Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#3332

The difference between a soft fork and a hard fork is the type of update establishing the fork. The hard fork is generated by an update that makes previous invalid blocks valid, thus an expansion of the rule set. The soft fork is when previously valid blocks become invalid, thus a contraction of the rule set for the blockchain.

Some of the reasons why a hard fork is created are when there is a clear update, the community of miners/nodes need to update or be left behind and it is democratic. More invalid blocks that become valid can be appended to the blockchain without having to send transactions back to the mempool.

Some of the risks involved with a hard fork are splitting the chain and the community, the possibility of creating a new currency, and reduced hash power may lead to a less secure blockchain.

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#3333

  1. A soft fork makes previously valid blocks invalid. Hard forks make previously invalid blocks valid.

  2. To update the consensus protocol and improve speed, security, ect.

  3. Reduced hash power due to loss of miners, alienation of some miners who refuse to update, split community.

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#3334

  1. Softforks invalidate previous valid blocks. Hardforks validate previous invalidated blocks.

  2. The consens rules change.

  3. Chainsplits will occur.

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#3335

1 - A hard fork is a change in the rule set that makes previously invalid blocks valid, a soft fork makes previously valid blocks invalid. With a soft fork the network can carry on as normal, with a hard fork there would be a split.
2 - A change in consensus, democratic changes, a split in the blockchain when there are strong opposing views, so the opposing views can both carry on on their own chain.
3 - the hash power would also be split, so security would decrease.

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#3336

1. What is the difference between a softfork and a hardfork?
Soft Fork: Makes previously valid blocks invalid (tightening the consensus rules)
If there are more than 50% of hash power updated there will be no fork.
Hard Fork: Makes previously invalid blocks valid (expansion of consensus rules)
2. What are some of the reasons why you would do a hardfork?
To change the consensus rules of the blocks, for example changing the block size from 1mb to 2mb.
3. What are some of the risks with performing a hardfork?
If 1% of the network is still not updated there remains a fork.
The hashrate will be reduced which lowers the security.

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#3337

1: A hard fork is an update that that expands the rule set for the blocks to be valid. The opposite is true for soft forks. The soft for makes previously valid blocks invalid.

2: One reason you would update with a hard fork would be to update the current rules most likely for more optimization or if the consensus needs to be changed.

3: The risks associated with a hard fork are the split hash power and also splits the chain itself.

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#3338

  1. A softfork makes previus valid blocks invalid, a hardfork makes previus invalid blocks valid.

  2. if you want to increase the blocksize. its democratic if you don’t agree with the update you can continue on the previus.

  3. You split the hashpower witch decrease the security of the network.
    you split the community.

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#3339

  1. A soft fork makes the rules more strict (previously valid blocks are invalid according to the updated ruleset), whereas a hard fork loosens or expands the rules (previously invalid blocks are valid according to the updated ruleset).

  2. Contrasting opinions on ruleset (each side can carry on with their ruleset on their own chain), or generally if you want to “loosen” the rules.

  3. The chain will be split, as well as the community and hash power (effectively decreasing security of both versions)

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#3340

1 soft fork makes previously valid blocks invalid a hard fork makes previously invalid blocks valid
2 to change the consensus rules
3 community and hash power get split less security

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#3341

  1. The difference between a soft fork and hard for is in the nature of the update on the consensus set of rules.With soft fork update makes previously valid blocks invalid which is contracting the set of rules in validation of the new blocks, can be done backwards corrected. While hard fork is a clear update where previously considered invalid blocks will be validated, they are considered as expanding in nature.

  2. Some of the reasons why would you hard fork and have the update of the consensus rules are correcting important security risks found in the old version of the software, the new use case to add functionality, need for the expansion of the network to avail it to different participants and new features, etc. etc. There are 105 BTC fork projects in total from which 31 are considered historic no more active/relevant and 74 fork projects still relevant to BTC holders.

  3. Some of the risks performing with performing the hard fork are separation of the chain and split in the community, decrease of the hash rate in mining, which can change the stability and security.

