You are viewing a single comment's thread from:
RE: ❓Answering Common Questions: What do I Need to Know about the Next Steemit Update (Hard Fork 20) 💻
Thanks for the informative post! I really wished to see some key member of the steem community simplifying the most important changes and updates happening in the way things work. I recently offered it in a post by Tim cliff about witnesses updated. You did it perfectly - elucidating the most critical point in a simple manner.
Can you explain what a hard fork means in our context? In bitcoin it means you will have btc and say bch - why is it called an hard fork in our case?
Thanks ahead :)
I'm happy to be helpful! I definitely remember when I was new here (and to crypto) where I'd read updates and not feel I understood.
Think of hard forks as updates that change the rules of the blockchain...though they don't always end up splitting the currency like it did with Bitcoin and Bitcoin Cash. So in the case of Steem, changing how voting works (like changing the 30 minute penalty to 15 minutes), whether rewards are scaling versus linear (a change made months back, etc require a hard fork. However, before a hard fork is enacted, the witnesses have to vote and have consensus on whether to implement it.