Steemit Crypto Academy Contest / S1W3 - Blockchain through the concept by @novaamalia
source Edited with Adobe Illustrator
Hello Steemians
Greetings all, I am @novaamalia and this is the first post on the Steemit Crypto Academy Contest, and I will try to provide quality posts to get good grades from the Professors, wish me luck. I feel happy to get the latest information about the world of Blockchain and cryptocurrencies, by participating in the contest I hope to use it as a provision of knowledge to deal with increasingly developing technological developments.
Blockchain & Cryptocurrency
Blockchain is a technology used for data storage in digital form that is connected to algorithms and cryptography by connecting it to existing blocks without being regulated by an authority system. This technology then gave rise to the cryptocurrency that we now know as Bitcoin, Ethereum, and many more. Blockchain is a technology that is now something that everyone is always looking for, especially for cryptocurrency users, which in recent years has become one of the most widely used digital assets by people around the world because of its innovation and visionary concept.
Bitcoin became one of the first steps of Blockchain technology since its emergence, making the technology and financial sector more different than before because it offers the concept of Decentralization in their process. After Bitcoin succeeded in making cryptocurrency one of the digital assets of the future, Blockchain and other cryptocurrencies such as Ethereum, Solana, Cardano, and so far have appeared, presenting innovative concepts and technologies with all the features that can be used by users according to their needs.
Tell us about your favorite concept or term related to Blockchain.
In this contest I will discuss Forks which are one of the events that often occur in Blockchain technology because of the differences between one version and another, there are two types of known Forks, namely Hard Forks and Soft Forks.
source
Updates are things that are usually done by software or computer systems where they do this so that the system that is made becomes newer in terms of versions and features and fixes problems that occur in previous versions. In Blockchain technology, updates often occur, and the process is divided into two parts, namely Hard Fork and Soft Fork, this Fork process has occurred a lot in the Blockchain network and is considered part of the concept in Blockchain technology.
Hard Fork
Hard Fork is a system or software update process where major changes are built in terms of concepts and versions where after this Hard Fork is carried out the updated system will not be compatible with the previous version, this happens when two protocols disagree to provide an update that requires one of them to take steps to change it to a different one and split into a new system that is no longer compatible with the previous one.
In the Blockchain network using the concept of Decentralization where everyone involved is not in the same company and differences of opinion often occur and Forks are a way for those who want to make changes to continue and those who do not agree with the changes to stay in the previous protocol.
source
One example of this Hard Fork occurred on the Ethereum Blockchain which issued Ethereum Classic where they were on the same Blockchain is Ethereum with a different coded protocol than before, Ethereum users could not use the same address to send existing Ethereum to Ethereum Classic because the price and also the code used is different and is not compatible with Ethereum.
Soft Fork
Soft Fork is a software update carried out by the Blockchain protocol when the updated version with the previous one is still connected and compatible or referred to in general as an update that follows the old consensus rules and the new one. This Soft Fork in the case of Bitcoin only requires a few miners to update the system and use new rules that make it still compatible with each other with all versions, while Hard Fork nodes have to agree and to do the update, and those who disagree stay on the old version like what happened to Steemit and Hive.
One example of a Soft Fork is an update to the network block rules from the previous 1mb to 500kb, another example of a Soft Fork is an update to Pay to Script Hash (P2SH).
Why do you think it is important in the Blockchain
Both Hard Fork and Soft Fork are important for the development of Blockchain technology, although the Hard Fork changes made will have an impact on previous devices and leave parties who do not agree, this needs to be done, and with Hard Fork, the developers who agree will continue working to provide updates to their system so that it can operate even better.
The Hard Fork is important because it can provide significant updates as in the case of Bitcoin and Bitcoin Cash, Bitcoin can only execute 7 transactions per second, then the Hard Fork is carried out and successfully generates Bitcoin Cash which can do 61 transactions per second, and that can save time to be more efficient because of every second many transactions that can be executed.
The Fork can provide updates and improve system performance if done by innovative people, and serious will produce a system that will attract a lot of attention because of the advantages and improvements that are better than the previous version.
Do you think that the existence of the blockchain would be possible without this concept?
Blockchain is a technology that is now widely known by many people because it can be implemented in all sectors, and each technology needs updates to improve the performance of its systems and overcome problems that will harm users.
The Fork is a necessary concept in blockchain because changes made by Hard Fork and Soft Fork can have a significant impact on all users involved in it, developers make updates by improving software or protocols in it to be more efficient and relevant for use by all nodes or users in it for the future of the blockchain.
By using a Fork, users can find out whether they have to stick with the old protocol or use a new protocol with guaranteed updates that previous versions did not have because previous developers already have strong reasons why they need to fork as a form of anticipation of bad things that will happen in the future.
Do you think is possible to improve this term in some way? explain us how
Often when the Fork will be implemented, there is a disagreement between several related parties and those who agree to continue to do it and there is a Hard Fork that makes a difference to the previous protocol, and those who have agreed to the latest version cannot reconnect with the previous version as in the case of Steemit and Hive where Hive users will get a new private Key even though previously can access with private Key from Steemit.
The term Fork is still not very familiar among the general public, especially beginners in the world of Blockchain and cryptocurrencies well as the information provided by the Blockchain that performs the Fork is not evenly distributed, and only a few Exchanges notify if there is a Blockchain that has done the Fork and this sometimes makes investors beginners feel confused about what a fork is.
In my opinion, several ways must be improved when the fork is being carried out, the developer will massively notify through the website or information media that they will do the Fork and explain what will be changed when the fork is done, in addition, if a hard fork is ready to implement, please explain in detail how to secure private key owned from the previous and latest version of blockchain.
Conclusion
The Fork I think is a important concept in blockchain because changes made by Hard Fork and Soft Fork can have a significant impact on all users involved in it, developers make updates by improving software or protocols in it to be more efficient and relevant for use by all nodes or users in it for the future of the blockchain.
The Fork can provide updates and improve system performance if done by innovative people, and serious will produce a system that will attract a lot of attention because of the advantages and improvements that are better than the previous version.
Your information about Hard Fork and Soft Fork is so beneficial for people who new in the crypto world, best of luck
thank you for appreciation, nice to see you brother @chairulrizalx
You have taken your time to explain soft and hard fork concept in blockchain. Well-done.... And I wish you good luck in your entry.
Kind regards.
It's a pleasure to share about Fork in blockchain to you, thanks a lot
What you discussed with us today was very informative and very important for every blockchain. There are two types of forks: Hard Forks and Soft Forks. If something needs to be updated in the blockchain, it is forked.
well thanks a lot for visiting my post 🙏