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#3342

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

There are several differences, the main difference being that hard forks make changes that make previously invalid blocks valid (by the update), whereas soft forks make previously valid blocks invalid (by the update).

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

There might be many reasons, from technological to ideological, but they usually happen when there are serious changes to the overall consensus and the community stops seeing things the same way, that is why a hard fork is needed.

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

Well, I suppose the biggest risk is creating instability of the network, which potentially undermines it’s stability and credibility. This happens because the chain is being ‘‘split’’, which inevitably also splits the community. This leads to hash power also splitting, which has a obvious impact on the safety of the network.

Everyone thinks of changing the world, but no one thinks of changing himself.

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#3343

1. What is the difference between a softfork and a hardfork?
A softfork makes previously valid blocks, invalid
A hardfork makes previously invalid blocks, valid
2. What are some of the reasons why you would do a hardfork?
It is a clear and democratic update
3. What are some of the risks with performing a hardfork?
It splits the community, the blockchain and also the hashpower.

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#3344

A soft fork contracts the ruleset & makes previously valid blocks, invalid
A hard fork expands the ruleset & makes previously invalid blocks valid

Some of the reasons to do a hardfork are for a clear change , a new currency and some believe a more democratic approach to a rule change/update.

Some of the risks with performing a hardfork are a split in the chain, a split in the community and a new currency, reduction in hashrate and security of the network.

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#3345

Homework on Soft and Hard Forks - Questions

1. What is the difference between a softfork and a hardfork?
Hard fork= expansion of rule set; making previously invalid blocks, valid.
Soft fork= contraction of rule set, making previously valid blocks, invalid.

2. What are some of the reasons why you would do a hardfork?
The need for a change of consensus.

3. What are some of the risks with performing a hardfork?
The chain splits, so does the hash power - resulting in a less secure network

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#3346
  1. What is the difference between a softfork and a hardfork?

A softfork is an update that makes previously valid blocks invalid. A hardfork is an update that makes previously invalid blocks valid.

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

It is more democratic and can make a new currency (Bitcoin Cash, Gold, SV, Diamond). It can also fix bugs and improve performance.

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

There is a split chain and community. A new currency could be a negative. Trust in the token can decrease. Also, transactions will need to be transferred from one chain to another.

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#3347
  1. What is the difference between a softfork and a hardfork?
    Hard Fork: Previously invalid nodes are made valid
    Soft Fork: Previously valid nodes are made invalid
  2. What are some of the reasons why you would do a hardfork?
    If you want a new currency, if you want a change in consensus.
  3. What are some of the risks with performing a hardfork?
    You can split the community and split the hash power.
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#3348
  1. What is the difference between a softfork and a hardfork?

Hardforks make some previously invalid blocks valid.
Softforks make some previously valid blocks invalid.

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

If you want to change consensus.

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

Dilution/split of the chain, community and hash power.

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#3349

A soft fork makes previously valid blocks invalid a hard fork makes previously invalid blocks valid.
you would do a hard fork to increase the size of a block, or to create a new currency.
creating a hard fork will reduce hash power if not enough of the miners switch over which will reduce security

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#3350

  1. Soft fork make previously valid blocks invalid, Contraction of rule set.
    Hard fork make previously invalid blocks valid, Expansion of rule set.

  2. To change the rules of the blockchain and start a new chain which is then a new coin.

  3. A hard fork reduces the hash power of the original chain and may be a security risk.

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#3351
  1. The difference between a soft-fork and a hard-fork is that a hard-fork makes previously invalid transactions valid due to the expansion of the ruleset, and a soft-fork makes previously valid transactions invalid, due to a contraction in the ruleset.
  2. As hard-forks increase the ruleset whereby the blockchain is governed, there are a number of reasons you would want to do a hard-fork including a possible new currency (though this could be a reason not to do it as well), to create a clear update, keep the chain democratic, and make it more capable such as an increase in the size of the block.
  3. Along with the hard-fork, comes a number of risks including the possibility that it could split the chain and even possibly the community, create a new currency and “devalue” the old, and even reduce the processing power of the network (hash rate) thereby diminishing the security of the original chain.
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