Homework on Soft and Hard Forks - Questions

[dev]

1. A soft fork is a contraction of the rules while a hard fork expands the rules.
2. In order to add features or increase block size.
3. Splits the chain and the community, decreases hash power and security.

[RobTLMar]

1. A hard fork makes previously invalid blocks valid. A soft for makes previously valid blocks invalid.
2. It is a democratic way to update the blockchain.
3. Risks. It can reduce security because hash power is split. It could split the communtiy

[Andrewg]

1. softfork=previous valid blocks are made invalid and Hardfork=previous invalid blocks are invalid
   2)change in consensus
   3)security and split community

[FreeBird81]

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

2. It produces new currency and its democratic

3. The hashpower is split in a hard fork which then will reduce security.

[FishToshi]

1. Concisely stated, contraction and expansion respectively. Soft forks make previously valid blocks invalid and hard forks make previously invalid blocks valid.
2. Clear update, new currency, increased functionality.
3. Split chain, split community, hash power split which reduces security.

[Chris_Banks]

1. A soft fork update makes previously valid blocks invalid. This requires a hash power > 50% because the update is compatible with the current rule set. Hard fork transactions make previously invalid transactions valid. This update requires 100% of the network hash power and is not compatible with the rules.
2. Perhaps the system got hacked and the project may use a hard fork to force a split to make investors whole. Or just to change the direction, make an addition
3. Needing 100% hash rate- double spending - loss of money- confusing

[Resonance]

1. What is the difference between a softfork and a hardfork?
   The soft fork contacts the rule set and thereby renders previously valid blocks invalid, whereas a hard fork expands the rule set and thereby renders previously invalid blocks valid.

2. What are some of the reasons why you would do a hardfork?
   Hard forks are clear and democratic and are useful for the generation of new coins or integrating new projects into the network.

3. What are some of the risks with performing a hardfork?
   The risks associated with a hard fork include split chains, split community, and diffusion of hash power across an increased number of chains, resulting in decreased security of the blockchain network.

[hab2]

1. Softfork invalidates a previously valid data (contraction). Hardfork validates a previously invalid data (expansion).
2. Benefits of hardfork is new currency, more democratic and improvement of performance.
3. Risks of hardfork include “replay” attack and degradation of trust in token.

[CharlieMo]

1. Hard forks make previously invalid blocks valid and expand the existing rule set.Old protocols can be kept so chain split is possible
   Soft forks make previously valid blocks invalid and are a contraction of the existing rule set. As such, old protocols cannot be kept and no chain splitting is possible

2. To split a chain and create a new currency

3. The hash power is decreased as some miners leave the original chain.

[Alextrader01]

1. A hard fork is a update that makes previously invalid blocks become valid. (expansion set of rules).
   Where as a soft fork is a update that makes previously valid blocks become invalid. (contraction set of rules).

2. A hard fork update may be necessary if the consensus needs to be changed

3. Some risks when preforming a hard fork update are:
   .split community
   .New currency (debatable whether pro or con)
   .Lack of security due to reduced hashrate

[JoonasMakinen]

1. What is the difference between a softfork and a hardfork?
   Hard fork is expansion and soft fork is contraction of the rule set.

2. What are some of the reasons why you would do a hardfork?
   F.e if you want make new currency like bitcoin cash for some reason.
   Hard fork is more democratic than Soft fork.

3. What are some of the risks with performing a hardfork?
   You will split the chain and split the community therefore the hash power gets split too.

[Troubadour]

1. a soft fork will make a previously valid fork invalid, but updated nodes can still append to the old chain.
   a hard for will make previously invalid forks invalid, and there will be a clear distinction between the two.

2. If you wanted to jump on the prospect of a new coin, a hard fork would be the way to go.

3. the hash power of the previous chain would be split, causing some security issues, and the market then, could be quite volatile.

[KoenV]

1. A softfork contracts the ruleset and makes previously valid blocks invald.
   A hardfork expands the ruleset and make previously invalid blocks valid.

2. It expands the ruleset so you can increase functionalities. You can create a new and old coin.

3. You need all nodes to upgrade to the new ruleset. Without 100% upgrade, you create 2 communities that follow their own chain. Both chains may continue to exist thus creating a new coin (Bitcoin Cash or Ethereum Classic are results of hard forks)
   By splitting the hash power gets split and this reduces security.

[Jmroach]

1. A softwork makes previously valid blocks invalid while a hardfork does the opposite making previously invalid blocks valid
2. A change in the consensus.
3. Splits the chain and community resulting in hashpower being split causing less security

[cryptocol]

1. A hard fork is said to expand the rule set by making previously invalid blocks valid. A soft fork can be said to contract the rule set by making previously valid blocks invalid.

2. You might want a hard fork to establish a clear and democratic update to the consensus protocol.

3. Risks in performing a hard fork are that by splitting the blockchain and the blockchain community you reduce hash power which adversely affects the level of security.

[tojimmys]

1. A hard fork makes a previously invalid block, valid, it expands the rules set making it “easier” for blocks to qualify. A soft fork makes a previously valid block invalid, it contracts the rule set making it harder for blocks to qualify.
2. A hard fork allows one chain to become 2 ongoing entities (allows once currency to be come two for example), and is more democratic bc those who do not want to follow the new rules can continue on their own with the original rules.
3. you split the chain and the community in two, reducing the Hash power of the community until new nodes can be brought online resulting in potential security issues.

[Marval10]

1. Hardforks expand the rules for valid blocks, softforks reduce rules for valid blocks.
2. To perform a clear upgrade and its more democratic than a softfork.
3. Split hash power, split chain, split community.

[G_Rett]

Homework - Forks
Blockchain Updates & Forks

1. What is the difference between a softfork and a hardfork?
   • A soft fork update makes previously valid blocks invalid and a hard fork makes previously invalid blocks valid.

2. What are some of the reasons why you would do a hardfork?
   • To update to a new set of rules that could improve the functionality of the blockchain. Often, this will create a whole new currency.

3. What are some of the risks with performing a hardfork?
   • When performing a hard fork update you will need to have 100% of the miners to update in order for it to be a clean and clear update. Otherwise, you will create a split in the chain which will divide the community. You will also create a reduction in the hashing power which could pose as a security flaw because other nodes that have not updated could become confused.

[Melshman]

1. A soft fork is created by an update that renders previously valid blocks invalid. In this scenario, the fork with the majority of copies on the network will eventually propagate throughout the entire network.

A hard fork results from an update that makes previously invalid blocks valid. In this scenario, if less than 100% of the network adopts the update, there will be a fork. The chain WILL continue as two discreet blockchains with identical pasts.

2. -If you wanted to create a new currency

   • If you wish to allow miners a choice whether or not to adopt the update
   • If the development community couldn’t settle differences and wished to split but continue with the project.

3. If parts of the updated code make new meaning of parts the old code uses, you may have nodes from the old version of the network trying to verify blocks they do not actually understand.

[charlesleonp]

1. A hard fork occurs when there is an update that makes a previously invalid block valid. Whereas a soft fork occurs when an update makes a previously valid block invalid.
2. A hard fork occurs because there is a community of miners that accept the new update and another that will not. Because the new update is expansionary both blockchains remain valid, so there will be a permanent split. The pros is that there is a clear update, and it is democratic as the miners that accept the update will have one blockchain and the one that rejects the update has its own separate blockchain.
3. The risk or cons of a hard fork is that the block chain and community is split and by splitting the community the hash power is reduced thereby decreasing security.