Crypto Academy / Season 3 / Week 4 / Beginners : Blockchain Forks. Assignment for Prof @awesononso

3개월 전

The lecture was good and here is my entry @awesononso

Screenshot_20210724-175229.png

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPEGhFknkKyD6Zwy4HKk3eZZqrs5FA9tDEEU3UhvnUsYefkhD7zfP1ySjShKJq11J9swT5Z2vHk (1).png

Question 1 What is a Fork?

The fork occur when a change happens in the blockchain protocol or when a basic set of rules are made by a community and this causes the block chain of the crypto to split and give birth to another blockchain which will share the same history with the original but it will not be operating as the original blockchain and for it to be something it needs to have users that will start using the nodes so that will be a thing because of the way the blockchain works it is decentralised in nature.

To get people to use it blockchain must reach every body demands because there is no perfect invention.

There are two types of forks and they are hardfork and softfork.

Hardfork and Softfork

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPEGhFknkKyD6Zwy4HKk3eZZqrs5FA9tDEEU3UhvnUsYefkhD7zfP1ySjShKJq11J9swT5Z2vHk (1).png

Question number 2

Explain in details what a Hard Fork is with examples.

Hardfork

Hardfork which is backward incompatible happens or occurs when there is a split or division of blocks into two different blockchains, where one block chain remain operating as the original while the other operate in a new rule, It operates as Backward-Incompatible because the fork changes the consensus protocol that the new software becomes incompatible with the old one.

The blockchain splits then you are left with the old blockchain which operates as the original with the new blockchain that has a new rule it operates with, which will lead to the creation of a new crypto even the nodes who split to the new blockchain will not be able to operate in the old one and vise versa but if a node wants to run in the new block chain it must upgrade to the capacity of that blockchain.

Example of a Hardfork is Ethereum classic

Ethereum and Ethereum Classic

If you could remember the 2016 hack which went viral when close to $3million dollar worth of eth was stolen, this caused confusion in the eth community for a while then a decision was reached and the best option was to hard fork eth so that it doesn't happen again, after the hardfork there was ethereum classic the original block and ethereum the new blockchain

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPEGhFknkKyD6Zwy4HKk3eZZqrs5FA9tDEEU3UhvnUsYefkhD7zfP1ySjShKJq11J9swT5Z2vHk (1).png

SoftFork

This is the opposite of hardfork which is backward incompatible, softfork is backward compatible and it is the only fork that brings network upgrade to the blockchain network, if a softfork is initiated it doesn't lead to the split in the blockchain which means both the new nodes and the original nodes can work to getther to create new blocks in the blockchain, as long as miners uses the blockchain that is created, it becomes effective and a currencies new set of standards. Soft forks have been used to bring new features, functions and what have you. Blocks created with the new rules are still validated by old blocks.

Example of Softfork is:

Bitcoins Taproot

Bitcoin taproot is a bitcoin update that was created to keep some data buried deep in the symbolical soil, according to enthusiasts it is supposed to be the biggest upgrade in bitcoin history since 2009 segregated witness, with taproots there will be operation across board to make these complex transactions look like standard person-to-person transactions.

Taproot will change functionality of bitcoin operate similar to ethereum, this will allow smart contracts to run on bitcoin efficiently and cheaply. As of now, smart contracts are usually run on the ethereum network because of the higher efficiency.

In order for the upgrade to go through, 90% of the mined blocks during that period needed to include data from the miners known as Signal Bit. Taproot will go live in November if the target is reached.

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPEGhFknkKyD6Zwy4HKk3eZZqrs5FA9tDEEU3UhvnUsYefkhD7zfP1ySjShKJq11J9swT5Z2vHk (1).png

Question 4 number What are the differences between Hard Forks and Soft Forks?

HardforkSoftfork
New token is createdno new token are created because of the split
Old nodes are not capable of validating transactions on the new blockchainOld nodes can validate transaction on the new blockchain
Users have to upgrade to the new blockchainminers don't need to upgrade to the new blockchain
Validation of transaction can be carried out by old nodesvalidation can't be carried out by old nodes
A split happens because all miners could not agree to upgradeAll or most of the miners must agree to the upgrade

Question number 5: Explain the following Bitcoin Forks and explore the blockchain where necessary. Indicate if they are Hard Fork or Soft Fork.

