Homework on Soft and Hard Forks - Questions

[lionayd]

1. What is the difference between a softfork and a hardfork?

Soft fork makes update that causes the previously valid blocks to be invalid which means limiting the rules, hard fork is expanding the rules so previously invalid blocks are now valid.

2. What are some of the reasons why you would do a hardfork?

For example you want to completely change the consensus algorithm.

3. What are some of the risks with performing a hardfork?

Community splits, the blockchain splits, the hashrate is being decreased so security being reduced.

[maxs]

1. A soft fork tightens the rules of the protocol making previously valid blocks invalid. A hard fork expands the rules of the protocol making previously invalid blocks valid.
2. Expanding the protocol’s functionalities.
3. Splitting the blockchain and consequently, its community and hash power.

[Jins]

1. They are opposite in the sence that the hardfork makes previously invalid block valid, in other word it’s an expension of the rule set and softfork makes previously valid block invalid, it’s a contraction of the rule set.

2. To expend consensus rules in a democratic way. To start a new coin.

3. hash power and communities are split so it reduce the security of the network

[Tane_Frei]

1. A soft fork doesn’t split the chain while a hard fork does.

2. To create a new cryptocurrency or because some people don’t agree with others so you could just split it in two lol

3. You split the hash rate which in turn lowers the security of the network.

[DKi]

1. a hard fork makes previous invalid blocks valid,
   a soft forks makes previous valid blocks invalid

2. A change of consensus rules

3. The risk of a Hardfork is a Split of the Chain and therefore;
   -creation of new currency
   -a split of the community
   -reduction of security due to less hash power in the network

[aperes]

1. Soft fork is a contraction of the rules and does not require the chain to be split. Hard for expands the rules and almost always causes a chain split.
2. Hardfork is preferred when you want clarity on following either the old or the new chain, also when you would like a new currency to be introduced etc.
3. Risks are reduced hashpower that pauses a reduction in the securedness of the chain.

[Ruth]

1. What is the difference between a softfork and a hardfork?
   hard forks make changes that validate previous invalid blocks, in an expansion of the rule set, these can also split the chain and create a new currency. soft forks make changes that invalidate previously valid blocks, in a contraction of the rule set

2. What are some of the reasons why you would do a hardfork?
   because you think something about the currency is imperfect and would like a better one with modified rules

3. What are some of the risks with performing a hardfork?
   it could split the hash power as some miners leave the old chain for the new one and this reduces security

[troubld_G]

1. Soft forks make previous blocks that were once valid invalid, and a hard fork makes previous blocks that were invalid valid.
2. A hard fork can occur when there is a clear update to protocol like changing or improving functionality, or when there is not consensus with the community and some members want to take things a different direction.
3. The risks are that the community could split leading to new and different coins and also a decrease in security could ensue do to the miners splitting and therefore creating a decrease in hash rate.

[stan_y]

1. What is the difference between a softfork and a hardfork?

A softfork is when an update to the blockchain network occurs where blocks that were previously valid are now taken as invalid, A hardfork is also an update to the blockchain network however it does the opposite and sees previously invalid blocks and takes them as valid

2. What are some of the reasons why you would do a hardfork?

Expanding the rules of the blockchain

3. What are some of the risks with performing a hardfork?

One can cause a split in the chain reducing the amount of hash power in the blockchain and in turn reducing security.

[KingOfCrypto]

What is the difference between a softfork and a hardfork?

A softfork contracts the network while a hardfork expands it. A softfork makes previously valid blocks invalid and a hardfork makes previously invalid blocks valid.

What are some of the reasons why you would do a hardfork?

You would do a hardfork to increase the network size by changing the consensus to accept more types of blocks (i.e. larger sized blocks) , it also creates a new currency and options for the miners, you could also address a security issue with a hardfork or reverse transactions.

What are some of the risks with performing a hardfork?

Some of the risks are that you could increase the volatility, you split the community of participants as well as the hashpower.

[Andtheknee]

1. Hardforks are updates to the blockchain consensus that make previously invalid blocks valid. Softforks are updates to the blockchain consensus that previously valid blocks invalid.
2. Hardforks have defined boundaries as to who has accepted the update and who hasn’t. It gives minors an option if they want to accept the update or not.
3. The security of the blockchain goes down because the concentration of the minors for one blockchain has now been divided. The community for the blockchain and currency has been spilt now as well.

