If you guys are interested to read this, you can scroll down for the content, or you can listen to the podcast by clicking the play button:
These partial network software updates allow the whole network to maintain two different version of the ledger which is originated from the older one. This is called a fork also known as branching.
The Blockchain software updates, which are also called, Blockchain core updates, actually may update many things at the same time or just update the one thing. It all depends on what kind of update is being released. These updates can be related to the protocol, address format, consensus algorithm, encryption upgrade, Block size upgrade, etc.
The original Bitcoin cash fork updated the Blockchain to form an 8MB Block size while mining from original 1 MB Blocksize leading to more transactions confirmation in each mined block. But this leads to the Split in the Blockchain having two group of miners supporting the Blockchain with two different version of the software.
Ethereum Classic & Ethereum can be another perfect example of the fork. The ethereum Fork happened in 2016 when a The DAO organization got hacked through a recursive call bug in the smart contract leading to 50 million US dollars worth for asset stealing, which is now worth more than one billion US dollar right now. This forced the Ethereum foundation to jump in & lead to the update in the core which reversed the theft. Ethereum classic is the network which did not support the reverse.
So that’s all about the fork guys. I hope you liked the episode & hope to meet you all in the next Episode.
Please subscribe to our channel for more updates.
Latest posts by Toshendra Kumar Sharma (see all)
- How To Run a Bitcoin Node in Google Cloud? - 23 March, 2018
- Is Blockchain comparable to “the new internet”? - 21 March, 2018
- Will Google create their own Cryptocurrency? - 20 March, 2018
- How Can Blockchains Help in Cyber Security? - 19 March, 2018
- How will Blockchain revive Social Media? - 16 March, 2018