What is Hard Fork?
Quick Answer
A Hard Fork is a radical change to a blockchain network's protocol that makes previously invalid transactions valid, or vice-versa.
" A Hard Fork is like your favorite band splitting upโfans choose sides and hope their side doesn't become a one-hit wonder. "
BORING DEFINITION
A Hard Fork is a radical change to a blockchain network's protocol that makes previously invalid transactions valid, or vice-versa. It typically requires all nodes or users to upgrade to the latest version of the protocol software.
How Does Hard Fork Work?
A Hard Fork occurs when there is an irreversible divergence in the blockchain. It involves creating two separate chains: one following the old protocol and one following the new. Nodes must choose which chain they will support by updating or not updating their software.
Why it matters: Understanding Hard Forks is crucial for investors because they can significantly impact the value and functionality of cryptocurrencies involved.
REAL WORLD EXAMPLE
> In 2017, Bitcoin experienced a Hard Fork that resulted in the creation of Bitcoin Cash. This split allowed both coins to follow their own paths in terms of development and usage.
๐ Today's Candidates for Hard Fork
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