What is Bitcoin Cash

The crypto know as BCH or Bitcoin Cash was created the moment bitcoin was hardforked in 2017. Earlier, while explaining softfork using Bitcoin, if you read above you will see that i say some Bitcoin users didn't agree to the segwit idea, what they thought is that by reducing the block size will considerably reduce the number of transactions that are carried out in the blockchain per second and for bitcoin that is dominating the rest of the crypto space it will not be smart if that happen

In the process where a majority of the developers went ahead to modify the blockchain protocol, those who didn't like the segwit idea, hardforked bitcoin by creating a new type of bitcoin by making little modifications to the bitcoin source code which caused the bitcoin blockchain to split into two: bitcoin and bitcoin cash.

The modifications that makes the old blockchain different to the new blockchain are:

  • Bitcoin cash can handle a lot of transaction per second than bitcoin.

  • Transfers in Bitcoin cash are faster than that of Bitcoin.

  • The transfer fee in bitcoin cash is less than that in bitcoin.

Now we all know that bitcoin cash was created by the hardforking of bitcoin, it is not a suprise that both blockchain has the same origin by having the same 0 block and the same record of history until the split as you can see below.

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f, and was mined exactly at "2009-01-03 19:15"

Screenshot_20210723-125721.png
Bitcoin Block 0

Screenshot_20210723-125924.png
Bitcoin Cash Block 0

The split in 2017, the hash in both value for new blocks were not the same in the blockchain.

For instance, Block 691867 has different values and time of mining in both Bitcoin and Bitcoin Cash Blockchain.

In bitcoin cash, 00000000000000000203fa15f9049b198c205a236f1927f57d879b661ddfc623, at 2021-06-12 12:41, as shown below in the screenshot .

Screenshot_20210725-180727.png

Bitcoin Cash Block
691867

For Bitcoin, it's 0000000000000000000c315d1b6143b982d26c5007d190437f54fc77b72c9f91, at 2021-07-20 13:18, as shown below in the screen shot.

Screenshot_20210725-181041.png

Bitcoin Block
691867

QUESTION NUMBER 6: WRITE ON THE STEEM AND HIVE HARD FORK AND SHOW SIMILARITIES IN THEIR GENESISBLOCKS(Provide screenshots).

The steemhardfork happened just like how bitcoin hardwork happened which is the disagreement of participant of the platform (steemit team the new one and the witnesses). Just like when justin sun the founder of TRON came into Steemit team, he suggested the integration of TRX into the steemit platform.

This caused the whales of steem unhappy as predicted, They declared their independent from steemit, and performed a hard fork on the steem blockchain.

They that is the steem witnesses copied the open source software of the Steem blockchain, and then created the HIVE ( Blockchain]. This lead to the creation of new cryptocurrency, Hive.

I also noticed that the two platform are very similar This is because the steem witnesses who were not happy only made slight modifications to the software, changing SBD to HBD, Steem to Hive, Steem Power to Hive Power and lots more. They also change the platforms color from cyan green to red.

Even after the change if dig in dip you will find out that the steemit and hive still have the same genesis block.

Steem Genesis Block is referred to as Block 1, and it's features is as follows:

The block ID of the Steem Genesis block is 0000000109833ce528d5bbfb3f6225b39ee10086, and it was created on 24th March,2016 at 17:05 (UTC+1) name of it's witness is @initminer as shown in the screenshot below.

Screenshot_20210723-134604.png
Steem Genesis Block

Block 1 is what the hive Genesis block chain is known as, Hive Genesis block was created on 24th March,2016 at 16:05 (UTC), name of it's witness is @initminer, same as Steem, as shown in the screenshot below.

Screenshot_20210725-181228.png

Hive Genesis Block

To add to this, every one who have an account in steemit platform will find out that they already have an account in hive just by having it in steemit with the same reputation,username, password, and so on. Also the will find that the exact number of currencies, steem, SBD, and steem power they had on steemit was mirrrowed on their Hive account as Hive, HBD and Give power respectively.

2gsjgna1uruvGBHDnRaj2zVCcpeJW4jyLMe4SBCPMw95fU5MoBBhkiBA3woWesRvtEqZUsyFg3MP3jiWiEWpX3JdBqxsnBSGboCPbsmdhkEcsfJnoY.png

CONCLUSION

Blockchain has come to stay and the reason for it's still good presence it's because of the decentralized nature of it that is why even though there are disagreements, there are still no permanent destruction but a split because it is not every one who thinks the same.

The split is it still for the best, as both forks leads to the general advancement of blockchain technology.

Very Good lecture @awesononso i must say, it was challenging and it took me 7 hours in two days to complete.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

Hello @joemuknic,
Thank you for taking interest in this class.

Unfortunately, this account has been blacklisted and therefore is not eligible to perform tasks in the academy.