Homework on Soft and Hard Forks - Questions
What is the difference between a softfork and a hardfork?
a hard fork makes previously invalid blocks valid(expansion). A soft fork makes previously valid block invalid(contraction).
What are some of the reasons why you would do a hardfork?
to create a new chain, make more rules possible
What are some of the risks with performing a hardfork?
You lose hash power, may lose community members
2.The reason that i would choose to make an hardfork is:
-being decisive on making changes so that we separate on who doesnât like this change.
3.The risk in hardforks is that once you have done this you create separatism within the community which is not âoneâ anymore.
A hardfork requires all participants in the network to update to avoid forking the network. A softfork requires just over 50% of the network to update to avoid splitting the network.
You need to add extra features or rules to your blockchain. You wish to clearly signal a change in the coin. You wish to create a new coin.
you have less security on your new network because of the decrease in hash power. You can split the community as well.
A hard fork makes previously invalid blocks valid while a soft fork makes previously valid blocks invalid.
A hard fork could be completed because it is democratic and makes it very clear how the update will unfold.
A hard fork can be a risk in that it splits the chain, can split the community and can reduce hash power which can in turn decrease security
What is the difference between a softfork and a hardfork?
A soft fork makes previously valid blocks invalid whereas a hard fork makes previously invalid blocks valid
What are some of the reasons why you would do a hardfork?
To expand the rules for the consensus protocol.
What are some of the risks with performing a hardfork?
Split the community, reduce hashrate, lower security
A softfork tightens the parameters that make a block valid meaning previously valid blocks can now be invalid. Within the network nodes which have updated would reject a block that conforms to the previous rules but now falls outside the new rulesâŚwhile nodes that have not updated would still find this block to be valid. A hard fork is the opposite where a the parameters that make a block valid are expanded and blocks that were previously invalid can now be considered valid. Updates nodes accept blocks meeting the new rules while nodes which have not updated reject these blocks. This can result in a split of the community, hash power etc.
A hardworking may be necessary to fix a bug in the protocol so that all nodes on the network have been updated or to add new functionality that changes the consensus rules. Hard forks have also been used by different factions to split off new chains with new parameters. This splits hashpower reducing network security,
Because you want change consensus and increase block size to letâs say 2 mBâs. Also with that you could have clean update.
We have security risk because we lose hash power, we have split chain and community.
a hard fork makes previously invalid blocks valid and so expand the rule set, a soft fork makes previously valid blocks invalid and so contract the rule set.
to expand the rule set for block creation. New transactions would not work on prev rule set and this could be used to create a new coin with new functions.
to split the chain, to split the community and to lower the hash power of the network losing security
Hardfork makes previously invalid blocks valid and softfork makes previously valid blocks invalid. Hardfork splits the network and softfork doesnât.
To change the rules in consensus and create a new crypto currency mainly expand the rules of consensus.
Network security by splitting hash power. Also splitting community.
What is the difference between a softfork and a hardfork?
A hard fork is where previously invalid blocks would now be valid whereas a soft fork is where previously valid blocks are now invalid.
What are some of the reasons why you would do a hardfork?
To increase the accepted block size.
What are some of the risks with performing a hardfork?
Split chain, split community, and loss of hash power.
a soft fork will typically make previously valid blocks invalid, and a hard for will do the opposite.
If you want to update parts of the protocol to increase its capabilities, or change its consensus algorithm.
Some risks of a hard fork are a chain split, which lowers security and hash power.
Soft forks makes previously valid blocks invalid, hard forks makes prev. invalid blocks valid.
Because its clear and democratic.
The community and the chain can split, as well the hash power.
Homework on Soft and Hard Forks - Questions
What is the difference between a softfork and a hardfork?
In a hardfork the rule set is expanded and previously invalid blocks become valid.
In a softfork the rule set is contracted and previously valid blocks become invalid.
What are some of the reasons why you would do a hardfork?
For example if you want to raise the blocksize of a cryptocurrency you can do a hard fork.
What are some of the risks with performing a hardfork?
If the hard fork is not supported by 100% of the community, a fork is inevitable. Part of the community will support the new blockchain and the other part will suport the old blockchain. With the community you will also split the hash power, because every miner has to decide which of the forks he will support. The divided hash power also leaves two networks, which are both weaker than the previous one.
There are more consesus rules that you can change than blocksize alone. for example if you want a higher blockreward or something
OK I understand. Thanks
A soft fork is when the consensus rules change to make valid blocks invalid (contraction) and a hard fork is the opposite which makes invalid blocks valid (expansion).
Democratic and clear as to what had changed. You also get a new currency.
3.You split the chain and the community.