As you must have heard the term “fork” which have been used often in discussions about blockchain.
A blockchain is a continuously growing list of records that are called blocks.
The technology that powers blockchain is called forking.
When a blockchain splits into two separate chains, it forges a fork.
This means that the original chain and the forked chain share the same history up to the point of the fork, but go on to develop in different directions afterward.
Forks can be either soft or hard.
A soft fork is a change to the rules of the blockchain that are backwards compatible.
This means that those who don’t upgrade will still be able to participate on the network.
An example of a soft fork is increasing the block size in bitcoin.
Each fork has the potential to become a brand-new blockchain.
But not all forks are created equal.
Some forks are designed to upgrade the existing blockchain in some way, while others are designed to create an entirely new system in place of the original blockchain.
Forks can have a number of causes.
They can be planned, such as when developers want to make major upgrades to a blockchain’s software.
Or they can be unplanned, such as when two miners find a block at nearly the same time and each think they have the right to add a new block to the chain.
In the case of an unplanned fork, the blockchain’s developers often step in to resolve the situation.
In the same way that a fork in a road represents a divergence in directions, a fork in a blockchain represents a divergence in the history of the chain.
Because they represent a divergence in the history of the chain, forks have the ability to change the properties of a cryptocurrency.
The most famous fork in the world, bitcoin cash, is a fork that was designed to increase the speed of transactions on the bitcoin blockchain.
It accomplishes this by increasing the size of its blocks, which in turn increases the maximum number of transactions that the blockchain can process per second.
Forking refers to the process of creating a copy of a digital asset, which can then be used independently, instead of the original original.
Forking is often used for creating new cryptocurrencies or for replicating the original blockchain so that it can be used on a different network with a different set of rules.
A fork refers to a new blockchain that has been created off of the original blockchain after it forks.
After a fork, the original blockchain and new blockchain are independent.
Forking is a community-based, decentralized, peer-to-peer system that allows anyone to create a new version of a blockchain.
Forking is basically the process of splitting a blockchain into two separate blockchains.
What are your thoughts on the power of forking?
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