What is the difference between a softfork and a hardfork?
Soft fork contracts the block size where as hard fork expands the block size and also establishes new blockchain
What are some of the reasons why you would do a hardfork?
To update consensus rules, to adjust to network dynamics, and to enhance network efficiency
What are some of the risks with performing a hardfork?
A division in network community, adverse response to adjustments or changes, and may have unknown impact in security
1.A hard fork makes previously invalid blocks valid, soft fork previously valid blocks invalid.
2.A change in concensus
3. Some of the risks with a hard fork are the network could split and a less secure network and a split chain
What is the difference between a softfork and a hardfork?
Previously invalid blocks become valid for a hardfork. Previously valid blocks become invalid for a softfork.
What are some of the reasons why you would do a hardfork?
If a change in consensus was needed.
What are some of the risks with performing a hardfork?
The hash rate will be split which can lead to the chains becoming less secure.
#1 - What is the difference between a softfork and a hardfork?
A hradfork makes previosly invalid blocks valid and the whole network is updated. A softfork makes previously invalid blocks valid and only requires a majority of miners to update.
#2 - What are some of the reasons why you would do a hardfork?
It is the clearest way to do an update.
#3 - What are some of the risks with performing a hardfork?
In case the chain is split, the hashrate dropps, due to the split. This is a security risk.
1/ What is the difference between a softfork and a hardfork.?
The difference is, a softfork means an update makes previous valid blocks invalid.
The opposite is true for the hardfork, the update that leads to the hardfork makes previous invalid blocks valid.
2/ What are some of the reasons why you would do a hardfork.?
To increase the blocksize, make transactions cheaper, ( miners like bigger block sizes so they can increase there turnover with more transactions fees in the bigger block ), Create two versions of a coin, or update one version.
3/ What are some of the risks performing a hard fork.?
The risk of splitting the community: All participants must upgrade to new software,to continue participating,and validating new transactions, those who didnât upgrade would be separated from the network,and wouldnât be able to validate transactions, this separation results in a permanent divergence of the blockchain,& wouldnât make sense for anyone to support it due to lack of incentives.
hashrate dropping, is a security risk.
The softfork is all tx and blocks still valid miners who dont upgrade cant produce new blocks but will still accept the production of the upgraded nodes, a Hardfork is when the chain continues with the upgrade and 100% of new nodes are using new parameters but will not accept the previous version in new blocks, all old blocks are still valid however with hardfork new forked blocks will not be Valid on old unchanged chain
A hardfork would be good when you need to have a new coin according to the new coin makers, or if you need a change to the fundamental properties due to some reason (changes in Computational Power innovations and abilities) ie, Alien Invasion, lol,⌠to follow Roger or Greg down the path that Charlie never took! lol oh no . A Hardfork could also be Required from Demand side of the Blockchain as Well for example all of India Suddenly using Bitcoin in All transactions this would change dramatically the ability of the current nodes to keep the tx requirements by the new demand (without additonal node support) .
a risk is that the code fails and your nodes burn electricity for nothing, another risk is that you just sit there mining your own blockchain on your own and actually nobody cares, so none of the nodes would actually adopt your fork. Less network traffic and connection potential
Hard fork expands the rules allowing previously invalid block to be valid results in a split chain, and soft fork make previously valid blocks invalid can prevent a split chain by have a majority of the nodes update.
To make a clear upgrade, allows more freedom than to just force it on the whole network in case others like the original rules.
3 . Can be disruptive to the community, the coin, the hash power, and security by cutting them all considerably.
A soft fork makes the previous valid blocks invalid, while a hardfork makes a previous invalid block valid. In result of this a soft fork only needs a majority of the network to cooperate, while a hardfork needs 100% of the network to cooperate.
Some of the reasons to do a hardfork include adding features that wouldnât be possible with the current rules, emergency bug fixes, making a clear update point in the network, and creating a new coin such as one of the many Bitcoin forks.
Some of the risks with performing a hardfork include splitting the community and splitting the hash power. Splitting the hash power can create vulnerabilities when thereâs a back and forth between profitability.
Hard fork makes previously invalid blocks valid. Soft fork makes previously valid blocks invalid.
To add functionality to the current system which is impossible to have with the current consensus rules. To create a new currency.
Split of the community. Hash power split. Split chain. Less secure network
Hark fork is expansion (i.e making previously invalid block now valid) and soft fork is contraction (i.e making previously valid block invalid).
It is primarily done to include functions that couldnât be done earlier.
Hard fork could lead to new community/chain/currency.
Softfork You contract the rues and Hardfork you Expand the rules, in HardFork you need to have 100% of the nodes updated in order to not have a fork.
Mainly when you want to expand the ruleset
There is a great chance that itâll become a fork and split the chain and miners which will result in less hashing power thus less security in the system.
Also some stuff I didnât quite understand for now:
As a Node, How do you decide if you make the update or not?
And if bitcoin has a limit of 21m Coins (theoretically) and you do a hard fork how does that work out? does that fork feed on that same limit ? or does it depends on the new rule set?
The difference between soft and hard fork is that by a soft fork previous blocks became invalid in contrast to a hard fork whose invalid blocks became now valid blocks.
If some nodes want to change the rules of the protocol or want to create a new crypto currency.
One risk could be a chain split or a split in the community.
What is the difference between a softfork and a hardfork?
A hardfork makes previously invalid block valid, while for a softfork the inverse is true.
hard forks - an update that makes previously invalid blocks into valid blocks, when the consensus rules change and all the network does not agree with the changes then multiple versions the the truth exist, or the longest chain. regardless of how many nodes update this will cause a chain split, when you have less than 50% of the network hashpower that agrees, expansion of the ruleset
pros - it is a clear update to the network, if you do not update you will be on the previous chain, in some ways a democratic update
cons - split the chain, split the community, the hashpower is split which reduces security
soft fork - an update that makes previously valid blocks invalid, when you have more than 50% of the hashpower you will have no fork, just a switch to the longest chain, contraction of the ruleset
pros - majority rule, no chain split, keeps the community together
cons - non democratic, forcing the nodes to stay on the main chain, general confusion can happen, can introduce a new language that the old nodes think mean something else, the previous nodes may not understand the update and may not be able to validate the new blocks but the will still accept them
What are some of the reasons why you would do a hardfork?
A hard fork would be beneficial if the network if changes to the consensus structure are needed to be clear and democratic.
What are some of the risks with performing a hardfork?
The network will split hashpower which is essentially network security, and you also split the community.
A hardfork makes previously invalid blocks valid (expansion of the rule set) and a softfork makes previously valid blocks invalid (contraction of the rule set)
To change the consensus of the original fork and create a new currency.
By splitting the chain you risk some or a majority of the nodes refusing to update and remaining with the original chain and itâs consensus. It could weaken the original chain by taking away some of the hash power thereby reducing the security of the network.
1.A soft fork contracts and ends up with no chain split while a hard fork expands and ends up with a chain split .
2. A reason to do a hard fork is if you donât like the rules of the chain and want to update them .
3. Some risks are splitting up the community since some will prefer the previous rules . Also splitting up the nodes reduces the hash power making the chain less secure .
A hardfork is an updated increase in the size cap of the block whereas the decrease in size of the block would result in a softfork.
Some reasons to hardfork would be to create a new currency that would be governed by a new set of rules.
The risks involved in hardforking would be the result of a split community with split hashpower.