Homework on Soft and Hard Forks - Questions

Blockchain and Bitcoin 101
#121

  1. Softfork- previously valid blocks are made invalid. Hardfork- previously invalid blocks are made valid.

  2. a change in consensus (creating a new coin)

  3. Lose of hashpower and a split within the community

#122

  1. Hard fork makes previously invalid blocks valid while soft fork makes previously valid blocks invalid

  2. To split into new blockchain for sure, To expand the consensus rules. To speedily where you belong to for sure

  3. Hard fork might induce reducing hash rates in block chains and/or divide the community

#123

A soft fork makes valid blocks invalid. A hard fork makes invalid blocks valid.

A hard fork might be done so that you make a new currency. Also it may be done so that the update is clear. A hard fork could be done to increase functionality to the previous set of rules.

Some of the risks would be you would split the community making the the hash power less.

#124
  1. What is the difference between a softfork and a hardfork?

A softfork is an contraction of the ruleset for consensus. So previously valid blocks are now valid. A hardfork is the opposit, it expands the ruleset and previously invalid blocks are now valid.

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

If you want a clear split of the chain where 100% of the nodes are in agreement of the new rules.

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

The community and hash power is also split.

#125

Homework on Soft and Hard Forks - Answers

  1. A hardfork is an update that makes previously invalid to valid blocks. A softfork is an update that makes a previously valid to invalid blocks.

  2. One of the reasons why you would do a hardfork is because its a clear update/democratic.

  3. One of the risks when performing a hardfork is it splits the chain and the hash power.

#126

  1. A softfork on a block chain means that the previous blocks after the update become invalid causing a chain split that eventually works into a single blockchain as the nodes choose the longer chain with greater POW. A hardfork makes all the previous blocks after the update valid, causing a chain split and producing a new blockchain.

  2. A hardfork would be better to do if someone wanted to create a new currency. Also it would give a clear choice to the miners to update or not to update.

  3. The risks performing a hardfork wold be that some of the nodes won’t accept the new protocol and others nodes will. Therefore a hardfork will split the ideology of the community.

#127
  1. Hard fork is when update of protocol makes invalid block valid, soft work makes valid block invalid. Soft fork requires more then 50 % hash power to accept update, when hard fork requires 100%
  2. Changes needs for protocol
  3. Splitting the community, reducing security and a new currency appearance
#128
  1. What is the difference between a softfork and a hardfork?

A soft fork is when less types of blocks are valid. Hard forks is when more types of blocks are valid.

In a soft fork all valid blocks after the update should still be valid to unupsated versions.

On hard forks new blocks may not be valid by unupdated nodes.

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

If you want to add new options to possible valid blocks like bigger size. If the community wants to split and create a new currency thats a different blockchain.

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

Less hash power = less security to the nerwork. When some miners move to the new fork and some dont it drops the level of security accordingly.

If its not intended to creare two seperate blockchain it can create anyway. Because it demands 100 percent miners updating or there would be another blockchain for the unupdated miners and nodes.

#129
  1. What is the difference between a softfork and a hardfork?

A hard fork is an update that expands the ruleset, making previous invalid blocks valid. It provokes the network to split unless 100% of nodes agree with the update and update the software.
A soft fork is an update that contracts the ruleset, aking previous valid blocks invalid. If more than 50% of the hash power agrees and updates the software, no fork will happen, meaning the blockchain will be updated because even if split, the longer chain will survive and the outdated one will be discarded.

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

I think the main reason would be ideology differences. It happened e.g. with bitcoin cash, because the bcash team (and many miners) had a different vision on bitcoin, that the core team didn’t accept.
One reason could be e.g. to allow blocks bigger than 1 MB (what bcash did). This is an example of expansion of the ruleset.
Say smart contracts will be added to bitcoin, this may be a reason for a hard fork as well (unless 100% of nodes agree and update).

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

Dividing hash power, thus reducing security; dividing the community.

#130

Homework on Soft and Hard Forks - Questions

**1. What is the difference between a softfork and a hardfork?
A soft fork makes the previously valid blocks become invalid. There is no long term fork in the chain
A hard fork makes previously invalid blocks become valid. There is a permanent fork in the chain

2. What are some of the reasons why you would do a hardfork?
You might do a hard fork if you want to develop a different coin.
If your miners do not agree about protocols and have the minority of miners and want to make your own coin you would hard fork.

