Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#522
  1. Hard fork make previously invalid blocks valid, while soft fork make previously valid blocks invalid.
  2. A change in consensus rules.
  3. Creates a new currency and divide the community. Also will reduce the hash power and security.
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#523
  • What is the difference between a softfork and a hardfork?
    A hard fork increases the rule set to make previously invalid blocks valid. A hard fork also splits the chain creating a new coin
    A soft fork reduces the rules, making previously valid blocks invalid. A soft fork doesn’t permanently split the chain
  • What are some of the reasons why you would do a hardfork?
    Bug fixes, to perform an upgrade and inprove performance
  • What are some of the risks with performing a hardfork?
    Decreased trust in the token, splits in to two coins
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#524
  1. A soft fork uses the principal of contraction in that it makes valid blocks invalid and a hard fork is expansion and makes invalid blocks valid.
  2. It a more democratic way for the community to find consensus.
  3. It splits the chain, splits the community and degrades trust and creates a new coin.
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#525

1/ A softfork constrains the rule for valid blocks and a hardfork expands the rule
2/ A hardfork allows for a clear upgrade and is more democratic
3/ The risks are reducing the hash power of a network, splitting the community and not being backwards compatible

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#526
  1. Hard fork makes previously invalid block valid while soft makes previously valid block invalid
  2. When the update may lead to a better functioning blockchain but cannot be done through a consensus in a soft fork.
  3. It can split the community and create a new currency. In adddition, the hash power gets lower which reduces security.
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#527
  1. What is the difference between a soft fork and a hard fork?
    Soft fork is an update that makes previously valid blocks invalid. Hard fork makes makes previously invalid blocks valid.
  2. What are some of the reasons why you would do a hard fork?
    Clear update-if you don’t update you will be on the previous chain, if you do update you will be on the new chain.
  3. What are some of the risks with performing a hard fork?
    Split chain, split community, split hash power (reduces security).
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#528

  1. A hard fork makes previously unacceptable characteristics in the block acceptable. It expands the rules. A soft fork does the exact opposite.

  2. Times change constantly, by allowing for the existence of hard forks, you are allowing for the network to be modifiable and continue working in response to any necessary perhaps unforeseeable changes that would otherwise render it null. That is the most extreme benefit that I can think of. In practicality, things like adjusting for block size are reasons enough.

  3. First and foremost I would like to point out that as a new crypto person, when Litecoin forked I almost lost all my coins. So if you are not on top of it, and you wait long after the fork to access them, it can make access very difficult. Some more common risks are splitting the community and has power.

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#529

  1. What is the difference between a softfork and a hardfork?
    A hard fork makes a previously invalid block valid, while a soft fork makes a previously valid block invalid.

  2. What are some of the reasons why you would do a hardfork?
    One reason may be because the new fork does not have 50% of the hash power on the network, another may be that it is a democratic way to fork, as anyone who wants to continue on the old chain may, while others can update to the new chain rules.

  3. What are some of the risks with performing a hardfork?
    It could causes a split in the network where the old community keeps the previous rules and the new fork becomes a separate chain, like bitcoin and bitcoin cash. Doing this runs the risk of splitting the hash power, which could affect security.

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#530
  1. A hard fork makes previously invalid blocks, valid. A soft fork makes previously valid blocks, invalid.
  2. To make the new network more efficient and faster.
  3. Splitting of the community, hash power split.
#531
  1. A hardfork makes a previously invalid transaction valid. A softfork makes a previously valid transaction invalid.
  2. You want a clear difference in the rulesets. You want to start a new currency. You want to divide the community. You want to reduce the hashrate. You want 100% consensus of the ruleset.
  3. You reduce the hashrate which threatens security. You divide the community.
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#532

  1. A hard fork splits the chain. A softfork does not split the chain. An example of a hard fork is some miners of the bitcoin community agree to change the set of rules and split the community to create the new currency bitcoin cash. Another difference between soft and hard forks are that they are opposites to each other - hardfork can be seen as expansion of the set of rules, where the community has to agree to take in new rules within the current domain. Soft forks can be seen as a contraction of the set of rules, where some of the previous rules is placed outside the domain. This makes a soft fork more attainable and not as big. It keeps the community without it having to split up.

