Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#221

1- A hard fork splits the chain and makes invalid blocks valid, while soft forks make valid
blocks invalid but doesn’t split the chain.

2- New coin and clearer rule

3- Loss of security and community

#222
  1. The different between the soft fork and the hard fork is updates that makes previous valid blocks invalid while hard forks is the opposite, that is updates that will result in invalid blocks become valid.
  2. One of the reason is to increase block size for the transactions to be included. In order to provide faster transactions input and output.
  3. The risk is splitting the chain confusing people with different bitcoin chains.The community end up in battle among each other supporting their own version of blockchain. And less hash power to support the blockchain.
#223
  1. A soft fork is renders previously acceptable blocks invalid as it reduces the block size. A hard fork increase the block size and hence renders previously unacceptable blocks now valid.
  2. Hard forks take place when there is a change in the consensus rules and to force the change throughout the network.
  3. A hard fork splits the community and results in a split chain. A split chain means reduced hash power which in turn, reduces network security.
#224
  1. A soft fork is a backward compatible method of the update as a temporary split in the blockchain that occurs when new rules are implemented. On the other hand, a hard fork enables a change to a rule which is not backward compatible and defined as a permanent diversion in the blockchain that occurs when new rules are implemented.
  2. There are several reasons why developers may implement a hard fork, such as correcting important security risks found in older versions of the software, to add new functionality, or to change consensus.
  3. The major risk is that the blockchain will split into two parallel blockchains. Miners, merchants, users, etc. that did not upgrade will support/use blockchain A and miners, merchants, users, etc. that did upgrade will support/use blockchain B. Which means hash power will be split, as well.
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#225
  1. Soft forks invalids previously valid blocks. Hard forks valid previously invalid blocks
  2. Expansion of the rule sets
  3. Split the hash power, reduce security
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#226

  1. A softfork is a reduction while a hardfork is expansion. a softfork makes previously valid blocks invalid while a hardfork makes previously invalid blocks valid.

  2. you would do a hardfork if perhaps the consensus of the miners were to change. if 51/% of the miners decide they want to expand the rule set then 49% of the other miners would be mining the original rule set and thus creating a hardfork.

  3. A hardfork is risky for several reasons. it will most certainly split the community but more importantly the blockchains hash power would be split causing possible security risks.

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#227
  1. A hard fork update is an expansion of the rule set and change in the network’s protocol making previously invalid blocks, valid. An example is a hard fork that expands the block size limit from 1 MB to 2 MB.
    A soft fork is a contraction of the rule set and previously valid blocks are now invalid. An example is a soft fork that restricts the block size limit from 1MB to 500kB
  2. The need of changing the consensus rules. An example would be for correcting important security risks found in older versions of the software, or to add new functionality.
  3. A risk would be splitting hash power between 2 chains, making the network less secure. Also having a splitting community that does not agree with the changes.
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#228
  1. soft: valid -> invalid, hard: invalid->valid
  2. If the community wants to make a change that will make the coin better in some ways
  3. Less security
#229

  1. A soft fork is an update that makes previously valid blocks invalid. A hard fork is an update which makes previously invalid blocks valid. So in essence a restriction and an expansion of the ruleset within the protocol, respectively.

  2. Dramatic change to the blockchain protocol. Clear and democratic update.

  3. Creating different versions of the blockchain - splitting the community and thereby also splitting the hash power. Leading to a lower security on the network.

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#230
  1. Soft forks contract the rules and are driven by the majority. Hard forks expand the rules and are more democratic in the sense that miner can choose which chain they want to follow
  2. Create a new blockchain w/ different rules
  3. The main chain will be split and so will be the community. The hashpower will also be split, minimizing security of the network
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#231
  1. the hard fork splits the chain - the soft fork doesn´t split the chain; a HF makes previous invalid blocks valid and the SF makes previous valid blocks invalid.
  2. new currency. The community is split but everyone gets what he wants. The people who want the change mine on the new chain and the people who want stay on the old one can stay. It is a clear split of the chain.
  3. with the hard fork the chain gehts split and also the hash power gehts split (because some mine on the new and some on the old chain). And that means reduce of security.
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#232

What is the difference between a softfork and a hardfork?
A soft fork is a software update that is backward compatible, compatible with earlier versions.

A hard fork is a software update that isn’t backwards compatible, so any blocks coming after the activation of the software update will have to follow the new rules in order to be considered valid.

What are some of the reasons why you would do a hardfork?
A change in the consensus rules.

What are some of the risks with performing a hardfork?
When an hard fork is created, there are two running versions of the blockchain which will also split the hashing power and leave the network at risk, TX being confirmed by the wrong chains and Social Turmoil Within the Community Regarding the real and the fake chain.

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#233

  1. What is the difference between a softfork and a hardfork?
    Soft forks make previously valid blocks, invalid. Whereas hard forks make previously invalid blocks, valid.

  2. What are some of the reasons why you would do a hardfork?
    A hardfork is done when you require an update of the consensus rules where everyone needs to be convinced.

  3. What are some of the risks with performing a hardfork?
    In a hardfork, the chain & hash power is split, hence you run the risk of compromised security.

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#234

  1. What is the difference between a soft fork and a hard fork?
    A hard fork is a change to the block-chain that makes previously invalid blocks valid, while a soft fork makes previously valid blocks invalid
    .

  2. What are some of the reasons why you would do a hard fork?
    Hard forks can be done for security reasons or in order to increase block size, thereby updating the number of tx on the block-chain.

  3. What are some of the risks with performing a hardfork?
    When you do a hardfork you face the risk of miners continuing to mine the previous block thereby creating 2 chains.

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#235

What is the difference between a softfork and a hardfork?
A softfork makes previously valid blocks invalid while a hard fork makes previously invalid blocks valid.

What are some of the reasons why you would do a hardfork?
It is a clear break with the previous version of the protocol.
Since 100% of the miners need to update it can be considered democratic.
Avoids confusion with miners who did not update.
Ensures validation going forward.

What are some of the risks with performing a hardfork?
Splitting the chain causes confusion for the users - which one is the real one?
The community gets split into rival camps.
A new currency could cause asset depreciation of the coins.
The hash power is split between the two chains resulting in both being weaker in the short term.

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#236
  1. A hard fork expands on the consensus rules. A soft fork contracts them.
  2. To make a rules update.
  3. Having a divided community.
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#237

  1. What is the difference between a softfork and a hardfork?
    A hardfork increases the ruleset. A softfork decreases the ruleset.

  2. What are some of the reasons why you would do a hardfork?
    It keeps the old ruleset and old blockchain alive. Because the miners that don’t update doesn’t accept any of the blocks created by the updated miners. So minorities will not get suppressed by the majority.

  3. What are some of the risks with performing a hardfork?
    You split the chain so therefore you also split the hashpower.

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#238

A Softfork makes previous valid blocks invalid while a Hardfork makes previous invalid blocks valid.

To increase the blocksize, different opinions in the community that splits them for example.

Lower hashpower which makes the blockchain more vulnerable and split in community which slows progress.

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#239

  1. Soft forks are equal to changing the rules of adding a block to the blockchain with a more restricked ruleset. Hard fork has less set of ruleset to add a block on the blockchain.

  2. Create a new coin, speed up transactions if allowenes of more data in one block.

  3. Bigger blocks creates less blocks acceptetd to the chain an there fore its security.

#240

It was said that a hardfork is democratic in that it lets nodes choose which fork to follow. But in the case of a softfork that has less than 50% of the nodes, wouldn`t the network then ignore the rule change? Am I missing something here?
I would say that both a hardfork and softfork is democratic if the above is understood correctly.