Crypto Academy / Season 3 / Week 4- Homework Post for Professor @awesononso - Topic: Blockchain Forks.

Hello my dear Steemian friends, how all are you? I hope you all are well and healthy.

Today in this community, I am here submitting for my first task. I hope you will read this and and tell me about my mistake.

I learn many things about blockchain fork from this task.
So now get's start-

Q1.What is a Fork? (In your own Words)

Ans:-

Fork refers to the creation of a new cryptocurrency based on an old cryptocurrency with a few changes cryptocurrencies are usually open source that means the code can be freely edited, copied or reased. sometimes a small group think, they can make a certain cryptocurrency better by making certain changes to it. if the majority disagrees. they can basically just split off .

so they take the existing cryptocurrency edit the code and spin off their very own version when this happens a whole new blockchain is created. it has a shared history with the original chain right up until the moment it splits or from that point on.

A fork is a condition applied to the blockchain. it's just like any other software where you get updates when new thing are added to put that particular software.
Fork is turn that refers to a situation where a cryptocurrency or token projects need to make technical updates to its own code.

Q2.Explain in details what a Hard Fork is with examples (Can be of any blockchain).

Ans:-

Hard fork is the process of breaking blockchain into pieces. there are a lot of reasons for hard fork in which intense security loopholes are defined. secondly new services are launched and transaction are done in cryptocurrency's source code there was a big fork of bitcoin and got bitcoin cash.

Example:-

when bitcoin was hard fork then a new coin got which name is Bitcoin cash. Its new feature was that its size had increased before.

Q3.Explain in details what a Soft Fork is with examples (Can be of any blockchain).

Ans:-

Soft fork are a change to the protocol but th end product remains unchanged. A soft fork backward- compatible upgrade meaning that upgrade nodes can still communicate with the non-upgrades ones. old nodes could still validate blocks and transaction but they just do not understand.

Example:-
pays to script hash
a soft are fork that enable multi- signature addresses in Bitcoin network.

Q4.What are the differences between Hard Forks and Soft Forks?

Ans:-

Hard Forks	Soft Forks
Hard fork is an update in the software which is not backward compatible.	Soft fork is an update in the update which is backward compatible
A hard fork is a permanent divergence from the previous version of the blockchain	Software protocol keeps it backward compatible
Previous version will no longer be accepted by the newest version	Follow the new rules and will also honor the old rules
Previously valid blocks on transaction in valid.	Original chain will continue to follow the old rules.

Q5.Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are hard forks or soft forks;

Bitcoin Cash
Segregated Witnesses

Ans:-

Bitcoin Cash

Bitcoin cash is also a cryptocurrency but it's totally different from the Bitcoin . it should not compare from Bitcoin. Bitcoin cah is a peer to peer electronic system.Bitcoin Cash is also called BCH in short.
Bitcoin Cash aims to Global Money. Bitcoin Cash offers fast payment and high transaction capacity along with privacy. Bitcoin cash doesn't require third party application and central bank.

Source

In this screenshot we can see many things of Bitcoin Cash -

Rank - 12
Price - 436.29 ( when I was writing the task )
From here we can see all thing of bitcoin cash.

Q6.Write on the Steem and Hive Hard fork and show similarities in their Genesis Blocks(Provide screenshots).

Ans:-

Steem is a cryptocurrency token. After hard forking the hive token was generated. So those are similar something.

We can hive token from hbd , same things work in Steem, we can steem from steem token. We can earn or purchase both token various type of website. There are many common things both of them.

So it is clear that without some hard forking, there is no possibility to generate just like that token.

Similarities in their Genesis block

Steem Genesis block

First of all open the steemworld.org. Then click on the block explorer 👇

Now we see this type of interface then search block 1 and ok.

Now this is date and witness of steem Genesis block.

Hive Genesis block

To see this we have to open https://hiveblocks.com/ and search block 1 👇

Now we can see , here is all data of block 1. Here is the date of this genesis block.

This is some more data related to hive blogs-

Conclusion

Fork is a unique process to be make new token.
But which fork work like this ? So ans is simple that hard fork work in this process. Soft work is related to software data. In this task we learn more about bitcoin cash. Steem and hive hard fork has many types of common thing. Both have same date of producing.

So I learnt many thing from this task . So thanks to @awesononso