Homework on Soft and Hard Forks - Questions

[Jordan27]

1. A hard fork acts as an expansion for utility but can also create a secondary chain or currency. A soft fork is contractionary and leaves room for people who liked the older consensus to still work on the same chain.
2. Create a new currency, fix an exploit like ethereum with the DAO hack, add new functions
3. Some risks with a hard fork are that they can split a community, they can divide computing power for network security because the volume of miners may be working on two different chains and ultimately decrease security.

[Alex_Carr]

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

A hardfork makes invalid blocks valid where as a soft fork makes valid blocks invalid.

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

Democratic decision by the miners.

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

Hash power is split and therefore the network is less secure.

[Alko89]

@M.K

does this mean that there are forks in the bitcoin blockchain now because some nodes are not updating the latest HF update?

There are a bunch of Bitcoin hard forks out there, most notable Bitcoin cash

@M.K

Does nodes need to agree to HF update for it to update , like clicking a button ?

The nodes must update the version of the node they are running.

@M.K

How long does it take to update and why wouldnt all miners update? Because it will be to their advantage to stick to the latest update so they can maximise their chance to mine valid blocks and reap the reward. Right ?

It takes as long as it takes for a node to update its sw. Its a personal choice to update or not.

[Beverley]

1. Soft Fork - Decreases the block size, making previous valid blocks invalid - tightening the rules
   Hard Fork - Increases the block size, making previous invalid blocks valid - loosening the rules
2. Update of consensus rules, so blocks can become valid.
3. Split chain, split commission, hash power is split which will reduce security

[gilco611]

1. What is the difference between a softfork and a hardfork?
   soft fork makes previus valid block to invalid, and hardfork makes invalid block to valid.

2. What are some of the reasons why you would do a hardfork?
   disagreement or a change in the code.

3. What are some of the risks with performing a hardfork?
   dividing and by that weaken the hash power.

[Roger_Jaanhold]

1. Softfork makes previously valid block invalid and hardfork makes previously invalid blocks valid.
2. For new currency, introducing new rules
3. Hash power reducing, split chain, split community

[Bitcoin_Bandicoot]

A soft fork is a retraction of the rule set. A Hard fork is an expansion of the rule set.

A hard fork is used to make previously invalid rules, valid. This is used to update the network with new rules.

A hard fork runs the risk of reducing the hash rate, which exposes the network security.

[runHikeClimb]

1. Softfork makes previously valid blocks invalid (contraction) while Hardfork makes preciously invalid blocks valid (expansion).
2. You would want to update the consensus with added validation expanding its existing set of rules.
3. Hardfork splits hashrate making the block chain less secure.

[Sofia_Feely]

• What is the difference between a softfork and a hardfork?
  SoftFork is an update that makes previously valid blocks invalid and HardFork is update that makes previously invalid blocks valid.
• What are some of the reasons why you would do a hardfork?
  Clear Updates and democratic.
• What are some of the risks with performing a hardfork?
  New currency also Blockchain, hash power, and community will split.

[theDurkleton]

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

• A soft for makes previously valid blocks to be invalid and a hard fork makes previously invalid blocks to be valid.

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

• If there is a very necessary change to the protocol that 100% of the network agrees on, or even if there is not 100% consensus but a significant portion of the network agrees that the change is needed.

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

• The risk in performing a hard fork is that a significant minority does not update the nodes and therefore forks the chain and destabilizes the security of the chain.

[MarieS]

1. A soft fork makes the previous blocks invalid, and a hard fork makes the previous block valid. Contraction vs expansion.

2. To expand the rules in the blockchain, to change the consensus and increase the block size.

3. It splits the chain.

[Janis]

1. SF Makes previously valid blocks invalid. And vice versa
2. Accidental, software update or to reverse transactions
3. You risking to lose your coins, double spending, new forks wallets could be fake.

[Taha_faisal25]

1- difference btw soft and har fork is tha hard fork make invalid blocks valid while soft make valid blocks invalid
2- we should do hard forks bcz it is democratic as well it has a clear update
3- the risk of hard fork is that its divide the community as well split the hash which reduces security

[Vinicius_Libero]

1. Hard forks expand the consensus rules accepting blocks that previously would be considered invalid. Soft forks contract the consensus denying blocks that would previously be valid.
2. To improve the blockchain capabilities to handle more transactions. In order to do that blocks would have to be larger to include more transactions and that means an expansion of the consensus rules.
3. The major risk is that by doing a hard fork the hashing power will be divided and therefore the network will be less secure.

[CMar10]

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

2. A hard fork would occur to create a new currency or to have a clear consensus update on a blockchain

3. The risks with a hard fork are that it can split a blockchain and a community. It can also reduce the hash power and less security do to less miners on the new chain

[Dawton]

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

2. A hard fork would be done when the community can’t agree on the rule set.

3. Risks from performing a hardfork would include lower security, split community and a split chain.

[mchiando]

1. What is the difference between a softfork and a hardfork?
   The first is due to an update that makes previously valid blocks invalid, the second is the opposite
2. What are some of the reasons why you would do a hardfork?
   The community split between who accept the new rules and who doesn’t
3. What are some of the risks with performing a hardfork?
   Hash power is split so that could lead to reduced security and on top you could generate different currencies

[JCutuli]

1. What is the difference between a soft fork and a hard fork?
A soft fork is a contraction of the rule set that makes previously valid blocks invalid, such as reduction in block size. Whereas a hard fork is an expansion of the rule set that makes previously invalid blocks valid, such as an increase in block size.
2. What are some of the reasons why you would do a hard fork?
To increase scalability, such as increase in block size or other expansion of rule sets.
3. What are some of the risks with performing a hard fork?
This splits the community and hash power, which reduces security.

[ChefJDaly]

1. Soft fork updates are backward compatible. Hard Forks updates are not backward compatible.
2. Fix protocol bugs and performance improvements.
3. Split chain, split community, hash power is split.

[SpectrumX]

1. Hard forks makes previously invalid blocks, valid. A soft fork makes previously valid blocks, invalid.
2. Increasing block height.
3. Security becomes a concern because you’re splitting the chain/community and therefore lose hash power.