Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#3432

1. What is the difference between a softfork and a hardfork?
Hard Fork: Prev invalid blocks to be valid - Expansion of rule set. (blocks that didn’t fit in the rule set will fit after the update). needs %1 to happen and %100 of nodes to prevent.

Soft Fork: Prev valid blocks to be invalid - Contraction of rule set. (blocks that used to fit in the rule set, will not be fitting after the update). needs more than %50 to prevent a fork, it theres no majority a fork will happen.

2. What are some of the reasons why you would do a hardfork?
When interested in expansion of the consensus rule set.

3. What are some of the risks with performing a hardfork?
Some of the risks are also the cons, splitting the hash power, which leads to less security, divided community, splitting the chain.

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#3433

  1. What each fork is called somewhat gives an idea of their differences. A softfork has attributes of wanting to solve an argument, difference of opinion, or software problem with mutual negotiations conserving currency and non-currency assets for both competing blockchains, and options to working together. “Fork” is a software term meaning an upgrade to a program wherein there is a split in a blockchain due to nodes and miners arrive at the same time with each having the same height and their version of Truth, both valid. Through consensus the miners agree to proceed with the longest blocks in the chain, while the second chain is rejected and returns to Mempool. With softforks the older version of the software lacks the new features but is still compatible with the newer version. Nodes and miners can keep working/mining. Softforks are more democratic, reasonable with less chaos, and often greater stability to the Network.Sometimes the software is adjusted to be accommodating while fixing coding problems such as reducing the output to 0.5 MB, or more efficiently adding more data to 1MB. If solutions are compatible, softfork, if non-compatible, hardfork.
    Hardforks are often used to upgrade a blockchain acrhitecture or software wherein if miners do not upgrade their software, they are no longer in the game. Upgrade or be left out. Contentious hardforks can be dangerous to the Network and desired outcomes ending in failures and losses. Pools of nodes/miners may struggle to agree on opinions/consensus and the only answer is a hardfork. Once sharing a common origin, common record of transactions, a split in the blockchain and then a hardfork, there is now 2 operating systems to support. Users must decide which blockchain and operating systems to support. With 2 versions of truth, one takes off and the other loses. Currency is lost. The loser plummets in value.The 2 versions of software can never run together. The hardfork determines the outcome in the split. Not democratic.

  2. Some of the reasons why a hardfork is the better option is to improve quirks and problematic software data, processing problems. Upgrades. At times, a pool of nodes/miners do not want to upgrade or make changes, they fail to update software or refuse to adopt the technical changes in a new codebase. Sometimes flaws in software can instigate strong differences in opinions and the only remedy is a hardfork. There have been situations with bad players, pools of miners who get greedy or have computers that help them corner the coins in a Network and aspects of decentralization and consensus are at risk. The bad players or bad situations can be negotiated with agreements to better behaviors, a softfork, or a hardfork is the only remedy to protect the Network and principled miners/nodes.

  3. Hardforks need be well thought, discussed amongst the participants which are sometimes many and not just miners/nodes, (developers, companies as investors, individual investors,etc). Most important is possible loss of integrity, data integrity, and trust. Chaos is never pretty. With 2 separate blockchains and half being lost, valuation is lost, both currency and non-currency. Hardforks can be a useful remedy or can be disasterous.

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#3434

  1. Softforks result from software changes that are backwards compatible and do not cause permanent splits in the blockchain. Hardforks result from software changes that are not backwards compatible and can cause permanent splits in the blockchain.

  2. Hardforks are performed for software/protocol updates.

  3. Hardforks can permanently split the available hash power for a given blockchain reducing the security of the token and in the event of a split community create a competing currency.

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#3435

  1. What is the difference between a softfork and a hardfork?
    Hardfork happens when there is an expansion to the rule set. Making previous invalid blocks valid.
    Softfork happens when there is an contraction to the rule set. Making previous valid blocks invalid

  2. What are some of the reasons why you would do a hardfork?
    To place an update to the consensus rules. Provides a clear update.

  3. What are some of the risks with performing a hardfork?
    It can cause a split chain. Can split a community. It can split the hash power cause a security issue.

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#3436
  1. Softfork - Reducing the block size causing previously valid block Invalid, Hardfork - Increasing the block size causing previously invalid block valid.
  2. Making sure all the nodes get the valid requirements so consensus can be reached with wider miners.
  3. If new valid block is not part of longest chain it will be cancelled and waste of money for miner. Splits miners and less consensus.
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#3437

  1. What is the difference between a softfork and a hardfork?
    Softworks an update that makes valid blocks invalid. Hardfork makes previous invalid block valid, therefore causing the chain to split.

  2. What are some of the reasons why you would do a hardfork?
    The consensus rules will need to be changed.

  3. What are some of the risks with performing a hardfork? The split of the hash power creates a less secure network.

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#3438

1. What is the difference between a soft fork and a hard fork?
Hard fork : when an update makes previously invalid blocks valid due to an expansion of the consensus rules.

Soft fork occurs when there is an update to concerns rules that makes previously valid blocks invalid due to a contraction of the consensus rules.

2. What are some of the reasons why you would do a hard fork?
To allow for an update/change in consensus parameters.

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

There is a split in the chain.

A hash power split - which lowers network security.

