Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#1005

What is the difference between a softfork and a hardfork?
A soft fork tightens the requirements for valid blocks, after the update all new blocks will also be valid for not updated nodes. This will incentivise all nodes to update. The soft fork should dissapear after some time. A hard fork softens the requirements for valid blocks, after the update some new blocks will be invalid for not updated nodes. It is likely that some notes do not want to update and a separate chain will establish.

What are some of the reasons why you would do a hardfork?
It is a clear update with the option to chose for every node to update or not without economically forcing to update like a soft fork. Softening of requirements is thought to be necessary.

What are some of the risks with performing a hardfork?
When a seperate chain is established after update, this splits the community as well as the hashpower what reduces the security.

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#1006

  1. A hard fork makes a previously invalid block valid and a soft for makes a previously valid block invalid.

  2. A change of consensus rules

  3. Hashpower is split and thus security of the network reduced

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#1007

  • What is the difference between a softfork and a hardfork?
    A: A hard fork expands the rule set and makes previously invalid blocks valid. A soft fork contracts the rule set and makes previously valid blocks invalid.

  • What are some of the reasons why you would do a hardfork?
    A: It is more democratic and would provide a clear “upgrade”. A hard fork would expand the consensus rules in the belief that this would be helpful and improve the network overall by enabling more transactions per block (for example).

  • What are some of the risks with performing a hardfork?
    A: Splitting into two separate chains can degrade the community’s trust in the token especially if they do not agree with the changes made. There is also a security risk since the hash power is decreased, making the network more vulnerable to attack.

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#1008
  1. What is the difference between a soft fork and a hard fork?

A soft fork is a contraction of the blockchain rule set while a hard fork is an expansion of it.

Both soft fork and hard fork refer to a change in the blockchain protocol. A soft fork makes previously valid transaction blocks invalid whereas a hard fork makes previously invalid transaction blocks valid.

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

A hard fork allows both old and new blockchains to exist simultaneously when there is a disagreement within the community. It is democratic and clear.

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

A hard fork splits the community and hash power. Low hash power implies an insecure blockchain as it is more vulnerable to hacking.

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#1009

  1. The difference between a soft fork and a hard fork is essentially the impact on the community. A soft fork makes previously valid blocks invalid, while the inverse is true of hard forks. The most important difference (in my opinion) is a hard fork will split the chain while a soft fork will not.

  2. A hardfork would be done to fix key bugs, improve performance and/or stability, or even to “democratically” branch off and pursue one’s own version.

  3. There are risks involved with a hardfork. One example would be a loss of security to the network by loss of hashpower when miners migrate to the new version. Another would be the loss of community for similar migratory reasoning.

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#1010
  1. Hardfork makes previously invalid blocks valid (expansion) . Soft fork makes previously valid blocks invalid (contraction). With hardfork there is a new chain being created,with softfork all nodes eventually comply to the new rule chain
  2. you don’t agree with current rule set, or you want a new currency, or current chain is technically outdated,…
  3. Risk is that the new currency could become predominant, hash is splitted as well as the community, which is never a good thing :slight_smile:
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#1012

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

Softfork is an update of protocol that makes only previous valid blocks as invalid. Old nodes will recognize the new blocks as valid. Hardfork is an update that changes the rules previous invalid blocks valid. In hard fork event, all nodes or users must upgrade the new version of the protocol software.

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

When some miners are not convinced by the new rules, do not update the protocol, and adhere only to their rules.

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

  • Split of community, - Split of hash power , reduced net work security.
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#1013
  1. Softfork make previous valid blocks invalid, while hardfork make previous invalid blocks valid.
  2. It is democratic within the community to reach a consensus within the blockchain.
  3. It splits the community, lower the security and hash power
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#1014

Homework on Soft and Hard Forks - Questions

What is the difference between a softfork and a hardfork?

  • for hardfork 100% of the miners need to be onboard to go further with the update
  • for softfork to go through you need >50% of the miner onboard
  • Hardfork is more democratic
  • clear update (100% must agree)

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

  • you could for example increase the blocksize for efficiency/performance reasons
  • bug fixes in protocol can be a reason

What are some of the risks with performing a hardfork?

