Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#3772
  1. What is the difference between a softfork and a hardfork?
    Softfork previously valid blocks made invalid. Hardfork previously invalid blocks made valid.
  2. What are some of the reasons why you would do a hardfork?
    If not agreeing with the new consensus proposed a hardfork could occur.
  3. What are some of the risks with performing a hardfork?
    Security risk because hash power now split. Community divided.
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#3773

Homework on Soft and Hard Forks - Questions

  1. What is the difference between a softfork and a hardfork?
    The softwork put more restriction rules which translates into a contraction of the types of blocks accepted. Therefore, miner who havenā€™t update the consensus algorithm will still be mining blocks that some of the miners will reject. At some point there will be two blockchains running. If more than 50% of the miners update the software, the ones who didnā€™t will marginalized and all of the blocks they mined never will be accepted.

On the other hand a hard fork will expand the type of blocks to be accepted. Prevously non accepted blocks will now be accepted. This fork doesnā€™t enforce everyone to update the consensus, but itā€™s not needed a >50% of miners to update in order the fork to prevail. The two blockchains will coexist indefinitely.

  1. What are some of the reasons why you would do a hardfork?
    Some people may disagree with the rest of the community on the course of the blockchain. The only way to make sure they have a new blockchain even if the majority reject their plans is by a hard fork. The most famous bitcoin hard fork was Bitcoin Cash (BCH).

  2. What are some of the risks with performing a hardfork?
    It splits the community, reduces de hash power therefore the security. In the case of Bitcoin Cash, Roger Ver, the principal promotor had created a lot of consfusion by marketing BCH as if it were real Bitcoin.

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#3774

1.What is the difference between a softfork and a hardfork?
Hark forks make changes that donā€™t work within the current rule set. Soft forks make changes that can work inside current rule set.
2. What are some of the reasons why you would do a hardfork?
To force a change in the rule set.
3. What are some of the risks with performing a hardfork?
Splits the community. decreases the Hashrate, and less security.

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#3776

What is the difference between a softfork and a hardfork?
A hard fork update is an expansion of the rule set and previous invalid blocks are valid where a soft fork is a contraction of the rule set and valid blocks are now invalid.

What are some of the reasons why you would do a hardfork?
A hard fork would be done if consensus needed to be changed.

What are some of the risks with performing a hardfork?
The risk would be split hash power and a less secure network and a split chain.

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#3777

  1. What is the difference between a softfork and a hardfork?
    A softfork makes the previously valid blocks invalid while a hardfork makes the previously
    invalid blocks valid.

  2. What are some of the reasons why you would do a hardfork?
    it is clear, new currencies and has democratic updates

  3. What are some of the risks with performing a hardfork?
    split the community, security is reduced and hash power is reduced

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#3778

1: A softfork is an update to the Blockchain that makes previous valid blocks to become invalid. There is no splitting of the Blockchain which means the community is kept whole. There can be some confusion during this process however & the update is considered non-democratic.

A hardfork on the other hand is a clear update on the Blockchain which makes previously invalid blocks, valid. Itā€™s democratic in nature & enables creation of a new currency when the chain is split.

2: If an upgrade in needed in which requires a democratic result, also if a new currency is desired however this may be both a positive and a negative depending on the community.

3: Community may be split, including hash power of the overall Blockchain if the community is not 100% onboard with the update. Security strength may be compromised also.

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#3779

What is the difference between a softfork and a hardfork?

Updates ocurrs when the consensus rules have experienced some change. If the update didnt reach one hundred percent of consensus, there will be a fork. Those rules determine the rules to verify if a new block of transactions will me considered valid or not.

While hardforks turns some of the previously invalid blocks into valid ones, the softfork make previously invalid blocks valid.

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

With it you can add transparency, expand the democratic resources or even implement some new principles that are widely accepted among users and minners.

What are some of the risks with performing a hardfork?
By spliting the minnering power the network could perform some insecurity, and the social problem of creating a new coin.

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#3780

  1. A hard fork takes place when an update make a previously invalid block valid, while a soft fork makes a previously valid block invalid. With a hard fork 100% of the network needs to update to avoid a fork and a soft fork occurs when over 50% of the hash power is convinced. Soft forks only require the majority of hash power.

  2. Reasons to conduct a hard fork include:

  • To expand the network.
  • To improve security
  • To add new capability
  • To create a new currency
  • Increase block size
  1. Some of the risks with a hard fork include:
  • Hash power is split and reduces security
  • The community is split
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#3781

  1. Soft fork= update that makes previous valid blocks, invalid ones.
    Hard fork= update that makes previous invalid blocks, valid ones.

  2. to create a new blockchain with different rules, means, new possibilities that can be achieved.

  3. split of community, which splits hash power, which means less security.

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#3782
  1. What is the difference between a softfork and a hardfork?

A soft fork occurs when a contraction of the rule set is updated. For hard forks, the opposite occurs when an expansion of the rule set takes place.

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

Some reasons for a hard fork would be to expand the consensus to allow previously invalid blocks to the blockchain. New coin, new community, clearly define the new consensus protocols or ideals

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

Separating the hash rate/power which can reduce security and POW. The community will be split. Split the chain.

