Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @samuel20

in hive-108451 •  2 months ago  (edited)

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INTRODUCTION

Blockchain is decentralized such that there is no central control or central authority.That been said,each node is independent and free to suggest changes.This changes could be for the betterment of that particular blockchain.

A fork is a situation where the developers,miners and users of a blockchain wants to make changes in the way that the blockchain works.This changes could result in creating a new version thus having two different versions or the change will only be in form of amendment the blockchain continues to run after the amendment.

If the changes result in the creation of a different blockchain with a new token,we call it a hard fork.

On the other hand,if the changes involves the modification and continuation of the blockchain,and maintaining the token,we call it a soft fork.

HARD FORK

It is a permanent change/upgrade to the software protocol of a blockchain such that an entirely new version is created.In this case owners of the old version does not accept the new version and the owners of the new version does not accept the old version.Nodes of the old version does not accept the new version of the blockchain and vice versa. In a hard fork, two different tokens must exist,which is the old token and the newly created token.

The holder of the new version sees the block of the old version as an invalid block also holders of the old version sees the block of the new version as an invalid block.

It is important to note that when a hard fork takes place,users that moved to the new version can still hold the old tokens,their token balances would be granted although miners will decide if they will verify old blocks or the new one.

The reasons for a hard fork is to correct and improve some anomalies or limitations like scalability or transaction cost on the old blockchain.It could also be for the purpose of correcting security threats in the old blockchain.

An Example of a Hard Fork

An example of a hard fork is the Bitcoin(BTC) fork that happened in 2017 which resulted in the creation of a new network called Bitcoin Cash(BCH). Presently we have an old version called Bitcoin and the token is BTC and new version created from the fork which is called Bitcoin Cash with its native token as BCH.

The main reason for the hard fork was to increase the scalability (number of transaction per second) of BTC by increasing the block size to accommodate more data.Some nodes and developers did not like the proposed changes and so they remained in the BTC network while the others agreed and moved to the BCH network which was implemented with the 2017 hard fork.

Evidence to prove that BCH is a hardfork of BTC

If we look at the first ever block(genesis)in the BTC network,you will see the date to be 2009-01-03 and the time is 19:15.See the evidence on Bitcoin Explorer
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Also notice that the genesis block of the BCH does not have a different date and time rather it has the exact date and time as the BTC genesis block which shows that BCH was a hardfork of BTC.See the records on Bitcoincash Explorer

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  • WHY HARD FORK IS IMPORTANT IN THE BLOCKCHAIN

As humans we yearn for improvement and a better life.The developers,nodes and miners on the blockchain want changes to make things better or to upgrade to a better version.

A hard fork is a practical application of decentralization.It is important to the blockchain because it helps to make changes that will give birth to a more faster,reliable, independent and efficient blockchain.It also leads to the creation of a new token thereby bringing a healthy competition In the blockchain industry.

The Bitcoin hard fork is important because the new version which was created will improve the number of transaction that can be completed in a second.So the hard fork will:

•Increase the scalability of the old blockchain

•Increase the block size of the old blockchain

  • WILL THE EXISTENCE OF BLOCKCHAIN BE POSSIBLE WITHOUT A HARD FORK

Definitely, the existence of a blockchain would still be possible without a hard fork.Infact the Bitcoin blockchain has been in existence since 2009 before the hard fork of Bitcoin Cash that happened in 2017.

There is a similar term to hard fork which is called a soft fork.In soft fork there is no creation of a new blockchain or a new token.The old network is just upgraded and it continues to run as one blockchain with one token.

An example of a soft fork is the Bitcoin Segregated Witness (SegWit) which exclude witness signatures on each block so as to accomodate more transactions and improve speed.

  • IS IT POSSIBLE TO IMPROVE A HARD FORK

It could be possible to improve a hardfork.Although a hard fork is already a decent blockchain concept because it helps to improve the limitations of already existing blockchains by making it better and creating a new token.

The best way to improve a hard fork is to create another hard fork so as to improve on the existing ones.For example having a hard fork of Bitcoin Cash,to work on its deficiencies inorder to make it better and create a newer token.

CONCLUSION

Change is constant.Miners,developers and nodes like to get a better deal for each network.There is always a need to work on the deficiencies of already existing blockchains by creating a new version with a new token or disagree to changes brought to an existing blockchain.This will bring a healthy competition by forcing each version to perform better.Bitcoin Cash(BTC) is an example of a hard fork of Bitcoin(BTC).

Hive blockchain is a hard fork of Steem blockchain.The hard fork happened because Hive developers did not welcome the incorporation of Tron to Steemit.This separation has brought a healthy competition between Steem and Hive blockchain.Steem token and Hive token compete in the market.

I am inviting @chiabertrand @patjewell @pelon53

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Great article! I can learn from this!
I must still do my challenge and through your words I now know more. Thank you for sharing!.
Ps. Challenge accepted! :-)

Hi @patjewell,

I am glad you accepted my invite.Hard fork has been a blockchain concept that I like so much.I am expecting your entry.

Nice and we'll detailed article here.
From all these, I agree to the point that "CHANGE IS CONSTANT".
Is either the change is adopted or there will be a breakout just like seen in HIVE and STEEMIT.

Best of lucks in your entry.

best regards

Thanks for reviewing my entry @talktofaith You are right,a fork will always result in the formation of a new blockchain or the continuation of the existing one.Hive and Steem actually exhibited a hard fork.

You have done justice to this topic explaining the Hard Fork, i have learnt alot, i will also participate in this challenge as my entry is loading and will be ready soonest.

Thank you for visiting my blog @sikan-eyen I am glad you liked the topic and and perhaps learnt from it.Hard forks are done to create new blockchain with new tokens.

This is my first time of leaning about this, I have so many things to learn about crypto, I like the way you took time to explain with examples and this is so clear for even crypto newbies like me to understand the hard fork.

Hi @eliany,

Good to see your reply on my post.I am happy you learnt a few things for the article.Steemit is a learning ground for all of us.I have learnt a lot through reading the post of other people like YOU.

I am expecting your entry for the contest too.

Hmmm I'm still learning about crypto, I don't understand this particular contest topic so I'm only reading people post to learn from them, I wish to understand it so as to participate 🤦

I wish to understand it so as to participate

Sure you will

Hello @samuel20

You have chosen a very important concept of the blockchain and your choice was presented extensively i must say. Now i know why there was a breakout or a hard fork of steem.

Thank you for elaborating on this topic

I understand that disagreements on blockchains can lead to creation of a new blockchain and migration to the blockchain. That's why the hard fork of hive occured.

Thanks for dropping by to read my post @beckie96830

I understand that disagreements on blockchains can lead to creation of a new blockchain and migration to the blockchain. That's why the hard fork of hive occured.

That's a perfect response.It was the reason for the hard fork that led to hive blockchain.

Hola Sam
Qué amplia información sobre el Hard Fork... solo conocía la de Hive con Steemit... y ha dado ampliación al mercado, creando nuevas criptomonedas
Qué tema tan apasionante... te felicito por exponerlo tan bien
Exitos amigo

I am glad you liked my post @weed
Yeah the hard fork of hive from Steemit has created a healthy competition between the two networks and their tokens too.

@yrmaleza

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