SteemitCryptoAcademy [Beginners’ Level] | Season 3 Week 4-HOMEWORK for Professor @awesononso | Blockchain Forks by @shahzadprincejee

Hi to all my steemian fellows . Hope you will all well and enjoying by the good health . I am also fine by the grace of Allah Almighty . From the last two days , i was preparing the homework for the respected professor @awesononso . Now i am able to done my homework the professor @awesononso . Thanks to great professor @awesononso for this interesting and informative lecture .

Entire Questions;

1.What is a Fork? (In your own Words)
2.Explain in details what a Hard Fork is with examples (Can be of any blockchain).
3.Explain in details what a Soft Fork is with examples (Can be of any blockchain).
4.What are the differences between Hard Forks and Soft Forks?
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
6.Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).

Note: All Screenshots should have your username as a watermark on it.

1.What is a Fork? (In your own Words)

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A man can't build a perfect system . The "Bitcoin" cryptocurrency developed to function as digital assets. with time many of currencies developed in the market for the digital asset . All these newly cryptocurrencies emerged in the market as a result of Fork.

When a man introduced a system , then he should keep improving that system with modern technology . Because many of people always want to perfection in every development . Everyone wants to take a new versions product .

The Fork is a change in the software on the blockchain which cause the split in the market . It's availble to everyone for the transactions validity. It will create two versions of blockchain .

Forks are help to the users when the users think about the fundamental of the cryptocurrency that they want to changes .

2.Explain in details what a Hard Fork is with examples (Can be of any blockchain).

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Hard fork is a type of fork . Hard is related to term of technology . It is use to change the protocol network in the blockchain where the transaction keep valid . Who want to use the hard forks then he should be update their systems into the new versions . It is necessary . If we want to change the old protocol or features . In the bitcoin many of hard forks have done . such as bitcoin cash , bitcoin gold or bitcoin sb etc .

Many of people support to the bitcoin yet . But the many of people have introduced their own cryptocurrencies with the help of the hard fork which has new features. Miners have great role in this work . Many of reasons occur for the hard fork .

Example of Ethereum classic hard fork:

In 2016 , as we know a hacker was able to steal the almost 3.6 million dollar of ether from the Ethereum platform . Due to this , a meeting held in Ethereum community to discover the $3.6 million that was stolen by hacker . Many of community's people approved the idea of forking the blockchain and want to continue newly formed blockchain , while ignoring the old version. But there were some users wanted to continue operating with old version .

When it reached at new discovered blockchain and then those people who wanted to use the newly formed blockchain calling its cryptocurrency "Ethereum" while those people who wanted to use the old and original version did so , calling its cryptocurrency "Classic Ethereum"

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Ethereum changed its features to invalidate the past transactions . From this development a new trading start with new advances . This hard fork emerged that time to control trader's assets .

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Quorom is discovered for the high speed of transactions .

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Expanse developed and operated through a decentralized organization to managed the community.

Some ethereum hard forks are follwing ;
Ether Zero
Serenity
Metropolis etc.

3.Explain in details what a Soft Fork is with examples (Can be of any blockchain).

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First of all , the soft fork is a backward compatible . The soft fork is helpful to change done to old features which made previously transactions invalid . Many of miners have a great need to be there function to new version in the soft fork .

Working of soft fork.
A soft fork can't be reversed . A soft is help for the communications and transactions to the new upgraded users and not upgraded users . Many of have to need the soft fork to understand the new versions . A soft fork can be helpful due to temporary change in the blockchain. In the soft fork , the new rules follow the old users . A soft forked users may have new features and benefits . It does not provide the disturbance between the new and old user's transactions .

4.What are the differences between Hard Forks and Soft Forks?

As i have described above about the hard fork and soft fork , now i start to write the key differences between them.

Table: Difference between the hard forks and soft forks.

Hard fork	Soft fork
Friendly to developers	Friendly to users
Split	Don't Slip
Less restrictive	More restrictive
More troublesome	Less troublesome
Compatible	Incompatible
A separation from the old blockchain	Continue with same blockchain
More than one	Only one
Does not follow the old users	Follow the old users
Create a new cryptocurrency	Does not create a new cryptocurrency

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

As we know the bitcoin has many of issues , the bitcoin cash was developed to solve the all issues as a hard fork . Now the bitcoin cash emerged in the market . With in time , the number of bitcoin users have increased so much . The bitcoin network is really very fast so that this network process the seven transaction in a second. As we know the number of increaes the users so that the speed had divided into minutes for proceeding . To solve the time issues , the developers introduced the Hard fork Bitcoin cash.

Bitcoin cash was introduced in 2017 , it provides to users the many benefits. It has provided the high speed transaction verification process. Bitcoin cash has a great ability to scaling and increasing the speed . It is an effective cryptocurrency .

Key differences between the Bitcoin and Bitcoin cash.

Bitcoin	Bitcoin cash
Not efficient	Efficient
Expensive	Cheaper
Speed of transaction is slow	Speed transaction is very high
Transfer fee is high	Transfer fee is low

Segregated Witnesses

Segregated witness is also called the Segwit is provide the limits the size to the blocks on the blockchain . It is helpful to preventing any accidental transaction to make sure the some protocol are bypassed easily. When this type of fork is done on any blockchain , it doesn't split into two more block chains . But it can only improve the functionality of the network . It is known as the Segregated Witness. Segregated witness is also a soft fork in any blockchain .

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

Steem Hard Fork
As we know that the steem is a really very popular cryptocurrency . Steem is activated at the famous platform Steemit. Steem has many of shortcomings which can requests to some changes . As we know that the steem tokens are also called the SBD. It is decentralized blockchain. A hard fork of steem emerged in the world to solve the steem shortcomings .
Hive is separate blockchain which is worked at "Hive .Blog". Let's we see the similarities between the Hive.blog and steemit .

Here is a steemit platform's interface.

Let's we see now the Hive.Blog .

Genesis Blocks

Here is a Genesis Block of steem .

Here is a genesis block of hive .

In another way to describe the similarities about the both blockchains .
The producer of steem block 300 is @steemit43 and and number of vesting sharing is 1.000 VESTS.

The producer of Hive block 300 is @steemit43 and number of vesting shares 1.000 VESTS.

Conclusion:

In the era of technology , everyone want to improvement in the existing things . Many of want to change due to securities . Same as in the decentralized blockchain is also platform where no one has control over the platform. There are two types of the forks : 1 . Hard fork and 2. Soft fork . Both forks leads to general advancement of blockchain's technology . These forks work without creation of new cryptocurrency or blockchain .

Thank you so much professor @awesononso for the interesting and amazing lecture . I really enjoyed very much complete my assignment because i have taught many of new thing which i did not know before .