Thursday, September 15, 2022

HARD FORKS

Loved DR Leemon Baird's breakdown of what Hardforks are and how the Hedera Network Prevents them https://youtu.be/mYrTBxfanPU

''A hard fork is a new software update implemented by a blockchain or cryptocurrency’s network nodes that is incompatible with the existing blockchain protocol, causing a permanent split into two separate networks that run in parallel.

The most notable example of such an event was the creation of the new Ethereum chain after the original chain, now called Ethereum Classic, suffered a devastating $150 million hack in 2016 due to security vulnerabilities. In order to restore the funds of victims, the Ethereum Foundation implemented a new update that rolled back the DAO hackers’ subsequent illicit transactions.

The most famous hard fork is surely 2017’s Bitcoin's hard fork, which created Bitcoin Cash. A long-running community dispute came to a head, when Bitcoin Cash miners updated to a protocol version that increased the block size from 1MB to 8MB. As a result, Bitcoin and Bitcoin Cash now exist as two vastly different blockchains, catering to different communities with their own rules and objectives.''

Source : https://coinmarketcap.com/alexandria/article/what-is-a-hard-fork


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