Updates & Forks - Discussion

Blockchain and Bitcoin 101
#692

Ok I see.
And so how does this work with the receiving address ?
At first it will receive the UTXOs of our wallet (the block was confirmed), but eventually we realize (fork resolved) that it was an accidental fork and the transaction was in the stale block. So the receiving wallet will see its fortune increase and suddenly the money will be gone ? (because you said the nodes return the transactions that were not in both blocks back to the mempool)

#693

Hey,

To verify, if Miner A creates a block at the same time as Miner B, and then Miner A’s blockchain becomes the longest chain, will Miner B lose his block reward and transaction fees because his block became stale?

#694

Can hard forks potentially last forever?

#695

This article will answer your question https://www.sfox.com/blog/from-hard-fork-to-4k-a-bitcoin-cash-price-history/

#696

How many confirmations you consider as “confirmed” is up to you. Generally for large amounts around 6 confirmations is ideal (but for small amounts even 1 confirmation can be considered good enough). In third party wallets they usually wait more than one confirmation before updating the balance.

#697

The reward is just a special transaction called a coinbase and will get dropped just like any other transaction that is part of a stale block.

#698

But what happens if as soon as the receiving address sees new UTXOs coming in (transaction that happens to be in a stale block), it transfers them to another address ?

#699

Accidental fork happens rare, and in that case it is possible that after accidental resolved you got a different confirmation saying that the Tx didn’t take place.

3 Likes
#700

ok thanks for the explanation

1 Like
#701

Thanks I had the same question!

#702

What are the example of soft / hard forks beside the size of block?

I know that …
Soft fork means updating from block size <= 1M to block size <= 0.5M
Hard fork means updating from block size <= 0.5M to block size <= 1M

What else can you update beside the block size? And how does it distinguish soft / hard forks.

#703

At 8:09 on soft fork lecture, what do you mean “hash power”?

I’ve never heard of the word, so I got confused…

#704

this blog will answer your questions,
https://www.bbvaopenmind.com/en/technology/digital-world/soft-fork-hard-fork-in-blockchain/#:~:text=An%20example%20of%20a%20soft,incoming%20new%20transactions%20are%20valid.

2 Likes
#705

Hash power( hash rate) is a measure of the total computational power being used by a proof-of-work cryptocurrency network to process transactions in a blockchain. It can also be a measure of how fast a cryptocurrency miner’s machines complete these computations.

2 Likes
#706

Thanks for the great explanation!
Miners prefer softforks (lowering the total computational power) because the chain won’t be split into two (The chain just continues with smaller blocks after updated. Miners still need to upgrade their softwares to mine properly for incentives).

Hardforks, on the other hands, split into two chains (two coins) and two miner groups who upgraded the software and who didn’t upgraded their software.

#707

Thanks. It seems the change of block size is the only thing people care about during the update.

As Ethereum’s core developers and the majority of its community went ahead with the hard fork, the minority that stayed behind and didn’t upgrade their software continued to mine what is now known as Ethereum Classic (ETC).

Hardforks actually splits into two different currencies (new version and old version)!

1 Like
#708

Very nice explanation. I was having slightly different understanding however this provided a better perspective of hard and soft fork.

#709

Hi Filip,
Of course this is no 2022! But when you says wait for six blocks to confirm the proper chain does this mean, this guy sold something and should wait six blocks before he confirms the transaction and sends out the product. So waiting like 60 minutes or something?

Josh

#710

Exactly, 6 confirmation is almost 60 minutes.The 6 confirmations are required to stop someone attempting double spend. There’s nothing magical about 6, it’s just a number that was suggested early on.

1 Like
#711

Hi everyone,

I have a question unrelated to the topic. Could anyone please explain why Ivan and Filip use the term “upend” when talking about blocks being added to the network? The definition that I have in my Mac dictionary:

upend | ʌpˈɛnd |
verb [with object]
set or turn (something) on its end or upside down: she upended a can of soup over the portions.
• [no object] (of a swimming duck or other waterbird) submerge the head and foreparts in order to feed, so that the tail is raised in the air: a pair of swans were feeding by upending.

Is there something that I don’t understand or is it used incorrectly? :smiley: