- Soft forks make updates which can work inside the current rules and hard fork makes updates that do not work with current rules. Soft forks need over 50% of consensus by miners to avoid a fork while hard forks need 100% consensus.
- It is a clear update so all miners know what is happening. It is also democratic.
- Risk of performing a hard fork are the split chain, split community and also hash power split which can reduce security.
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- Soft forks only needs over 50% of the nodes to create a soft fork. It makes previous valid transactions invalid. A hard fork makes previous invalid transactions valid and creates its own chain with the new concenses.
- You might see the update as an improvement to the blockchain. Maybe larger block size or transaction speed.
- When preforming a hard for the hash gets cut down lowering security of the network
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Blockchain Updates & Forks
- Homework - Forks
- What is the difference between a softfork and a hardfork?
HARD forks expansion of rule set vs SOFT forks contraction of rule set
With a soft fork, only one blockchain will remain valid as users adopt the update. Whereas with a hard fork, both the old and new blockchains exist side by side, which means that the software must be updated to work by the new rules.
- What is the difference between a softfork and a hardfork?
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What are some of the reasons why you would do a hard fork?
- adding new functions and features to the blockchain protocol
- stealing mining power
- making a copy of cryptocurrencies
- splitting communities
- fixing security issues
- reverse transactions
- cross chain compatible with other blockchains
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What are some of the risks with performing a hard fork?
There is a possibility that someone could spend a crypto in the new blockchain and then spend them again in the old blockchain. This is exactly why hard forks typically require the previous blockchain to become invalid. Users must fully abandon it and replace it with the new blockchain. The only other option is to actually split the cryptocurrency and turn each blockchain into its own crypto.
Another unique risk of a hard fork is the possibility for contention. When the community cannot agree, there may be two blockchains, each claiming to be the “true” one.
Lower security.
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A soft fork is a contraction, meaning, blocks that were previously valid are now invalid. A hard fork is an expansion, which is the exact opposite, meaning, blocks that were previously invalid are now valid.
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One reason to do a hard fork would be to create a new coin. Another would be to force a change in the rule set.
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The biggest risk when performing a hard fork would be the splitting of the hash power resulting in a weakened security of the blockchain. Another risk is the splitting of the community of miners into two competing parties. (Competition, in and on itself, may not be necessarily a bad thing though - it depends on the intention of the competing parties). But, it is, nevertheless, a vulnerability when the hash power is divided.
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[quote=“ivan, post:1, topic:8446”]
- What is the difference between a softfork and a hardfork?
A hard fork is caused by an update that makes previously invalid blocks valid --> expansion. An example of this would be changing the block size limit from 1 mB to 2 mB.
A soft fork is caused by an update that makes a previously valid block invalid --> contraction. An example of this would be changing the block size limit from 1mB to 0.5 mB. - What are some of the reasons why you would do a hardfork?
To have a clear update. To make it democratic (you can stay where you want) . Maybe you want a new currency - What are some of the risks with performing a hardfork?
YOu could split the chain. You could split the community. The hash power is split (security risk). Maybe you don’t want a new currency
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Making previously valid rules invalid is Softfork
Making previously invalid rules valid is Hardfork
What are some of the reasons why you would do a hardfork?
- strengthening the community
- new currency
- change in consensus
What are some of the risks with performing a hardfork?
- splitting the chain
- reducing the hashrate because some miners continue with the new chain.
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A soft fork makes previously valid blocks invalid, a hard fork makes previously invalid blocks valid.
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A hard fork may be done when there is a change in consensus between network participants.
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A hard fork may split the network into two chains, diluting the hash power between both chains reducing strength and security.
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- A hard fork validates previously invalidated transactions, while a soft fork invalidates previously validated transactions.
- It is transparent and democratic.
- Splits the hashing power which lowers the network security.
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What is the difference between a softfork and a hardfork?
A soft fork makes previously valid blocks invalid through the rules of contrsction, whereas a hard fork makes peeviously invalid blocks valid throguh rules of expansion. -
What are some of the reasons why you would do a hardfork?
When you want to have two different block chain communities due to changes in consensus rukes. This can be the result of the changes in vision of the founder of the chain. -
What are some of the risks with performing a hardfork?
Hash power is reduced as it now splits into building two different blockchains, thus lowering the security of the
network.
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- Soft forks are backwards compatible, but hard forks make previous blocks invalid.
- Hardforks are done to fix protocol issues and improve performance.
- Hardforks will result in two coins and creates vulnerabilities in the blockchain
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- What is the difference between a softfork and a hardfork?
Softfork makes previous valid blocks invalid and a hardfork vice versa. - What are some of the reasons why you would do a hardfork?
You can make rule changes, improve and expand the network easier. - What are some of the risks with performing a hardfork?
You split the total hash power, this can result in a variation of security issues.
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Soft forks are where transactions that were previously valid and become invalid and hardforks have to do with transactions that were previously invalid and are now valid.
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A change in consenus rules
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The risks of performing with a hardfork is there will be a split chain and split community which means easier to hack.
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- A Hard fork is an expansion of the blockchain ruleset while a softfork is a contraction of the ruleset
- Some pros of doing a hard fork is that it is a clear update, and it is democratic in a way that people get to choose which ruleset do they prefer
- The risk of performing a hard fork is a decrease in hash rate and thus security, and a split in the blockchain and community.
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What is the difference between a softfork and a hardfork?
In softfork the block size is reduced making the previously valid blocks invalid, whereas in hardfork the blocksize is increased making the previously invalid blocks valid. -
What are some of the reasons why you would do a hardfork?
When consensus rule change and every node in the network should implement them. -
What are some of the risks with performing a hardfork?
Hash power can reduce as all of the nodes have to implement the new consensus rules, and this might not happen, but instead it could lead to dividing the network and community.
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- A softfork has changes that work inside the current rule set. Hardfork has changes that don’t work within the current rule set.
- If you are looking to change consensus.
- Hash power and community can be split if they don’t agree. Making two less secure networks instead of one more secure network.
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- A soft fork is a contraction of the block size rule. It makes previously valid blocks invalid, creating a fork only if 50% or more of the network accepts the update. Otherwise the update will still allow for all the nodes that do not update, to accept new block size rules, as well as the previous block size rule, which those nodes never changed from. A hard fork is an expansion of the block size rule. It makes previously invalid blocks valid. If 100% of the network does not accept the update then a hard fork is created. Creating a clear split in the chain, creating new currency. A hard fork can create security issues as well.
- Some reasons to do a hard fork is to give a clear update that all nodes must accept. Gives miners the clear option to update or keep on the same rule set and they will need enough hash power to be independent of the new chain. Create a new coin.
- Some of the risks of performing a hard fork are splitting the chain. Reducing the hash power of the consensus creates another chain which isn’t able to validate new transactions with the new rule set. Creating security risk for the network that cant validate all blocks on the chain. Creating new coins when new coins were not the aim of the update. Could unnecessarily saturate the market.
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1. What is the difference between a soft fork and a hard fork?
A soft fork can exist inside of an existing network, whereas a hard fork results in a new token and a split in the community.
2. What are some of the reasons why you would do a hard fork?
If a group of miners chooses to take the network in a different direction with new functionality.
Addressing security issues/risks found in older versions of the software.
3. What are some of the risks with performing a hard fork?
The primary risk is the fracturing of a community and the underlying ecosystem such as miners, merchants, wallet providers who choose not to adopt the parallel/variant blockchain.
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1. What is the difference between a softfork and a hardfork?
A hardfork expands the current ruleset and previously rejected blocks may be now valid under the new ruleset. A softwork on the other hand contracts the rule set and now previously accepted blocks may now be rejected based on the new rule set.
2. What are some. of the reasons why you would do a hardfork?
Forks occur when the user base or developers decide that something fundamental about a cryptocurrency needs to change. A hardfork might result in the eventual split of the cryptocurrency with a new coin introduced from the fork.
3. What are some of the risks with performing a hardfork?
In the case where both forks coexist, the hash power is split between the forks, hence decreasing overall network security. The community and developers will also be affected, where they will need to consider where they stand between the forks, hence also introducing division in this way.
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1- What is the difference between a softfork and a hardfork?
A softfork is an update of the consensus rules that previous valid blocks become invalid blocks.
A hardfork is an update of the consensus rules that previous invalid blocks become valid blocks.
2 - What are some of the reasons why you would do a hardfork?
Adding new functions, splitting communities
3 - What are some of the risks with performing a hardfork?
Reducing the security of the two separated blockchains, splitting the community.
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Hardfork - its when you make previously invalid blocks valid - this leads to an expansion within the network since you end up have a split where one set of nodes validate blocks on the old chain and another set of nodes validating blocks on the new chain after the update it made.
Softfork - its when you make previously valid blocks invalid. They don’t split the chain as they are backward compatible i.e. nodes can also produce blocks the follow the previous set of rules.
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More democratic - nodes don’t have to follow the update within the rules
It’s clear - the nodes will know exactly what changes are being made to the current set of rules and it is up to them follow or not.
Expands the rules being set to valid more blocks -
Splits occur within the chain - you will have some nodes following old chain and some following the new chain - thus you could also add on a split within the communities e.g. some miners moving to the new chain after update been applied. Moreover, hash power is split as a result of the chain splits.
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