Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @madilyn02

in hive-108451 •  last month 

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It is another steemit engagement week in cryptoacademy, wek #3 and this time we are asked to write on our favorite concept in Blockchain technology.
I'm going to explain everything to my understanding, so please sit back and keep reading......

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Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion.

My favorite term or concept is Fork.

What is FORK

First we need to remember that a blockchain is simply a decentralized open software. So when we hear about blockchains, they are simply computer software programs. If we know about computer software programs, we should know that from time to time there is need to maintain it or add sub-programs to the original module for it to accomplish a certain task it was not originally intended to execute.

This little explanation will help us to understand now what a fork is. A fork is simply a software program added to the blockchains protocol to effect a change or make an important adjustment in the blockchain. When this occurs, the blockchain may or may not produce another chain sharing all the historical data of the original with this new one as it heads off to a new direction.

Why do you think it is important in the blockchain?

Every blockchain is managed by a development team saddled with the responsiblity of initiating changes and ensuring the constant improvement of the network. We know that the constant thing in life is change. So when there are new developments to be made or some features needs to be added to a blockchain network, the change is made by introducing a fork in blockchain network.

So a fork is important for the following reasons:

● It is used to add new features and functionalities to the network or cryptocurrency

● It helps to mitigate security risk that have arisen on the network or correct security risks seen in older versions.

● In the event of a disagreement within the blockchain community and it is eventually resolved, a fork is introduced into the network to effect the change.

● It can be used to create new cryptocurrencies from an already existing blockchain.

We have two types of forks:

Soft Fork: - A soft fork can be regarded as a software improvement or upgrade for the blockchain network. We all know that our laptops asks for updates from time to time to enhance its functionality. That is exactly what the soft forks does.

Before this is applied, it must have been adopted by all users, becoming the current standards for the blockchain. These changes effected are made to align with previous forks in the block.

Hard fork:- A hard fork is the type in which the software is much different from the original one. It in turns forms a new chain of its own, splitting the blockchain into two. The new chain formed have an entirely new set of rules and standard, creating a new cryptocurrency in the process.

This type of fork is used to create new cryptocurrencies different from the one originally used by the blockchain. For example, on the Bitcoin blockchain, new cryptocurrencies like Bitcoin cash and Bitcoin Gold have evolved from it. This is made possible by the use of hard forks.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Yes, the blockchain would still exist without this concept. But the only problem would be that no change would be made on the blockchain once it starts running. There would be no need for adjustment or modifications on it. Thus making the system look boring.

The only way to make adjustment would be to create an entirely new blockchain. This would be very time consuming, cost ineffective, not suitable for man-power management and data storage problems. Data storage problem would come since many chain would need to be created to constantly make the needed adjustments to suit consumers needs and probably apply resolutions reached by the community users.

So the only alternative is to create a new chain entirely.

Is it possible to improve this term in some way? Explain how

■ Forks in a blockchain always leads to high volatility of the coin. This is more so when there is lack of consensus in the community concerning the fork. So there should be consensus so that investors would not lose their hard earned money.

■ When hard fork occurs, there is the possibility that one token among the splited chains will become invalid. Thus arrangement should be made such that holders of the old token recover their money by assigning them tokens in the new chain.

■ There is the possibility of double spending issues during hard forks. So care should be exercised while doing so.

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Conclusion

This engagement have helped me to know more about forks, its benefits and some of the disadvantages of doing so. Forsksare important in blockchain network. Every system needs an upgrade which is exactly what it does. Hopefully, developers would learn to do it in such a way to minimize losses and avoid pending problems that it comes with.

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Comments/Recommendation

  • You have discussed Fork as your favourite blockchain concept. I think you could have deepened your explanation.
  • You have also discussed the benefits of forks on the blockchain. It is no doubt that blockchain technology is still developing and there are still rooms for improvement.

Thank you for participating in this contest.


Total|7/10

Hello, thank you dear professor for grading my post.

Hola amiga que buena participación, ayudándo a disertar sobre los términos básicos de la blockchain,mucha suerte, saludos.

Thank you dear friend,I'm glad to have completed the task

Que inteligente ma selección del concepto Fork, que ciertamente es un termino y proceso vital de entender en la blockchain
Me gusta la explicación bien detallada querida Madi... Has investigado y resumido todo muy bien
Ye felicito y deseo éxitos en la competencia

Your beautiful words encourages me a lot. Thank you so much, I'm glad that I was able to complete this task

A great write up! I’ve learned a lot from the info you’ve provided.
What will we do without software developers? I don’t know 😊

Glad you did, thank you for reading 😊