1. What is the difference between a softfork and a hardfork?
A softfork is a contraction of the rule set that ultimately invalidates previously valid blocks, whereas an expansion would result in a hardfork, validating previously invalid blocks.
2. What are some of the reasons why you would do a hardfork?
To increase the block size and/or rule set.
3. What are some of the risks with performing a hardfork?
It splits the community and the chain.
Soft fork minority will role and it wont split
Hard fork creates new coin and can reduce hash power since miners will decide to update or stay in old rules.
introducing new coin rules and deciding which one you want to go with. Example increasing the size of the block.
reducing hash power losing some of the community will increase the security risk since hash power is less
#1 A soft fork dose not create a new chain, just reduces its size while a hard fork splits the chain and creates a new currency.
#2 To update block capacity to make transitions clear, democratic and more functional.
#3 reduces hash power and creates a split community.
What is the difference between a softfork and a hardfork?
Soft forks invalidates blocks that were previously valid, while hard forks validates blocks that were previously invalid.
What are some of the reasons why you would do a hardfork?
If there is a consensus change.
What are some of the risks with performing a hardfork?
The reduction of hash power hence reducing security as well along with splitting the community.
A Hard Fork is an updated which makes previously invalid blocks valid. It happens when an update is not approved by 100% of the miners. The block-chain will then split into two chains with different rule sets like BTC Gold.
A Soft Fork is an updated which makes previusly valid blocks invalid. It happens when more than 50% of the miners accept a change of rules. The hash power will be in favour for the majority and eventually that chain will be the longest due to more PoW.
A Hard Fork makes sense if you want to change the consencus rules and include the whole network, if you want to keep the community and the Hash power intact.
Less hash power gives less security, or you do not want to split into two coins,
What is the difference between a softfork and a hardfork?
SF: by contraction of the rules previously valid blocks become invalid
HF: by extension of the rules previously invalid blocks become valid.
What are some of the reasons why you would do a hardfork?
HF – fix protocol bugs, splitting in to two coins.
What are some of the risks with performing a hardfork?
Hashpower of the whole network would decrease, the security reduces, split the community.
A hard fork makes previously invalid forks valid and you need 100% of the network to update. It is a clear update and will split the chain and is an expansion of the rule set.
A soft fork makes previously valid fork invalid and are more desirable because you only need 50% hash power. Soft forks do crate more confusion and are a contraction of the rule set.
A hard fork is a clear update.
You are splitting the chain and hash power will be split resulting in less security and a splitting off the community.
1.softfor–>make previous valid blocks invalid
hardfork–?makes previous invalid block valid
2.if you want to update the nodes. create a new currency
3.split chain, less hash power meaning less secure, split community
1. What is the difference between a softfork and a hardfork?
A softfork is a contraction of the ruleset where previous valid blocks become invalid.
A hardfork is an expansion of the ruleset where previous invalid blocks become valid.
2. What are some of the reasons why you would do a hardfork?
In order to change the consensus rules by performing a clear and democratic update.
3. What are some of the risks with performing a hardfork?
Performing a hardfork induces the risk of splitting the chain and the community. It also reduces hash power and therefore security.
What is the difference between a softfork and a hardfork?
In a hardfork update invalid blocks become valid. In a soft fork update vaild blocks become invalid.
What are some of the reasons why you would do a hardfork?
A hardfork can be done to expand the rule set, create a new currency. It’s clear and democratic.
What are some of the risks with performing a hardfork?
A hardfork will reduce the hash power, which will reduce the security. It will also split the chain and the community.
- What is the difference between a softfork and a hardfork?
Softfork contracts the ruleset, Hard-fork expands the ruleset.
- What are some of the reasons why you would do a hardfork?
To pursue a new vision, to expand the ruleset, create a new currency
- What are some of the risks with performing a hardfork?
Divide the community and loss of hashpower
A softfork is an update that makes previous valid blocks invalid and a hardfork is an update that makes previous invalid blocks valid
What are some of the reasons why you would do a hardfork?
It has a clear update and is democratic.It’s an expansion of the rule set (increasing block size)
What are some of the risks with performing a hardfork?
The risks are split chains, split community,new currency and hash power split
A softfork is a contraction of the rule set and a hard fork is an expansion of the rule set.
To force consensus among all nodes.
You could lower the hash power and thus lower the strength and security of the network.