @ready247
Hello steemains
Honestly, It's a privilege to participate in this week's class, though it's my first time of participating in the crypto academy as a whole, I cautiously took my time in studying this lecture and i was able to understand what a Blockchain forks is,
I really learnt a lot while studying this lecture, my thanks to professor @awesononso and Crypoto Academy for providing such educative lectures,
Now i will proceed by answering all the necessary / required questions for this assignment.
1:: WHAT IS A FORK
In my own understanding, a fork is an upgraded software which on it own brings new technical or practical features to a blockchain.
OR
I can say that a fork can take place or occur during a principal difference to a blockchain network’s protocol, and the blockchain will separate as the cause or result, and automatically breaks down their separate paths. Well in many cases it may cause the two blockchains conflicting or fighting with each other and the two forks are called is { hard fork } and { soft fork }
Professor @awesononso also explained it in a nice and understandable way, that Forks on a blockchain can occur anywhere and at anytime because the code is open source. Developers can choose to add changes to a blockchain protocol after miners have agreed to said change. By { @awesononso }
2.Explain in details what a Hard Fork is with examples (Can be of any blockchain).
A hard fork
A hard fork normally occurs when the blockchain is being separated or divided which will result a network district to make a decision that they won't make use of the exact protocols on the equivalent Blockchain, So basically, during the forking time a current version of this renovated protocol will change automatically, resulting in separation of the Blockchain.
The splitting makes it possible by presenting two valid or true digital currencies along the exact network making them to have value. And in this case many network associations will have follow the new upgraded version because it was highly developed for a concrete reason,
Honestly there's few examples of a hard forks but i will be listing two which is Bitcoin Cash & Bitcoin Gold.
3.Explain in details what a Soft Fork is with examples (Can be of any blockchain).
A soft fork,
i will say that soft fork is completely different from a hard fork, a soft fork is any change or alteration that's backwards compatible.
** Ok let me use this as an example,**
in preference of 2mb blocks, a current rule can only take 600k
See what happens
What occurs is that non- upgraded nodes will now see the current transactions as valid **[ 600k is less than 2MB in this given example ]** so the fact that non-upgraded nodes begins to mine blocks, actually their mined block will be abandone by the upgraded/current nodes. This is the main reason why the soft fork requires a masses of hash power in it networks.
See what's goes wrong
It goes wrong at the moment when this soft fork is assisted by a minority or few of the hash power in the given network, and it might turn to the briefest chain and get adopted by the given network, or let State the fact that is can as well act exactly like a had fork in the process on chain can easily splinter off.
This soft fork has been rated as the
ultimate commonly recycled option that has been presented for upgrading the btc blockchain until now because it's stated that they afford a smaller risk of separating the given network. the old examples of prosperous soft forks involve the upgraded software like BIP 66
[ which take part with the signature validation ]
4.What are the differences between Hard Forks and Soft Forks?
This are the differences between Hard Forks and Soft Forks
| HARD FORK | SOFT FORK |
|---|---|
| Old nodes don't recognizes current blocks | Old nodes recognizes new blocks. |
| They brings out large Updates in the blockchain That will lead in forming of a new cryptocurrency | They bring little updates on the blockchain, normally change of rules. |
| they don't require a masses of hash power in it networks | they requires a masses of hash power in it networks. |
| The given network separate to two part and the community will chose the best network they like to start up with | It will be updeted for the given network |
5.Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are hard forks or soft forks;
Bitcoin Cash
This is a cryptocurrency that was created in 2017 and its among the altcoins and its a fork if bitcoin. Bitcoin cash volunteered to multiply the full size of blocks, so as to process more transactions, according to the information provided by the Bitcoin cash team, a new update in the block size
Would gain or enable greater practical operation on bitcoin as a means of 24/7 transactions and it would also support and compete with transnational credit card processing organizations, that requires high fees for transactions around the world, { example is visa 💳 )
Bitcoin Cash almost works alike with Bitcoin in many way, let me state this as an example, the both make use evidence of it work to mine current or new coins, and the both also chase a new or current block to be created every 10 minutes on median.
Segregated Witnesses
this is a procedure where by the block size is been circumscribe on a block chain and is expanded by clearing signature information or data through bitcoin transactions. When definite categories of a transactions are been removed or replaced, automatically it will releases some space or volume to support greater
transactions to the chain.
Segregate simply means to split or separate, consequently, segregated witness, in brief, is the method to separate transaction signatures.
6.Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).
Steem on it own was forked to produce or create hive, the current blockchain that was advised to increase decentralization in return to a current corporate seizure or takeover,
Steem blockchain has been split or divided
Which is means it has been hard forked,
controvertibly taking over the tokens or trophy of key associations members who
conflict or opposed tron's current
acquisition ecosystem's enormous dapp, { Steemit }
Hive was originated from the great steem network, or hive was victoriously forked from the Steem network, and its a blockchain-formed on content invention platform with an aboriginal token and authorize model. { HBD } Which means hive backed dollars
To make it very clear and understandable on { steem and hive } differences you have to visit this websites steemworld.org and Hive.blog to understand the full difference between the both,
This are screenshots from the two different platforms
STEEM PLATFORM PAGE
HIVE PLATFORM PAGE
The screenshots above has explained a breif difference in both platforms
STEEM GENESIS BLOCK
HIVE GENESIS BLOCK
From the screenshots i made above , you will find out that the both genesis blocks are almost the same,
You can see the witness, initminer, the exact block id and you also see
- the producer ::initminer
- Vesting Share: 1.000000 Vest
And others.
CONCLUSION
Its a great Privilege or opportunity for me or any one out there to be a path of steemit crypto academy, because from this community you will understand the world of Cryptosystem and how they works, because crypto or digital currencies will rule the world in the feature,
from this lecture i learnt a lot and all thanks to Professor @awesononso for the well organized lecture,
Hello @ready247,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You really should try to understand the topic better before attempting the tasks so you can properly express yourself.
There are a lot of facts missing on the topic.
You need to always verify your facts when you write.
Thanks again as we anticipate your participation in the next class.
Thanks