3. What are some of the risks with performing a hardfork?
Some of the risks on performing a hard fork is you lose security from loss of miners when the chain splits. From the users end it is a little stressful understanding of how the wallet will allow you the new coin

#131

  1. Hard fork: Makes previously invalid blocks valid
    Soft fork: Makes previously valid blocks invalid

  2. To implement a new set of rules, update the blockchain

  3. You can split the blockchain into 2 different chains, reducing hash power and splitting the community

#132

  1. A softfork makes previous valid blocks invalid. A hardfork makes previous invalid blocks valid. A hardfork for sure splits the chain where a softwork sometimes split. If the majority updates the chain won’t split.

  2. If you want your own currency. If you don’t agree on others from the community about the development of the blockchain/protocol.

  3. You lose security there you lose hashpower. The community falls apart.

#133

softfork is update hardfork splits chain
proticol change
hashpower risk 51%

#134

  1. What is the difference between a softfork and a hardfork?
    A HF is an update that makes previously invalid blocks valid. A SF is an update that makes previously valid blocks invalid.

  2. What are some of the reasons why you would do a hardfork?
    If you want a clear, consensus, democratic fork.

  3. What are some of the risks with performing a hardfork?
    Hash power is spilt which reduces security. Split the community. Split the chain.

#135
  1. A Hard fork makes previously invalid blocks valid there by Expanding the Rules set. A soft fork makes previously valid rules invalid there by Contracting the Rule set.
  2. To force a change in the rule set.
  3. Splits the community. decreases the Hashrate, and less security.
#136
  1. What is the difference between a softfork and a hardfork?

SOFT FORK = CONTRACTION - makes previously valid blocks INVALD
HARD FORK = EXPANSION - makes previously invalid blocks VALID.

A hard fork happens when an update introduces a new protocol and an expanded ruleset. Previously invalid blocks are now valid. Eg a larger block size. Only blocks that fall within the new ruleset will be accepted.

Requires 100% of the network to update in order to avoid a fork, otherwise this update splits the chain when the update is introduced. Nodes that did not update will continue to mine blocks under the old rules, therefore propagating a separate chain, distinct from the new one.

A soft fork - requires only a majority vote over 50%. Previously valid blocks are made invalid, due to a contraction of ruleset.

If new chain has more than 50% of hash power, I.e. more than 50% of miners voted for the updated protocol, they will soon produce the longest chain. And eventually the smaller group of miners will add blocks to the longest chain, so the shorter chain will cease to exist, and there will be NO FORK.

Soft forks are preferred, because new blocks will continue to be produced within the previous ruleset.

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

A change in consensus ruleset to increase the block size.
Add new features and functionality e.g. remedy security issues and hacks, increase transaction speed, add privacy features.

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

Split the community, and result in 2 different blockchains. Might devalue the currency because the original philosophy and aim has been changed. Hash power is split, which reduces security of the network.

#137

  1. Soft fork is a update from valid to invalid.
    Hard fork is a update from invalid to valid.

  2. Reason to use Hard fork is a change in the concenus.

3.Risk of performing a Hard fork is the security and the split community.

#138
  1. Soft fork makes previously valid blocks invalid and hard fork makes invalid blocks valid. Softfork=Contraction; Hardfork=Expansion
  2. Intentionally want to create a new currency such as a new asset issuance
  3. Reduced security as the hashpower is split across 2 chains
#139
  1. Hard fork - makes previous invalid transactions valid, soft fork makes previously valid transactions valid.
  2. When consensus rules change
  3. Hashpower is spilt decreasing security. New currency (could be good thing also)
#140

What is the difference between a softfork and a hardfork?
A hardfork makes previous invalid blocks valid and a softfork makes previously valid blocks invald
What are some of the reasons why you would do a hardfork?
To add functionality that doesn’t exist within the current network. It means majority in a network tells the rest of the network “We’re heading this way”
What are some of the risks with performing a hardfork?
If part of the network doesn’t agree with the change of consensus they can decide to continue on the previous path which creates a split in the chain and in the blockchain community. As a result the hash power lowers and the security diminishes.