There is a split in the community. :writing_hand:t5:

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#3439

  1. What is the difference between a softfork and a hardfork? A hard fork is an expansion in the network rules makes previously invalid blocks valid and a soft fork is a contraction of rules makes previously valid blocks invalid

  2. What are some of the reasons why you would do a hardfork? When consensus rules change or expand

  3. What are some of the risks with performing a hardfork? Split chain split community hash power split

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#3440

  1. The difference between a soft fork and a hard fork is that a hard fork results in two separate block chains and a soft fork is meant to result in one by way of a majority rule

  2. You would do a hard fork when to address security issues in the old version or add new things

  3. Some of the risks with performing a hard fork is that it will cause a split of the blockchain,

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#3441
  1. What is the difference between a softfork and a hardfork?

SF updates makes previously valid blocks invalid
HF updates makes previous invalid blocks valid. (expension of rules set)

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

You want to make a new currency, You want to make the currency better (in your own view), you want it to be more democratic
3. What are some of the risks with performing a hardfork?
Reduce hash power, split community,weaken the currency

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#3442
  1. hardfork makes invalid block valid and soft fork makes valid blocks invalid
  2. consensus rule changes
  3. split community and decrease of security
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#3443
  1. A hard fork makes previously invalid blocks valid while a soft fork makes previously valid blocks invalid.
  2. A hard fork is not ambiguous, it is in a way more democratic because doesn’t force minorities to adapt to the new consensus and creates a new coin, which is not necessarily a bad thing.
  3. You risk a loss of hash power compared to the original chain which might have a negative impact on security. You split the community and the chain.
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#3444

1. What is the difference between a softfork and a hardfork?
Hard fork update that makes previous invalid forks valid. Needs 100% of the network to update to avoid the fork. Soft fork: Update that makes previous valid blocks invalid. Needs majority (>50%) of network to update to avoid fork.
2. What are some of the reasons why you would do a hardfork?
To have a clear and democratic update.
3. What are some of the risks with performing a hardfork?
You have a split of chain, community and hash power.

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#3445
  1. What is the difference between a softfork and a hardfork?
    A softfork makes previously valid blocks invalid while hardforks make previously invalid blocks valid
  2. What are some of the reasons why you would do a hardfork?
    To allow nodes to choose whether they’ll accept the update or not
  3. What are some of the risks with performing a hardfork?
    If nodes are split substantially, security will not be as strong if a miner tries to tamper with information in a block. (lower hashrate needed to do so than if there was 100% consensus)
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#3446

Soft fork does not split the chain but forces all nodes to change if more than 50% of hashpower uppdaterad.
Hard fork split the chain, split hashpower, split community and make blocks prev invalid valid. Create new coin.

Hard fork to create a new coin

Split community and split hashpower lower the security

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#3447

1.The difference between a soft fork update and a hard fork update is that a soft fork update contracts the block size rule and a hard fork update expands the block size rule. The soft fork update makes previously valid blocks invalid by reducing the block size rule of <=1mB to <=500kb. A hard fork update makes previously invalid blocks valid by increasing the block size rule of <=1mB to <=2mB.

  1. Some of the reasons I’ll do a hard fork is to keep a clear network where some nodes are on one chain and others on another. Another reason is to have a new currency.

  2. Some of the risks of performing a hard fork are that the hash power of the network would be split which would reduce security in the network. Also, there will always be a split chain which results in a divided community of nodes in the network.

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#3448

1.The hard fork makes an expansion of rule set ,with this update makes the previously invalid blocks valid and with the soft fork makes a contraction of rule set, with this update makes the previously valid blocks invalid.
2. Clear and democratic update.
3.Reduce security, split hash power, split the chain and split the community.

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#3449
  1. What is the difference between a softfork and a hardfork?
    With a soft fork, only one blockchain can remain valid while users apply the upgrade. As in case of a hard fork, both the existing and current blockchains coexist, which ensures that the programme must be changed to conform to the new guidelines.
  2. What are some of the reasons why you would do a hardfork?
    Developers may enforce a hard fork for a variety of purposes, including fixing critical security flaws discovered in older versions of the programme, adding new features, or reversing transactions.
  3. What are some of the risks with performing a hardfork?
    A hard fork has the potential to fracture the ecosystem, increase acceptance risk, and reduce hash power and network stability.
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#3450
  1. What is the difference between a softfork and a hardfork?

Hardfork is more of expansion that makes previously invalid blocks valid. Whereas Softwfork is more of contraction that makes previously valid blocks invalid.

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

If you wants to increase the block size or make block rules more liberal. Network operators can pursue their own version of the truth. So we can multiple communities with different law on same blockchain. Also because of the feature of multiple version of the truth multiple version of the currency can be maintained.

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

Divide of the community & chain.

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#3451

The difference between a SF and a HF are the rules.

SF makes valid blocks invalid for instance the old rule was 2mB were accepted and now it’s constricted to 1mB. All 2mB blocks won’t be accepted.

HF makes invalid forks valid, causing a split within the blockchain. For instance at one time 1mB rules were valid and 2mB blocks were invalid. Now 2 mB blocks are now valid because of the new rule, causing a split in the blockchain.

Some reasons why you would do a HF is for new currencies, clearer update on the rules and it’s Democratic.

Some of the risks with performing a HF is a split community, new currencies and hash power split.

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