It isn’t necessary about blocksize. There are more consesus rules that you can adjust. A hardfork is an expansion of the ruleset and a soft is a contraction of the ruleset. A soft fork is backwards compatible with the old rules while a hardfork can split the blockchain in 2 new blockchains with different rules (if not everybody updates)
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You can hardfork with much less % of the hash power. But than you will not have much users and miners for your forked blockchain
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Hard Fork makes previously invalid blocks valid. Soft fork makes previously valid blocks invalid
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Reasons would be clear democratic updates and get a new currency.
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It would split hashpower and less secure network.
What is the difference between a softfork and a hardfork?
A soft fork is caused by an update that causes previously valid blocks to become invalid and a hard fork caused by an update that causes previously invalid blocks to become valid.
What are some of the reasons why you would do a hardfork?
To create a new currency, to enable previously invalid blocks to become valid
What are some of the risks with performing a hardfork?
It can cause a split in the community, a split in the chain or a split in the hash power.
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A hard fork is when the rules of validation are loosened, making valid what was previously invalid. An example would be changing the block size limit from 1 mB to 2 mB. The 2 mB block would previously have been invalid but under the fork, it would now be valid.
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If the community or part of it feels that there will be benefit if the rules of validation for the blockchain are changed. This change might aim at increased speed of transactions, greater security or scalability, etc.
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The blockchain splitting in two. Community split. Decrease in hashrate if the chain does split.
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Softforks are updates that previously make valid rules invalid, while hardforks are updates that make previously invalid rules valid.
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You’d hardfork if you want to update to a new currency, maybe you don’t like the current rules in the blockchain. Hardfork updates are clear and are democratic.
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When you hardfork update, the security of the blockchain is decreased, the Hash rate is decreased and the community is split.
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What is the difference between a softfork and a hardfork?
Soft forks make previous valid blocks invalid.
Hard forks make previous invalid blocks valid. -
What are some of the reasons why you would do a hardfork?
To update rules of consensus. -
What are some of the risks with performing a hardfork?
The hash power is split, which subsequently reduces immutability of the blockchain.
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The difference between a softfork and hardfork is that a softfork deceases the consensus rule for the block size limit from <=1mB and a hard fork is the other way around where you increase the size in the consensus rule for block size. Some reasons for doing a hard would be for a for sure split or just a change in consensus. Some risks for performing a hardfork would be hash power, community splitting, or a new currency.
- Hard forks expand the rules whereas a soft work contracts the rules
- Change in consensus
- Split of community and network
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A hard fork makes previously invalid blocks valid and a soft fork is the opposite.
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A hard fork is clear and concise
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A hard fork can split the chain and community
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- Soft fork: an update that makes previously valid blocks invalid. Hard fork: and update that makes previously invalid blocks valid. Both are results of updates of the blockchain system.
- To expand the rule set of the system.
- It splits the hash power of the system because miners are on different chains and in turn it splits the community
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What is the difference between a softfork and a hardfork?
A hardfork is simply adding more features or rulesets making previously mined blocks still valid or even previous invalid blocks valid. A softfork make changes that still work for all miners/nodes. They will stay on the main blockchain. -
What are some of the reasons why you would do a hardfork?
Adding new features, make changes based on new insights. -
What are some of the risks with performing a hardfork?
You will create 2 versions of the chain. The community will be split and the hashrate will go down adding more security risks.
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So maybe I didn’t quite understand who is a Node, A node isn’t a person that just owns a wallet on his pc? How does one become a Node in the network?
Thank you for your answers by the way!
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1: A soft fork updates the protocol in a manner which would allow blocks created with the previous protocol to still be valid. A hard form would deem blocks created with the previous protocol invalid.
2: To update a protocol in such a way to attempt to increase featured or capacity of the blockchain.
3: There might be security issues created when splitting the mining power.
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- A soft-fork is when their is a contraction to the consensus leading to previously valid blocks becoming invalid. A hard-fork is when their is a expansion to the consensus leading to previously invalid blocks becoming valid.
- It expands the capability and functionality of the block-chain.
- It requires 100% adoption, which leaves little margin for disagreement. This can lead to a split community and reduced security.
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In a Hardfork a Update makes previously invalid blocks valid.
In a Softfork the Update makes prev. valid blocks invalid. -
A Hardfork is a clear Update and its implementation a Democratic desicion.
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In a Hardfork you split the chain and community which decreases the Hasingpower therefore
making the network a bit less secure.
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- What is the difference between a softfork and a hardfork?
A soft fork is when the protocol is updated so that the previously invalid blocks are valid. Ie minimizing the rule set. This doesn’t split the chain as the protocol is backwards-compatible. However this can put the minority of miners at a disadvantage as the updated nodes will have a higher chance of block confirmation and get rewards faster. Soft forks are usually voted on in the blockchain communities. This is to ensure a faster adoption to the new rule sets as it can create confusion and handicap the miners who aren’t included.
A hard fork is when the chain diverges because new protocol rules make previously valid blocks invalid. A separation of the network occurs and duplicates the UTXOs on update; as a result a new currency is created like Bitcoin Cash. Both chains are valid, but do not interact with each other.
A soft fork keeps the community; a hard fork splits the community.
- What are some of the reasons why you would do a hardfork?
The most recent use of a hardfork was to block Justin Sun from the Steemit Network. The protocol was updated to block certain UTXOs holding a larger portion of the token base to reduce risk of centralization.
Other uses of hard forks have been to update the protocol for opportunities to reduce transaction fees or increase transaction confirmations. The ultimate goal of a hard fork is to make a superior blockchain; this is forever debated as it is only determined by community use.
- What are some of the risks with performing a hardfork?
When completing a hard fork, many risks arise; from a fundamental and psychological perspective.
One of Bitcoin’s major advantages over the fiat market is that it isn’t hyper inflationary. Each time a hard fork is completed we effectively double the amount of currency in circulation. This ultimately goes against the original idea of bitcoin on a fundamental level.
Also when completing a hardfork, the hash-power of the network is effectively split. The risk of doing this is the chain that has the least hashpower is at risk of being attacked.
Physiological risks are that we confuse the people who don’t understand what bitcoin is. Every time a new version of bitcoin is created we effectively make it harder for the idea to be adopted. The adopted community begins to split into echo chambers and become almost tribalistic.
Another risk of a hardfork is the effect on the price. It is possible for whales to stock pile these currencies prior to the update and liquidate short term bag holders after the update. This can be viewed positively and negatively, however the risk is inherent to the people who can’t predict the market.
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- What is the difference between a softfork and a hardfork?
A Hardfork update turns previously invalid blocks valid.
A Softfork update turns prev. valid blocks to invalid.
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What are some of the reasons why you would do a hardfork?
You want to update the consensus rules and maybe create a new currency (Bitcoin Cash) or sth. Due to a hard fork it is then a democratic decision of every node to update or stay on the former chain. -
What are some of the risks with performing a hardfork?
Hashrate could dramatically go down --> also security if around 40% stay /60% move. Both chains are in the beginning more “vulnerable” than before…
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- A hardfork is when a update makes previously invalid blocks valid.
A softfork is the opposite since it makes previously valid blocks invalid.
Another way to describe it is to say that it’s a expansions/contraction of the ruleset since hardforks expand and softforks contract the ruleset. - To change the consensus rules.
- A hardfork has a very high chance of causing a split in the blockchain, thus splitting the hash power (compromising security) and potentially splitting the community.
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