If this technology is so complex, why call it “blockchain?” At its most basic level, blockchain is just a chain of blocks, but not in the traditional sense of those words. When we say the words “block” and “chain” in this context, we are talking about digital information (the “block”) stored in a public database (the “chain”).
Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else's entries in near real-time. That makes it difficult for one user to gain control of, or game, the network.
For
businesses, however, blockchain holds the promise of transactional transparency– the ability to create secure, real-time communication networks with partnersaround the globe to support everything from supply chains to payment networks
to real estate deals and healthcare data sharing.
Blockchain
Forks - A fork is a change to the protocol or a divergence from the previous
version of the blockchain. When a new, alternative, block is generated by a
rogue miner, the system reaches consensus that this block is not valid, and
this 'orphan block' is very soon abandoned by the other miners.
In simple words, Fork means "what happens when a blockchain diverges into two potential paths forward"
There are
two types of a fork in the blockchain,
Hard Fork
A hard fork
(or hard fork), as it relates to blockchain technology, is a radical change to
a network's protocol that makes previously invalid blocks and transactions
valid, or vice-versa. A hard fork requires all nodes or users to upgrade to the
latest version of the protocol software.
In terms of
blockchain technology, a soft fork (or sometimes soft fork) is a change to the
software protocol where only previously valid blocks/transactions are made
invalid. Since old nodes will recognize the new blocks as valid, a soft fork is
backward-compatible.
Some other Forks in
Blockchain
Bitcoin Forks
Bitcoin,
the pioneer blockchain cryptocurrency, has had several forks. Recognizing this,
the original Bitcoin blockchain (developed by the probably-pseudonymous author
Satoshi Nakamoto) is sometimes called Bitcoin Core. Developers can make changes
to Bitcoin Core’s blockchain protocol.
Codebase Forks
Codebase
fork is a software development term. When a developer works on the source code
of an application (it could be blockchain-based, or another software product)
to develop (or create) a distinct and separate version of the software, the new
version is called a codebase fork.
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