Steemit Crypto Academy Contest / S4W4 - Blockchain Forks by @lavanyalakshman
Hi all, This is my entry post for a contest on
#Steemitcryptoacademy. They are conducting such a wonderful contest regarding Blockchain Forks.
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It's an amazing opportunity to learn more details about Forks in Blockchain Technology. That's why I'm sharing my knowledge through this publication. I hope all of you enjoy and get some information about forks in blockchain technology.
Using your own terminology, define what a fork is in general. |
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Forking is a common process in software development. It's not new , but very few know about it. The process of making any changes in previous software code based on present needs is known as forking.
In a similar way, we know Blockchain Technology, which is also one type of software but runs on a Decentralized Distribution Ledger Technology. Here too, developers (miners) change or update a certain aspect of a blockchain network. They will create their own version of the code and its database, so as to prevent any changes being made to the original codebase. These are known as Blockchain Forking.
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In blockchain, we have two major forkings. They are: Soft Fork and Hard Fork.
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We may also see some unintentional forks in the crypto space.But those very rarely occur.
Reasons for the occurrence of a blockchain fork
We already knew the meaning of Blockchain Fork. Now we are trying to understand the reasons for its occurrence.
Add new functionality: Blockchain is an open-source software, which is why a lot of users do their development based on their needs throughout the world. That's why to make blockchain into an update, developers start forking previous technology based on present needs. From this, it is possible to offer new features and benefits to users.
Fix security issues: Blockchain technology is a very new technology compared to traditional technology. That's why it has a lot of loop holes regarding security. Those developers try to fix it by forking the older version. From this, it is possible to resolve present security issues very easily.
Reverse transactions: Some times, developers face issues in producing new nodes for processing transactions due to possibly getting reverse transactions sometimes. These occur due to minor issues in the present software. Developers want to deploy new code to address these issues.To solve those problems, developers do Blockchain Forking.
Incrementing Scalability: To increase the present block size on a blockchain, developers need to do forking.
Those are the main reasons for the occurrence of a blockchain fork.
Using any blockchain example, explain what a hard fork is |
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We know very well that each crypto currency runs on its own protocol based on the majority of the community developers' agreed on it. When the community gets disagreement regarding development or protocol direction, then they may decide to split the present blockchain so that both parties can have their way.
From this, we get a new crypto currency into the market, but it works on a new blockchain. From this older blockchain, nothing gets any changes, but the new ones work on new code.
But users must decide which path they need to continue on, the new one or the old one. If you want to go with the new one, users also must update their systems regarding it. If you continue with the older one, there is no need to change anything.
Examples of Bitcoin Blackchain hard forks
At first, blockchain was introduced in the year 2009. A lot of hard work has happened since then, including a hard fork in the Bitcoin blockchain.
The First Hard Fork regarding Bitcoin was held in 2014, named Bitcoin XT. Its main goal is to increase transaction speed per second by increasing block size from seven to twenty-four and increasing the size of the block from one megabyte to eight megabytes, but it hasn't had much success.This new Bitcoin XT can produce up to 1000 nodes, but due to lack of user interest, it is not possible to run for the long run. It became a failed Hard Fork Project. At present, its original website is also defunct.
But Developers still want to increase the block size of the Bitcoin Blockchain after seeing this failure also, still want to increase Block Size of Bitcoin Blockchain.Also, they learn lessons from previous failures. That's why they increase the block chain size up to 2 megabytes instead of 8. In early 2016, a group of developers successfully launched *** Bitcoin Classic ***.It give good success too. This project still exits in the market.
Then after,Some Bitcoin developers forked a new project called Bitcoin Cash with a size of eight megabytes.It is the most successful crypto hard fork in history.
It will be the 11th larger crypto currency by market cap in 2021. Now it is trading around $113 at a rank of 30th position by present market cap.
Then, after Bitcoin Gold was introduced in 2017,its main aim was to restore the mining functionality with basic graphics processing units (GPU).
Like a lot of Bitcoin forks launched already, it may not end with it. Based on present needs, it may continue.
Using any blockchain example, explain what a soft fork is. |
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In a soft fork, new rules added to the older version do not clash with the existing rules. In this situation, all developers agreed to these new changes.
In a soft fork, we don't get any new crypto currency into the market. It's only effect is on the miners, not older users.
There is no need to upgrade new nodes in Soft Fork to maintain consensus because all new soft forks in rules also follow older rules.Therefore, older users also accept them.
Simply, we say soft fork means a software update that is backwards compatible with older versions.
In a soft fork, some users upgrade, some participate not update, those who do not upgrade remain on the previous version.However, the transactions of those non-upgraded users are also valid here.
Examples of Bitcoin Blockchain Soft Forks
We know it's a similar software update. Here we don't change the older version but give back-end support for faster transaction or security issues solving needs.
In Blockchain , we have a lot of examples of soft forks. From this, our King of Blockchain, Bitcoin, also has soft forking in order to decrease transaction prices.
Around 2015,Bitcoin software was upgraded by
Segregated Witness(SegWit). It is one of the successful softforks in our crypto space.
Before the SegWit upgrade, Bitcoin transactions were very costly and time-consuming. To solve this issue,SegWit advocated increasing the block size from 1MB to 4MB without changing the older version.
As a result, after Bitcoin, both transaction costs and time are drastically reduced.Here, older and upgraded clients both did their transactions without any issues. Both are valid.
We are proud of this example of smart engineering because we structured new rules without violating the old ones.
