CRYPTOCURRENCY FORK
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You might need to decide at some point in your life which school to attend, what kind of automobile to buy, or even who you want to spend the rest of your life with. Simply choose the best course of action because your choice of option may alter how your future turns out. Our lives can go in one direction if we choose to attend college, or they can go in another direction if we decide not to. Because the choices we make today will affect our future, they are compared to forks. Forks are a term used in the cryptocurrency industry and refer to a code change.
The programming term "fork" indicates significant modifications to the code and denotes a minor update to the original code. A fork in the cryptocurrency industry is essentially two possible paths for a blockchain to go; it is essentially the same blockchain with minor modifications to the code. The Soft Fork and the Hard Fork are the two different kinds of forks.
- Soft fork
In a soft fork, the validator alters the transaction's validation in the same manner as before, but the modifications will still take place. It is similar to a child who has been adopted from an orphanage home in that there is nothing the child needs to do; instead, he simply needs to follow the parent's new set of rules.
- Hard fork
Hard forks require the validator to modify their software or take other activities in order to validate their transactions. The main reason the old Blockchain cannot be used with the new blockchain is why validators need to make a few minor adjustments to the program in order to continue utilizing the blockchain. You can still use the old key even though you have a new door, exactly like when you obtain a new door. The block structures are altered during a hard fork, requiring miners to make adjustments in order to continue mining on that network. The miner has the option of staying on the old blockchain or switching to the new one.
A fork in the Ethereum blockchain caused by the DAO losing around $50,000 to hackers led to the creation of Ethereum Classic. The Ethereum creator came up with a plan to return the DAO's funds and also decided to reverse the code of the new blockchain to make it appear as though the attack never happened. Now that we have two blockchains with distinct rules, you should be aware that more validators had to agree before Vitalik Buterin was allowed to fork the blockchain.
People may have different viewpoints and claim that Hard Forks are the most dangerous because the blockchain will change, but according to Vitalik Buterin, Soft Forks are more risky since the miners have not decided to change.
In conclusion,
As long as people desire to change their minds, there will always be forks in the cryptocurrency realm. There is a purpose behind every fork. These purposes may include disagreement, an attempt at improvement, or any other circumstance.
https://www.coindesk.com/learn/hard-fork-vs-soft-fork/
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