Top
Forking – coolinarism
fade
14514
post-template-default,single,single-post,postid-14514,single-format-standard,eltd-core-1.1.1,symple-shortcodes ,symple-shortcodes-responsive,flow-ver-1.3.7,,eltd-smooth-page-transitions,ajax,eltd-blog-installed,page-template-blog-standard,eltd-header-standard,eltd-fixed-on-scroll,eltd-default-mobile-header,eltd-sticky-up-mobile-header,eltd-dropdown-default,wpb-js-composer js-comp-ver-6.0.5,vc_responsive

Forking

Forking

In the cryptocurrency world a fork is when a there is a change in the rules of the blockchain that the coin operates on or the nodes disagree on a historic transactions. Think of a hundreds of people walking down a road and the road comes to a fork, some people may decide that they do not want to follow the traditional direction of the masses and take the other route – as they believe it to be better. This would split the crowd and others may follow. In terms of cryptocurrency the minority of followers would create a new coin

Hard fork

is a software upgrade that introduces a new rule to the network that isn’t compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork. Nodes that continue running the old version of the software will see the new transactions as invalid. So, to switch over to the new chain and to continue to mine valid blocks, all of the nodes in the network need to upgrade to the new rules

 

Soft fork

is any change that’s backward compatible. Say, instead of 1MB blocks, a new rule might only allow 500K blocks. Non-upgraded nodes will still see the new transactions as valid (500k is less than 1MB in this example). However, if non-upgraded nodes continue to mine blocks, the blocks they mine will be rejected by the upgraded nodes. This is why soft forks need a majority of hash power in the network

 

User-activated soft fork

is a controversial idea that explores how a blockchain might add an upgrade that is not directly supported by those who provide the network’s hashing power. The idea with UASF is that instead of waiting for a threshold of support from mining pools, the power to activate a soft fork goes to the exchanges, wallets and businesses who are running full nodes. In bitcoin, a full node, even if it is not a mining node, is still responsible for validating blocks

Cryptocurrency

digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation

reference: www.investopedia.com

image: stockphoto2018

t-penned by netize R
No Comments

Sorry, the comment form is closed at this time.