What are the differences between hard forks and soft forks? |
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Before, we learned the meaning of hard fork and soft fork. Now we try to learn the major differences between them.
| Hard Fork | Soft Fork |
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| It's Very Risky Process | Some what Risk Free Process |
| Here we get complete New Rules | Here we get Backward Supprt to Older Rules |
| If Miner Dont Updated, then Not possible to participate and validate new Transactions | Older and Upgraded Miners both possible to Validate Transactions |
| Extreme Changes we see in New Protocal | Just on update for Older Protocal |
| We get New Crypto Coin Into Market | Not get any new coin |
| Older and New Protocol Produce their Blocks with out any consensus | Older Chain Nodes Fade Out once all nodes upgraded to new one. |
That is the primary distinction between Soft Fork and Hard Fork in Blockchain Technology.
Explain the Steem and Hive Hard forks by comparing and contrasting their Genesis blocks. |
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Due to a disagreement among Steem Blockchain developers, we received a Hard Fork on March 20, 2020, and we launched a new protocol called Hive from Steem Blockchain with its own currency called Hive and HBD in comparison to Steem and SBD.
At the hard fork time, all existing steem users get a hive block chain airdrop with respect to their holdings in a 1:1 ration.
This means if any user holds 1000 steem and 20 sbd in their wallet, they will get 1000 hive and 20 hbd as an airdrop.
I am one of the early users who got this airdrop. This airdrop turned my portfolio too.
Just like Steem Blockchain, Hive is also an Open Source Decentralized proof of stake (DPoS) governance blockchain launched by the exciting Steem Blockchain.
That's why here we see a lot of similarities between the two blockchains, like reputation, power up, and downs. Along with a 7-day life span of user publications
Furthermore, exciting steem users may participate in hive blockchain with Steem keys during hard forking time.
For example, here you may see my Hive Account, which I'm long in with my Steem Keys. Here you may see my reputation, which I had in steem at the time of hard forking.
Along with that, we also see a lot of similarities in their genesis blocks too. However, only after Split is a new chain block created.
To check this first, go to https://steemworld.org/block
Then Type 1, in the Block Filter Tab.
Then here we may see First Block 1 Genesis details. This block was validated by @initminer witness on 2016-03-24 with Block ID Block Id0000000109833ce528d5bbfb3f6225b39ee10086 with Zero Transaction Merkle Root. As a result, he receives Zero Rewards for this validation.
Now I'm going to check out Hive First Genesis Block, which can be found at https://hiveblocks.com/b.
Then Type 1, in the Block Filter Tab.
Then here we may see First Hive Block 1 Genesis details. This block was validated by @initminer witness on 2016-03-24 with Block ID Block Id0000000109833 with Zero Transaction Merkle Root. As a result, he receives Zero Rewards for this validation.
Source
Both blockchain blocks have the same date and are validated by the Same Witness.
For checking the difference between the two block chains after hard forking, I now choose the 52000000 Block for checking witness and transactions. Here we see a lot of differences between them.
Source
In Steem, the 52000000 block was created on March 14, 2021, with 6 transactions by @roundblocknew Witness, while in Hive, the 52000000 block was created on March 10, 2021, with 33 transactions.
Source
Following the Hard Fork,Both blockchains work based on their own protocols with some similarities.
Conclusion |
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Forks in Blockchain are not harmful to any network. They help to enhance the present system's security, scalability , and features.
In Blockchain there is Two types of Forking. Soft Forking and Hrad Forking. From Soft Forking we don't get any new protocol into market it just work on Back End to support present protocal.
Coming to Hard Fork, It produce new protocol into market, means we get new coin into market with permanent changes from older version.
Hive Blockchain is a Hard Fork Implemented by Exciting Steem Blockchain.
But users need to take care while investing in new Hard Fork Projects.
Thanks You Very Much For Reading and Spending Some Time on My Publication.
Blockchain Forking is a process in which modifications or changings are made in the rules and protocols of a blockchain. If there is a complete disagreement between developers or the stakeholders of a chain, this could be result in the formation in a new blockchain, Hard Forking.
Yes, you are very true here that the forking could be done to improve the scalability of a blockchain. By increasing the block size, the capacity of a block to occupy more transactions is increased and hence more transaction can be stored within a second (high scalability).
Thank you very much for sharing your beautiful post with us and I wish you a very good luck for the contest.
Thanks for detailed review my friend.
Great explanation also so important for us..Thanks for sharing.
Thank you
Excellent article with great content. Your have shared vastly about the blockchain forks, their features and differences.
Your information about steemit and hive blockchains too were on point. Thank you for this wonderful work..
Good luck in the contest..
Thank you very much for your valuable feed back.
You have explained every point in great details and you have published a very high quality post.
That's correct . It was done by removal of signature of witnesses from block data so that only transaction data can be stored in a block and as a result mm ore transaction data can be stored within a same block and within same block generation time more transactions could be verified.
Excellent efforts . Good luck .
Thank you very much for your valuable feedback.
Upvoted! Thank you for supporting witness @jswit.
I appreciate your performance by sharing about blockchain Fork in detail. I learned a lot from what you said. I also shared about blockchain Fork.
Thank you my friend.
You have shared so knowledgeable post with us, First time I listen about forking. You explained so easily so that I understood in very few minutes. According to your post I can assume you have lot of knowledge about it technology. If you have time so please update like this type post so that we can understand easily and update our knowledge day by day.
Thanks for compliment. Sure i will share like those posts.
The soft fork old version can still function with the new version, but the hard fork old version work separately from the new one.
You have explained the topic in a simple, and beautiful way. Good luck in the contest.
Thank you very much my friend.🥰
Very good information and great contest you posted your post about block chain.thanks for sharing your veluble post with us.stay connected stay safe.take care dear.
Thank you very much my friend.