evo

Site Admin
Apr 2017
Seattle
#1
There has been significant news coverage and developments in recent weeks about changes to digital currency networks. These are sometimes called “forks”. Here is a simple, non-technical explanation to add context to recent discussions.

What is a “fork”?

A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history. Forks can be temporary, lasting for a few minutes, or can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created.

Why are changes made to digital currency protocols like Bitcoin and Ethereum?

Each digital currency uses open-source software protocols with independent development teams responsible for changes and improvements to the network, much in the same way that changes to Internet protocols allow web browsing to become better over time.

The mission is to create an open financial system for the world, and digital currencies will be fundamental in achieving this mission. However, many of these digital currencies are still in early development. Making improvements to the software , such as the number of transactions the network can support , is crucial to creating the next generation of finance.

Why do forks happen?

There are a few reasons why a fork can happen. For example, when a change is proposed to a digital currency protocol, users need to show their support for the new version and upgrade, in a similar way to people regularly update applications on their computer. In order for these changes to get approved, many people need to agree, just as changes to cell phone networks require many phone companies to agree.
 
#3
Yes actually!! It is significant change or update to the technology that is still compatible with traditional versions of the code. thanks for sharing.
 
#6
There are 2} different types of fork we need to look at, hard forks and soft forks, first of all, let's know very well what a fork is.
In the cryptocurrency world, a fork is when a there's a change in the rules of the blockchain that coin operates on or the nodes disagree on a historic transaction(s).

Mining duck Think of a 200s of people walking down a road and the road comes to a fork, many people could decide that they don't want to follow the traditional direction of the masses and take the other route - as they believe it to be better. This would split the crowd and others may follow. In terms of cryptocurrency, the minority of followers would build a new coin think about Bitcoin Gold, Bitcoin Cash).

Soft forks are very common, in the rare cases when 2 or more miners validate a block at the same time they'll each produce their own hash (verification code) for that block. This often gets resolved as the next block is added to the blockchain and then the nodes can verify that this chain is the largest and most valid chain, rendering the other chain invalid.

Hard forks are intentional and are imposed by the developers of a blockchain. The developers impose a hard work to improve the rules of the blockchain. Bitcoin is on an open source blockchain, therefore developers can impose changes any time.Mining duck provides an example for you " if you need any further information bitcoins fork you can search.