Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#342
  1. Soft fork keeps the community, where hard fork splits it.
  2. Democratic, if you want to upgrade you do if not you don’t.
  3. You are lowering the hash when the community splits, you lower the security.
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#343

  1. What is the difference between a softfork and a hardfork?
    Hardfork is an expansion of the ruleset and a soft fork is a contraction of the ruleset. Hardfork can result in a new blockchain for example when bitcoin cash was created. Soft fork by contrast will sooner or later remain as one blockchain when majority consensus aligns with ruleset change.

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

  3. What are some of the risks with performing a hardfork?
    Splits the community, as miners working on forked chain the hash power is split between the chains which reduces the complexity/security.

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#344

  1. A SF makes previously valid blocks invalid (contracts block rule set) while a HF makes previously invalid blocks valid (expands block rule set).

  2. To democratically split the community and/or to make a new currency

  3. You lose hash power so there is a loss in network security. You also split the community

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#345
  1. Softfork: an update that makes previously Valid blocks invalid, and a Contraction of the rule set.
    Hardfork: an update that makes previously Invalid blocks valid, and an Epansion of the rule set.
  2. To provide a clear attempt to update, chosen democratically.
  3. It may permanently split the chain which also splits the hash power.
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#346

  1. A soft fork is a change in the rule set that makes previously valid blocks invalid, this requires a majority of consensus. A hard fork is a change in the rule set that makes previously invalid blocks valid, this requires 100% consensus.

  2. Some of the reasons you may want to do a hard fork could be to increase the block size or to add a new functionality that cannot coincide with the old rule set.

  3. Some of the risks with performing a hard fork include splitting the community/hash rate. Creating a new currency instead of building on the old. Splitting the chain decreases the security of the network.

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#347

  1. The difference between a softfork and a hardfork is that softfork update makes previous valid blocks invalid and yet still fit within the previous rule set whilst a hardfork update makes previous invalid blocks valid and does not fit within the previous rule set.

  2. Some of the reasons to preform a hardfork is to upgrade the rule set so members of the community who no longer wants to rely on the old rule set will have an ‘alternative’ by creating that specific hard fork ( new coins etc. ) which follows a new rule set to use.

  3. Some of the risks preforming a hardfork is a loss of hash power which leads to less security (in a nutshell).

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#348

1.a hardfork makes prior unvalid blocks valid. A softfork makes prior valid blocks unvalid.

  1. to expand the consensus rules.

  2. if not 100% of nodes update their protocol they will create another version of the blockchain that still follows their rules. this would mean some of the nodes would work for another chain and therefore the hashpower gets split for the separate chains.

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#349
  1. The difference between the 2 is that Soft fork contracts expansions of the rule set and the Hard Fork expands the rule sets.
  2. Hard forks are done to expand the rules of consensus, in order to expand the Block-chain.
  3. Hash power splitting and it reduces security while splitting community and chain.
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#350
  • What is the difference between a softfork and a hardfork?
  • What are some of the reasons why you would do a hardfork?
  • What are some of the risks with performing a hardfork?

  1. A soft fork makes a previously valid block invalid, while a hard fork makes a previously invalid bock valid. ► Opposites

  2. A hardfork can expand the rules of the network.
    ► More democratic
    ► Clear

  3. ► Weaken the currency
    ► Split the chain
    ► Split the community
    ► Reduce the hashpower

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#351

  1. A HF makes previously INVALID blocks VALID, or expands the rule set, and does not accept the old rule sets transactions = a chain split. A SF makes previously VALID blocks INVALID, or contracts the rule set, and does accept the old rule sets transactions = chain stays together.

  2. New currency creation, clear update, democratic, performance or bug fix.

  3. Split community trust, new direction, and HASH power split = security risk.

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#352

Homework on Soft and Hard Forks - Questions

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

Ans: A softfork update makes previously valid blocks invalid and a hardfork makes previously invalid blocks valid after the update.

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

Ans: The miners can’t agree totally so the create a fork which may be used to make a new currency such as when BTC, BSV, Bitcoin Gold and Bitcoin Diamond were created during a hardfork.

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

Ans: You split the chain, you can split the community and create less unity, and you can slow things down with hash rate since the power split.

