1/. A hard fork will not work in current rule set whereas a soft fork will.
2/. To update the existing rule set to different values of the current rule set.
3/ This can cause a chain split and possibly lower security.
Homework on Soft and Hard Forks - Questions
The difference is that a softfork is when invalid blocks become valid because of a consensus update and that if there are at least 50% that have updated then there will not be any split. A hardfork is when valid blocks become invalid and if 100% don’t update then there will be a split in the blockchain leading to two different communities.
Because it is more of a democracy because if someone doesn’t want to update to the new version, the old chain will still be active because even if there is only 1% of the nodes left in the old version they will not accept the newly updated blocks into their chain so this old chain will continue. That makes a hardfork very clear because you know that if you don’t update you will stay in the old chain and if you update you will be in the new chain.
The risks are that because of the chain splitting into two different communities, the hash power would also split and that would also reduce the security in the chain.
Soft forks come from an update to the blockchain that makes previously valid blocks invalid, and hard forks are the result of an update that makes previously invalid blocks valid.
Hard forks would be needed if a fundamental change to the blockchain would be considered beneficial, such as increasing the block size. It’s also more democratic since if some nodes want to change the protocol, they are not forced to stay within the old protocol.
Performing a hard fork would reduce hash power substantially, which would in turn decrease security.
A softfork makes previously valid block, invalid and a hardfork makes previously invalid blocks, valid. Softforks forces the non-conforming miner/nodes to stay on the updated chain even though they don’t agreed or understand the new language. In comparison hardforks split the blockchain. Softforks can cause some confusion due to the previously explained lack of understanding of the new language and hardforks create a clear split in the community.
Hardforks creates < = up to larger block sizes and creates a new cryptocurrency on a new blockchain.
It needs 100% consensus in order for no fork to happen but if 60% agrees, then a split will happen which will cause a split in the community. And lastly the hashpower is split which can cause a security risk.
Hard fork makes a invalid node valid a soft fork makes a valid node invalid
to start a new currency
It will make a split in the community and allowing new problems to arise
A1, A Hardfork makes previously invalid blocks valid. A Softfork makes valid blocks invalid.
A2, With a Hardfork the rules can be changed, any tx after a Hardfork will not be understood as the new rules would be on a separate chain. Some Hash power is also lost from the main chain.
A3, You risk a loss of Hash power from the original chain which reduces security.
What is the difference between a softfork and a hardfork?
Hard forks expand the set of rules for valid blocks. This update makes previously Invalid blocks became Valid. In another hand, Soft forks contract the set of rules for valid blocks. This update makes previously Valid blocks became Invalid.
What are some of the reasons why you would do a hardfork?
A change in Consensus protocol (Bitcoin vs Bitcoin Cash), fix protocol bugs/attacks (Ethereum vs Ethereum Classic), community disagreements (different points of view in terms of developing the network, Steem Vs Hive).
What are some of the risks with performing a hardfork?
The split of the chain, split of the community and split hash power (less secure network)
The signatures will be in a different datastructure, not in the blockchain itself.
A hard fork is an expansion of the rules to make a block valid and it could split the chain and community. a Soft fork is a contraction of the rules and it most likely the blockchain will continue being the same.
If you need some updates to change to protocol and make it better
it could split the community, as well as reduce the hash power, it could be less secure as it reduces the number of miners.
A soft fork makes valid blocks invalid and a hard fork makes invalid blocks valid.
A hard fork may be carried out where there is a change in the rules, an update or accidentally.
Some of the risks with performing a hard fork is that there could be two blocks with two sets of rules if some nodes not in agreement, which could lead to branching off into a different chain/currency where some nodes would apply the old rules and others the new, this would split the hash power making it less secure.
1, Hard forks increase rules for valid blocks whereas soft forks decrease rules for valid blocks.
3.Hard forks split the community by creating different chains. There may be less trust in the token.
Hardfork will make previously invalid blocks valid and a softfork will make previously valid blocks invalid.
You may want to create a new currency that forks off. You may decide that the community should choose whether to mine on the original chain or the new one.
You could lower the security of one or both networks as you will split the community. Depending on how the split goes and which miners follow which blockchain you could have a potential imbalance in hashing power leading to a mining pool having 51% or more of the hashing power.
What is the difference between a softfork and a hardfork?
Hardfork is where a prev invalid blocks become valid and Softfork is where the prev blocks
that are valid become invalid.
What are some of the reasons why you would do a hardfork?
Changing Consensus bigger blocksize
What are some of the risks with performing a hardfork?
Less security because of the less hashingpower witch will be divided.
1. What is the difference between a softfork and a hardfork?
A soft fork is an update that makes previously valid blocks invalid.
Where as a hard fork is an update that makes previously invalid blocks valid.
2. What are some of the reasons why you would do a hardfork?
To change the consensus rules of the network.
3. What are some of the risks with performing a hardfork?
There is a risk of every node not updating, which would split the community and the hashpower.