  2. The reason for a hardfork is when some of the community does not agree to the set of rules in the current chain. So it is a matter of opinion within the community. Democracy. If there are a lot of disagreement it is a way of splitting up the community to instead having two communities where everybody within the different communities agrees. Sort of political parties.

  3. The biggest risk with a hardfork is the split of hash power. This decreases the security of each network. The communities are split up and becomes smaller.

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#533

  1. They occure because of different types of updates. Hard Forks from updates making previous valid blocks invalid and Soft Forks from updates making invalid blocks valid.

  2. The update would propose the possibility to obey by new rules under a new coin.

  3. It splits the chain which also splits the community, also the hash power is reduced if some nodes choose to follow the new chain.

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#534
  1. What is the difference between a softfork and a hardfork?

Soft Forks is a change to a network’s protocol that makes previously valid blocks and transactions invalid while a hard for is a change to a network’s protocol that makes previously invalid blocks and transactions valid

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

Hardforks have the advantage of creating a new currency, being clearer and more “democratic”.

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

The risks are the splitting of the chain and the community, as well as the los of hash power and security with the splitting of the miners.

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#535

1 - A hard fork would make previously invalid blocks valid. A soft fork is the opposite.

2 - You would do a hard fork to create a new currency with different properties.

3 - A hard fork would mean reduced hash power on each of the new chains and a split in the community.

1 Like
#536

Homework on Soft and Hard Forks - Questions

What is the difference between a softfork and a hardfork?
A softfork will make previously valid blocks invalid.
A hardfork will make previously invalid blocks valid.

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

  • In order to do a democraticly proposed fork
  • Because you want a new currency with your proposed rules
  • Expanding the rules of the network

What are some of the risks with performing a hardfork?

  • You could split the community
  • You will split the chain
  • reduced hashingpower = reduced security
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#537

  1. A hardfork makes prevoiusly invalid blocks valid - and expansion on the consensus ruleset. A softfork makes previously valid blocks invalid - a contraction on the ruleset.

  2. If you feel the the current ruleset have flaws, you might do a hardfork, in effect creating a new currency.

  3. An obious risk is that when you do a hardfork, you only get the hashpower behind your fork from the nodes that choose to update to this new ruleset. Meaning if only 40 % from the old chain choose to upgrade, your new chain only has 40 % of the hashpower of the old chain. This makes hostile takeovers such as 51% attacks a lot easier for hackers to perform

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#538
  1. A Hardfork will split the chain, while a Softforks wont do that
  2. in order to make new currency or expand the rule set
  3. while the rule set expand and the chain split, the chain security level decreased due to less number of miners
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#539
  1. A hardfork makes previously invalid blocks valid causing a split in the chain, while a softfork makes previously valid blocks invalid and does not cause a chain split.
  2. To expand the rule set and create a new currency
  3. Losing hashpower will lead to a loss in security and a divided community
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#540
  1. What is the difference between a softfork and a hardfork? >> HF makes previous invalid Blocks valid
  2. What are some of the reasons why you would do a hardfork? >> SF makes previous valid Blocks invalid
  3. What are some of the risks with performing a hardfork? >> you crating a totally new chain which lowers the security for both chains in case of lowering the hashpower at one point
#541

  1. What is the difference between a softfork and a hardfork?
    Hardforks make previously invalid blocks become valid and therefore result in an expansion of the rule set.
    Softforks make previously valid blocks become invalid and therefore result in a contraction of the rule set.

  2. What are some of the reasons why you would do a hardfork?
    To correct important security risks found in the older version of the software.
    Add a new functionality.
    Reverse transactions.

  3. What are some of the risks with performing a hardfork?
    A split chain, a split community and a hash power split.

1 Like