What is Ethereum Fork

Although commonly associated with Bitcoin, blockchain technology has many other applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today.

Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible.

Is Ethereum similar to bitcoin?

The difference between Ethereum and Bitcoin is the fact that Bitcoin is nothing more than a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. Both Bitcoin and Ethereum operate on what is called “blockchain” technology; however, Ethereum is far more robust.

In the Ethereum, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.

There is a second type of token that is used to pay miners fees for including transactions in their block, it is called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain.

What is Fork?

A fork in the cryptocurrency world is known as a change in that currency’s protocol. This type of change makes previous versions of blocks valid and the current version invalid (or the other way around).

There are two types of forks known as soft forks and hard forks.

Soft forks are the watered-down version of hard ones. They are called soft because they don’t change anything surrounding the actual structure of the protocol. Soft forks can be implemented by the developers or creators of the cryptocurrency to perform certain maintenance works, modify something cosmetically, or change some of the rules surrounding the blockchain.

Some of the more popular and frequent soft forks are those which change the size of a specific block. They are often implemented by the developers to smoothen out the mining processes (assuming that we’re talking about a cryptocurrency that uses the “Proof of Work” consensus). These forks become temporary ones – some miners may choose to use them, while others can just reject the change and continue mining the older versions of the coin.

Hard forks, however, are a whole different story.

Hard forks are huge changes to the cryptocurrency in question. They change the cryptocurrency’s protocol itself, rendering the older versions of that protocol invalid. If it (the older version) continues to live on, it will result in a split from the new version.

Hard forks are huge changes to the cryptocurrency in question. They change the cryptocurrency’s protocol itself, rendering the older versions of that protocol invalid. If it (the older version) continues to live on, it will result in a split from the new version.

Hard forks are huge changes to the cryptocurrency in question. They change the cryptocurrency’s protocol itself, rendering the older versions of that protocol invalid. If it (the older version) continues to live on, it will result in a split from the new version.

The main reason why we’re specifically talking about Ethereum HARD forks is that they are so detrimental and significant to Ethereum’s well-being, that it becomes impossible to ignore.

Ethereum Classic, EtherZero, and Metropolis – these are the main three Ethereum hard forks.

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