What is hardfork and softfork anyway ??
Hi. I have come across the hardfork and softfork vocabulary many times in the crypto world, but I don't understand what it is all about. Could someone explain it to me?
Hi. I have come across the hardfork and softfork vocabulary many times in the crypto world, but I don't understand what it is all about. Could someone explain it to me?
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Simply put, the hard fork and the soft fork describe two separate ways to update cold wallet software. Not to be confused with a software fork where you take the original code of the project and modify it to create your own product, e.g. Litecoin which is a byproduct of Bitcoin.
A soft fork is a backwards compatible method of updating cold wallet software and defined as a temporary split in the blockchain. The original chain contains blocks from non-upgraded nodes, but will also accept blocks generated from upgraded nodes. The forked chain contains blocks only from enhanced nodes that have chosen to actively support the new rules and the soft fork.
Both the new and the old chain run parallel to each other, but each has different rules. For this reason, this means that users who have chosen to use different chains will not be able to send funds to each other as they will be using a different version of the same coin that is incompatible with each other. Every existing coin is duplicated. So if you happen to have 100 coins before the fork, you'll have 100 on the original chain and 100 on the forked chain, for a total of 200 to spend. Of course, they won't be worth the same value, and they can't be moved between strings. Most of these new features and updates will be implemented with a soft fork due to its secure and non-critical nature.
Simply put, the hard fork and the soft fork describe two separate ways to update cold wallet software. Not to be confused with a software fork where you take the original code of the project and modify it to create your own product, e.g. Litecoin which is a byproduct of Bitcoin.
A soft fork is a backwards compatible method of updating cold wallet software and defined as a temporary split in the blockchain. The original chain contains blocks from non-upgraded nodes, but will also accept blocks generated from upgraded nodes. The forked chain contains blocks only from enhanced nodes that have chosen to actively support the new rules and the soft fork.
Both the new and the old chain run parallel to each other, but each has different rules. For this reason, this means that users who have chosen to use different chains will not be able to send funds to each other as they will be using a different version of the same coin that is incompatible with each other. Every existing coin is duplicated. So if you happen to have 100 coins before the fork, you'll have 100 on the original chain and 100 on the forked chain, for a total of 200 to spend. Of course, they won't be worth the same value, and they can't be moved between strings. Most of these new features and updates will be implemented with a soft fork due to its secure and non-critical nature.
Machine translated
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A hard fork, referring to blockchain technology, is a radical change in the network protocol that makes previously invalid blocks and transactions valid, or vice versa. A hard fork requires all nodes or users to update to the latest version of the protocol software.
A hardfork occurs when the nodes of the latest version of the blockchain no longer accept its latest version, resulting in a permanent departure from the previous version of the blockchain. Adding a new rule to the code essentially creates a fork in the blockchain: one path follows the new, improved blockchain, and the other continues the old path. Generally, after a short time, those on the old blockchain will realize that their version of the blockchain is outdated or irrelevant and will upgrade to a newer version.
A hard fork, referring to blockchain technology, is a radical change in the network protocol that makes previously invalid blocks and transactions valid, or vice versa. A hard fork requires all nodes or users to update to the latest version of the protocol software.
A hardfork occurs when the nodes of the latest version of the blockchain no longer accept its latest version, resulting in a permanent departure from the previous version of the blockchain. Adding a new rule to the code essentially creates a fork in the blockchain: one path follows the new, improved blockchain, and the other continues the old path. Generally, after a short time, those on the old blockchain will realize that their version of the blockchain is outdated or irrelevant and will upgrade to a newer version.
Machine translated
Machine translated