  • security risks when hashpower is split between chains
  • replay attack (transferring signed transactions from one to the other chain)
  • losing trust in a token or coin
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#1015
  1. hard fork previously invalid blocks are made valid (expansion)and soft forks are previously valid blocks made invalid (contraction)
  2. clear and democratic
    3 split chainbock, split community
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#1016

  1. A soft fork makes previously valid blocks invalid, and a hard fork makes previously invalid blocks valid

  2. A hardfork could occur due to a change in consensus rules

  3. The risks in performing a hardfork include splitting the chain and community, and reducing hash power hence reducing security

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#1017
  1. Soft fork contracts the consensus rules, Hard fork expands the rules
  2. Break in the community, maybe you want bigger block sizes, looser rules
  3. Its a new currency, less hash power, thus less availability and less security
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#1018

  1. What is the difference between a softfork and a hardfork?
    Soft Fork are preferred because new rules fits within current rules / previously valid bloks gets invalid. With Hard Fork new rules doesn’t fit within current rules / previously invalid bloks gets valid. With a Soft Fork you will only need 51% of the network for the longest chain to continue. With a Hard Fork you will need 100% or you will have a split in the network.

  2. What are some of the reasons why you would do a hardfork?
    If you want a clear direction with a split for a different version of blockchain / currency. By increasing the block size you can have a faster TX.

  3. What are some of the risks with performing a hardfork?
    Hash power split because some will stay with the old set of rules. You are also sending a misleading signal to potential investors.

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#1019
  1. A SF is a network update that restricts the rules by making previously valid blocks invalid. A HF expands the rules by making previously invalid blocks valid.
  2. A HF would be undertaken to expand the utility & value of the network.
  3. A HF can cause division of opinion within the community as well as a reduction in hashrate due to the split chain which can reduce the network security level.
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#1020

1.) Hard forks make previously invalid blocks valid (doesn’t work within the current rule set) soft forks make previously valid blocks invalid (contracts/works within the rule set.)

2.) Some reasons why you’d do a hard fork are democratic updates, expand the rule set of the blockchain and new currencies.

3.) Some of the risks of performing a hard fork are hash power split (can reduce security) split chain and split community.

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#1021

  1. Softfork makes previous block invalid. It can leads to confusion.

  2. I will use Bch narrative, that BTC is not suitable peer to peer.

  3. After fork is at risk hash rate drop for secure network.

#1022

What is the difference between a softfork and a hardfork?
A soft fork contracts the set of rules while a hard fork expand the set of rules.
For a soft fork update you only need a majority of the network to agree while for a hard fork you need 100% to agree.
A soft fork won’t end up in a chainsplit, a hard fork might end up in a chainsplit, resulting in a new currency e.g BTC cash.

What are some of the reasons why you would do a hardfork?
If you want previously invalid blocks to become valid.

What are some of the risks with performing a hardfork?
It might split up the community if not 100% agrees, you end up losing hashpower (security) because some miners will continue with the other chain.

#1023

1 - A softfork makes invalid what was previously valid, and the hardfork is the other way around.

2 - A hard fork would be done to create a new cryptocurrency, supposedly with changes that would enhance the current one.

3 - The hash power would be split, and the result may mean less security. The community would also split, so there could be less development and less minds discussing about it.

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#1024
  1. What is the difference between a soft fork and a hard fork?
    A soft fork makes previously valid blocks invalid and a hard fork makes previously invalid blocks valid.
  2. What are some of the reasons you would do a hard fork?
    When the community decides to expand the rule set.
    3.what are some of the risks when performing a hard fork?
    If some of the community does not switch over to the new rules, then the hash power will be split into two chains making the network less secure.
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#1025

  1. What is the difference between a softfork and a hardfork?
    Soft Forks make previously valid blocks invalid where as hardforks do the inverse.

  2. What are some of the reasons why you would do a hardfork?
    Upgrading Block size

  3. What are some of the risks with performing a hardfork?
    If not everyone updates to the new version, you will produce a fork that will live on its own.