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#3783
  1. Soft forks make previously valid blocks invalid, the rule set contracts. Hard forks make previously invalid blocks valid, the rule set expands.
  2. Much more clear and democratic
  3. Split chain, community & hash power
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#3784

1.A soft fork makes previous validated blocks invalid and hard fork makes previous invalid blocks valid.
2. Change in consensus rule and being democratic.
3. The risk of performing a hardfork update are that it can split chain, split communities, form a new currency and split the hash power.

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#3785

  1. What is the difference between a softfork and a hardfork?
    Hardfork happens when previously invalid nodes are made valid now and Softfork happens when previously valid nodes are now made invalid

  2. What are some of the reasons why you would do a hardfork?
    When we need a clear upgrade to improve the performance and do it democratically

  3. What are some of the risks with performing a hardfork?
    Hardfork will split the hash power and the community

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#3786
  1. A soft fork makes previously valid blocks invalid where a hard fork makes previous invalid blocks valid.
  2. You may want a hard fork to strengthen security, add more functionality, force change in the network.
  3. Risks of a hard fork are splitting the chain, splitting the community, splitting the hash rate.
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#3787

  1. What is the difference between a softfork and a hardfork?
    Hard fork makes previously invalid blocks valid
    Soft fork makes previously valid blocks invalid

  2. What are some of the reasons why you would do a hardfork?
    increase blocks size (more transactions can be processed within the same block)
    creation of a new currency based on the original blockchain (debatable)
    improve performance
    bug fixes

  3. What are some of the risks with performing a hardfork?
    if the chain is split, that leads to a split in the community which has further repercussions on the network suck as a decrease in hash power, security and network stability weakens

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#3788

  1. A hard fork validates a previously invalid block and a soft fork invalidates a previously valid block. hard forks usually expand the consensus rules whilst soft forks usually contract the consensus rules. Hard forks usually split the community, hashing power and blockchain whilst soft forks may not result in a split depending on if majority of nodes go with the update or not.

  2. Hard forks are usually done to improve certain aspect of a cryptocurrency or introduce certain new features to a project and they happen when some members of the community/nodes do not agree with the proposed new development or improvement.

  3. The risks of performing a hard fork are that it splits the community and splits the hashing power, thus reducing the security of the network.

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#3789

Homework - Forks - Answers

  1. What is the difference between a soft fork and a hard fork?

Essentially, a hard fork is an expansion of the consensus ruleset, whilst a soft fork is a contraction of the ruleset. As such, previously invalid blocks would become valid in the case of a hard fork and previously valid blocks become invalid with soft forks. Another difference is that mining nodes eventually all have the same blockchain if more than 50% of the mining nodes get the soft fork update. With a hard fork update, mining nodes can choose to not make the hard fork update and hence continue generating and propagating blocks on the original blockchain by choice.

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

A hard fork is done when there is a sizable section of the blockchainā€™s community that wants to continue with the blockchainā€™s current consensus ruleset. The hard fork enables the community to democratically choose whether to continue with the blockchain as it adapts, or continue with the blockchain unchanged. This invariably causes a split in the community (some agree and some do not) and allows the separate communities to have their own separate currencies.

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

Some Hard fork Risks include:
ā€¢ Irrevocable splitting of the chain
ā€¢ Hard forks always emerge from a split in the blockchainā€™s community as they assert their agreement or refusal of the proposed consensus rule change.
As mining nodes are no longer on the same blockchain after the hard fork, hash power is split, making the chain less secure.

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#3790

  1. What is the difference between a softfork and a hardfork?
    a. Softforks occur when a rule change makes previously valid blocks invalid.
    b. Hardforks occur when a rule change makes previously invalid blocks valid

  2. What are some of the reasons why you would do a hardfork?
    c. All nodes need to update to validate and begin the new change.

  3. What are some of the risks with performing a hardfork?
    d. split to a new currency, it almost inevitably creates a fork, there is a loss in hash rate, it can split the community

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#3791
  1. a hard fork expand the rule set, the soft fork contract the rule set
    2 . when a clear change in consensus is needed, hard fork can create new currency
  2. reduced hash power, reduced security, split community
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#3792
  1. A softfork update is a contraction in the rule set, it makes previously valid blocks invalid. For example if previously mined blocks were valid with a size of 1mB, the softfork invalidates them by lowering the acceptable size to 500kB. A hardfork is an expansion of the rules set. I makes previously invalid blocks valid. For example previously mined blocks with a size of 2mB would now be valid with a hardfork changing the acceptable size to 2mB.
  2. If there is a disagreement between miners and members of the community. Perhaps some believe larger block size would improve the network and wish to create a new currency. Creating a hardfork allows these miners to do so while every miner that disagrees continues on the previous blockchain.
  3. Performing a hardfork splits the community thus making the network less secure. Simply my opinion but I have never seen a hardfork on the BTC blockchain make improvements. Diamond, Gold, and BCH appear to me to be far weaker chains and inferior cryptocurrencies. Especially when BCH split from BTC it made for a caustic environment. There was a strong divide between the two communities. It can still be confusing for new investors attempting to purchase BTC, they may buy BCH by mistake
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