A hard fork is a branching of a cryptocurrency's blockchain that splits a single cryptocurrency into two. This happens when the users of a blockchain cannot come to an agreement on rule changes or upgrades to the blockchain.
Is a hard fork good or bad?
Hard forks are often seen as dangerous because of the chain split that often occurs. If a split occurs between the miners who secure the network and the nodes that help validate transactions, the network itself becomes less secure and more vulnerable to attacks.
Is Ethereum Classic a hard fork?
In July 2016, the Ethereum network hard forked into two blockchains: Ethereum and Ethereum Classic. Ethereum Classic is now a completely separate cryptocurrency with different technological and philosophical goals. You can read more about Ethereum Classic and cryptocurrency forks.
What is an example of a hard fork?
A few examples of hard forks Take Bitcoin itself as an example. One of the first hard forks in the crypto universe was in 2014 when Bitcoin XT branched off from Bitcoin. A proposal was made to increase the number of transactions per second that Bitcoin could handle from seven to 24.
What is the difference between hard fork and fork?
Hard forks involve a significant change to the rules of a blockchain, whereas soft forks are more subtle changes that are backward compatible, meaning that nodes that do not upgrade will still see the chain as valid. Soft forks are often implemented to add new features without changing the rules of the blockchain.
Does ETH Classic have a future?
Considering the Ethereum Classic gains momentum in the coming few years, the ETC crypto will reach the $56.40 high by the year 2025. However, considering the Ethereum Classic remains inactive in the crypto world, the price of ETC crypto can potentially remain low at $41.76.