What is a hardfork?
So Steemit just implemented a hardfork last week and I for one did not have a clue what a hardfork was.
So as I went off and searched the Internet deep and wide to educate myself on it, I thought I'd write an article to explain what a hardfork is for anyone else out there like me that didn't really have a clue what was going on.
Bear in mind now this is what I have come to believe a hardfork is after researching it myself so if at any point I'm wrong please do comment and let me know so I can edit this article.
Hardfork
A hardfork is a radical change in the blockchain that makes previously invalid blocks valid, or vise versa, and so requires all users to update their software to the latest version.
Basically a hardfork is a permanent change from the previous version on the blockchain and users using the old versions won't be accepted by the old version.
This create a "fork" in the blockchain, one path that follows the new version of the blockchain and one path that continues along the old path.
Users on the old blockchain soon realise their version of the blockchain is out of date and upgrade to the new version.
Hardforks are implemented to correct security risks found in older versions and to basically update the blockchain adding new functionality or to reverse transactions.
It this case with Steemit to add new functionality and change the reward system.
Well I hope this has been some use to members of the community less tech savvy then others like myself.
Images were taken from Google images
All information was taken and re-written in my own easier to understand way from investopedia.com
Hello, This was a good post. We need simple communication and easy to understand answers.
It earned you a vote and a follow. :)
Thanks, I'll give a follow back
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