[stevenbowler]

1. What is the difference between a softfork and a hardfork? Softfork reduces the rule set, blocksize reduction being one rule change, such that previously valid blocks are invalid. A hardfork increases the ruleset, blocksize increase being one such change, such that previously invalid blocks are valid.
2. What are some of the reasons why you would do a hardfork? To increase throughput by increasing blocksize. The community cannot agree on a set of rules going forward so each community goes its own way.
3. What are some of the risks with performing a hardfork? Some blocks are lost, security will be reduced since the hash rate will be reduced due to the reduced number of miners.

[vic21]

1. A softfork makes previously valid blocks invalid and a hardforks makes previously invalid blocks valid.
2. A hardfork can be used to create a new currency, is more democratic, and is a clear update.
3. Hardforks can reduce security by splitting the number of miners into the two chains.

[Floren]

1. A soft fork doesn’t split the blockchain since the new set of rules allows old blocks and new ones to coexist. The hard Fork excludes new blocks from old ones.
2. By creating an update that is not accepted by the majority of the miners. When the old blockchain is obsolete in it’s rules. When it’s rules slow down the develop of the blockchain.
3. You lose hash power, the security of the blockchain reduces, splits the community

[Duende]

1. SF makes previously valid blocks invalid and HF makes previously invalid blocks valid.
2. If you want to make changes in consesus rules
3. lower hash power, less security

[timmymagic]

1. What is the difference between a softfork and a hardfork?

A soft fork makes a previously valid block invalid, by contracting the rule set. A hard fork makes a previously invalid block valid by expanding the rule set.

2. What are some of the reasons why you would do a hardfork?

For a change in consensus rules.

3. What are some of the risks with performing a hard fork?

Hard forks can split the chain, lowering the hash power which can lower security. It can also split the community.

[Deccorus]

1. A softwork will still keep the community gathered, while a hardfork will split the community, creating an additional currency.

2. To create a separate currency can be beneficial. It is a clear update which is democratic, telling the nodes to either stay here with the old rules or moved to the new chain with the updated rules. The update can also enhance and improve the chain and in that way ensure ingeniuity.

3. A hardfork reduce the hasrate of the blockchain as the community is splitted in two. Reducing overall security of both blockchains.

[ol_frank]

1. A soft fork is a result of a contraction of the set of rules, (reducing the block size), whereas a hard fork is a result of an expansion of the set of rules (increasing the block size). Hard forks can form a new currency if not all nodes accept the update. Soft forks are only initiated when a majority of nodes do not accept the rule change.

2. If consensus needed to be changed or updated, democratic update.
   Participants can use a hard fork to pursue their own version of the truth on their own separate blockchain. This might be in the form of creating their own currency

3. Split the hash power reducing the security
   Split the community
   Create a new currency (if you don’t want to/intend to)

[Rindo]

1. A soft fork makes previously valid blocks invalid. A hard fork makes previously invalid blocks valid.

2. When there’s a change in consensus of the current system rules.

3. The community is split, both networks become less secure because the miners are split.

[brand0new]

What is the difference between a softfork and a hardfork?
The difference is the type of update that is introduced to the protocol. A softfork is seen as a contraction of the ruleset within the protocol. Whereas a hardfork is a expansion of the ruleset within the protocol.

What are some of the reasons why you would do a hardfork?
A hardfork is usually the result of a democratic decision. Because of the consequences of a hardfork more will be taken into consideration before introducing this change to the protocol.

This also comes with more clarity about the upcoming change(s). It is clear when the update is introduced and when the network will transition since not adapted nodes will risk forking of from the main chain.

What are some of the risks with performing a hardfork?
The risks of a hardfork are mostly related to splitting the userbase of the network based on the adoption rate of the update. This means that it can cause people to leave the main chain en continue on the forked chain (as has happened with Bitcoin Cash, SV, Gold, Diamond).

Splitting up the community can also lead to a relative decrease in hashing power since a percentage of users will no longer be contributing their computing power to the main chain.