> Hard fork

Hard Fork

A Hard Fork, sometimes also referred to as “hardfork”, is a significant change in a blockchain technology network’s protocol as nodes of the newest version of a blockchain will simply stop accepting the older version (or versions) of it.A Hard Fork effectively splits the blockchain into two separate branches and while one branch will adhere to the previous protocol, another one will follow a new version of it.This process can occur in any blockchain and token holders of the original blockchain are also granted tokens in the new fork. Miners, however, are forced to choose a specific blockchain which they will continue to verify.How does a Hard Fork happen?Hard forks are usually pitched by developers, miners or members of a crypto community as they grow weary of their technology becoming stagnant or those who are simply dissatisfied with the blockchain’s current functionalities or implementations and/or lack of addressing its problems.It can also serve as way of crowdsourcing funding towards very specific tech projects and crypto offerings. Hard Fork ExplainedBy means of a Hard Fork, or to put it simple, a new rule to the code, a permanent divergence is thus created from the former version of the blockchain.Consequently, two paths are created, and while one fill follow the new and upgraded version of the blockchain, the other will continue along following the old one.As time passes by, usually the old version becomes outdated, and people will likely flock to the whatever is the most recent one.The Role of MinersIt is quintessential that all miners agree upon the new roles and what does in fact comprises a valid block in the chain. The Reasoning behind Hard ForksDevelopers may find themselves in the need to update their protocol or software, correct security risks, add new functionalities or reverse transactions.The Difference between a Hard Fork and a Soft ForkSoft Forks imply that only one blockchain will remain valid instead of having two different versions coexisting. Despite both versions effectively splitting the blockchain, the intent of having it done via Soft Fork is clear: the end result will ultimately be only one path. Regardless, users almost unanimously call for Hard Forks instead of Soft ones because of the differences in security and privacy between the two.

A Hard Fork effectively splits the blockchain into two separate branches and while one branch will adhere to the previous protocol, another one will follow a new version of it.

This process can occur in any blockchain and token holders of the original blockchain are also granted tokens in the new fork. Miners, however, are forced to choose a specific blockchain which they will continue to verify.

How does a Hard Fork happen?

Hard forks are usually pitched by developers, miners or members of a crypto community as they grow weary of their technology becoming stagnant or those who are simply dissatisfied with the blockchain’s current functionalities or implementations and/or lack of addressing its problems.

It can also serve as way of crowdsourcing funding towards very specific tech projects and crypto offerings.

Hard Fork Explained

By means of a Hard Fork, or to put it simple, a new rule to the code, a permanent divergence is thus created from the former version of the blockchain.

Consequently, two paths are created, and while one fill follow the new and upgraded version of the blockchain, the other will continue along following the old one.

As time passes by, usually the old version becomes outdated, and people will likely flock to the whatever is the most recent one.

The Role of Miners

It is quintessential that all miners agree upon the new roles and what does in fact comprises a valid block in the chain.

The Reasoning behind Hard Forks

Developers may find themselves in the need to update their protocol or software, correct security risks, add new functionalities or reverse transactions.

The Difference between a Hard Fork and a Soft Fork

Soft Forks imply that only one blockchain will remain valid instead of having two different versions coexisting.

Despite both versions effectively splitting the blockchain, the intent of having it done via Soft Fork is clear: the end result will ultimately be only one path. Regardless, users almost unanimously call for Hard Forks instead of Soft ones because of the differences in security and privacy between the two.