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#353

  1. A hard fork breaks compatibility with the original ruleset. New blocks are not accepted by the old chain/nodes.
    A soft fork creates blocks that are still compatible with the old chain, thereby still “sharing” the same chain.

  2. To add a feature or fix a bug or change consensus rules, e.g. blocksize.

  3. Any nodes not performing the upgrade will not accept the new blocks, therefore continuing on building their own divergent blockchain.

#354

1 - A softfork differs from a hardfork because a softfork tightens the parameters for a valid block allowing old nodes to accept the newly created blocks however the hardfork loosens these constraints allowing the old nodes to continue with a parallel fork that is not in sync with the new miners.

2 - A hardfork can be used in order to increase security or add a certain feature to the blockchain.

3 - A major drawback in a hardfork is in reducing the hashpower which increases the likelihood of the blockchain being compromised.

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#355
  • A hardfork makes previously invalid blocks valid while a softfork does the opposite, makes previously valid blocks invalid. This can be seen as the hardfork being an expansion of the rule set and the softfork a contraction of the rule set. Another difference would be that the hardfork needs 100% of the nodes to update so the chain does not fork, while the softfork need only the 51%.
  • The reasons for a Hardfork would be to introduce a major update or change in the rule set (more permissive, like bigger block size), or for creating another coin to move the project in different direction (like BSV or BCH from BTC or Hive from Steem)
  • The main risk is a security issue, as it divides the hashrate or mining power between the two chains. Another issue could be community split, if one thinks of mass adoption of a project this could be detrimental, as ETC with ETH.
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#356

  1. A soft fork is a contraction of the rule set that makes previously valid transactions invalid and a hard fork is a expansion of the rule set that makes previously invalid transactions valid.

  2. It is clear and democratic.
    A change in consensus
    Adds functions the chain that where not possible before.

  3. A hash power split leading to a potential decrease in security.
    Split the community.

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#357
  1. Soft fork is an update that makes previously valid blocks invalid, whereas, a hard fork makes previously invalid blocks valid.
  2. A change in consensus and/or a different/new “vision”.
  3. Split communities and split hash power.
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#358

1- Hardforks are intended for make previously invalid blocks valid by expanding the set of rules followed to create new blocks, while softforks are intended for shrinking the set of rules so previously valid blocks become invalid.

2- If you want to end up with two different currencies.

3- Dividing the community, ending up with two chains, compromising security by splitting the hashrate into two chains…

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#359
  1. A soft fork makes previously valid blocks invalid. It only takes >50% of the nodes to accept the new consensus rules to enforce the new rules. A hard fork makes previously invalid blocks valid. It takes 100% of the nodes to accept the new consensus rules. If they do not accept the new rules, then the blockchain splits.
  2. You want to create a new currency. The community becomes divided over current rules and proposed rules.
  3. The community becomes split, meaning fewer miners on each blockchain. The hashrate get cut in half.
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#360
  1. What is the difference between a softfork and a hardfork?

Generally speaking, a soft fork is an update to the consensus rules that makes previously valid blocks invalid. In this way it is a contraction of the consensus rule set. A hard fork has the opposite form. It makes previously invalid blocks valid. It is an expansion of the rule set.

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

You might do a hard fork if all members of a mining community could not agree on a rule update. At some point if an agreement could not be reached a hard fork might become necessary. Another reason would be if you wanted to create another version of a blockchain that had different rules so that it could be used for different purposes. You would create a whole separate crypto currently in this way.

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

a. You could create a permanent divide in the community of minders. This would cause some of the total hash rate from a chain to move to the new chain. This would, temporarily at least, decrease the total hash power on each chain and make it less secure.

b. You risk losing trust in your chain and the currency that is built on it. If people perceive that a chain can just be split at whim it would seem that the chain was maybe worthless and would not function as a good currently. It would undermine the perception of the currency.

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#361
  1. Hardfork loosens the rules (expansion of ruleset), while softfork tightens the rules (contracts the ruleset).
  2. If half the community wanted larger block sizes, they would update to allow that (e.g, Bitcoin Cash).
  3. Could split the community unless 100% are on board, and split the hash power.
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