Position: Home page » Blockchain » What happens when blockchain forks

What happens when blockchain forks

Publish: 2021-05-02 13:13:13
1.

a brief history of etheric Classics (etc)

etheric classics began with an unfortunate event

in May 2016, the decentralized autonomous organization (DAO) held a token sale with the goal of establishing a blockchain based venture capital to fund future decentralized applications (dapps) in the Ethereum ecosystem

basically, Dao is a complex smart contract that operates in a decentralized way - computer code that automatically performs tasks between multiple parties when conditions are met

despite its ambitious goals and successful token sales, Dao's code has a major vulnerability that allows attackers to steal eth from decentralized organizations

the attacker took advantage of this vulnerability in June 2016, triggering the infamous Dao hacking event, and maliciously stole eth worth about US $50 million

there is no doubt that Dao hacking has shocked Ethereum community and made eth price drop from $20 to $13

after the Dao hacking, the Ethereum community has to choose from three options

< UL >
  • do nothing and try to bear the consequences of the attack

  • start soft bifurcation to recover funds

  • deploy a hard fork to recover the lost eth

  • both soft and hard bifurcations are significant network upgrades. However, soft fork allows users who are not upgraded to communicate with upgraded users, while hard fork is not backward compatible with previous versions

    as developers realize that deploying soft forks will expose the network to distributed denial of service (DDoS) attacks, Ethereum community decides to initiate hard forks to recover the funds lost in Dao hacking attacks

    although this scheme is supported by most people, a small number of people in Ethereum community oppose it. They think that "code is the law" and blockchain network should be unchangeable

    the failure of both sides to reach an agreement on the solution eventually led to the fragmentation of Ethereum blockchain

    those who tried to recover the lost eth chose the hard fork and opened the Ethereum (ETH) blockchain as we know it today, while another group stayed on the original Ethereum classic (etc) chain

    what problems does ethereal classic solve

    Ethernet classic (etc) is a blockchain platform that allows developers to deploy smart contracts and dapps

    although this function is the same as Ethereum (ETH), etc blockchain has two main differences

    first of all, Ethereum classic community opposes tampering with distributed ledger and supports the view that "blockchain network cannot and should not be modified"

    secondly, although there is no rigid upper limit on the total supply of eth, it is allowed to create 230 million etc at most by adopting the monetary policy of constant supply

    as a bonus item, ethereal classic launched Atlantis hard bifurcation last year to increase the interaction with Ethereum and improve the privacy protection of transactions through ZK snarks

    the trading platforms recommended by ethereal classic etc are: Fire coin, okex, AAX, etc

    2. Forking is different from ordinary upgrading. Ordinary upgrading does not affect agreement consensus before and after upgrading, and generally does not need the participation of community consensus or computing consensus. According to the modification of the protocol, bifurcation can be divided into soft bifurcation and hard bifurcation

    existing definition:

    [lightning definition] hard fork refers to that when the bitcoin block format or transaction format (this is the widely spread "consensus" (should be part of the agreement consensus)) changes, the UN upgraded node refuses to verify the blocks proced by the upgraded node, but the upgraded node can verify the blocks proced by the UN upgraded node, Then we continue the chain that we think is right, so we divide it into two chains< A permanent divergence in the block chain, commonly occurs when non upgraded nodes can't validate blocks created by upgraded nodes that follow new consensus rules, The UN upgraded node can verify the blocks proced by the upgraded node, and the upgraded node can also verify the blocks proced by the UN upgraded node<

    a temporary fork in the block chain which commonly occurs when miners using non upgraded nodes vialate a new consensus rule their nodes don't know about.

    I don't think we can say which definition is right or wrong. The specific definition can be summed up according to the differences between the two that have been widely agreed in the community, and it doesn't need authority to specify

    hard fork: without forward compatibility, the previous version will be unusable and need to be upgraded

    soft fork: it has good compatibility, at least some functions of previous versions are available, and can not be upgraded

    hard branching: at the level of blockchain, there will be two branching chains, one old chain and one new chain

    soft bifurcation: there are no forked chains at the level of blockchain, but only the blocks that make up the chain, including new blocks and old blocks

    hard forking: it is necessary to agree with the forking upgrade at a certain time point, and those who do not agree will enter the old chain

    soft bifurcation: for quite a long time, it is allowed to continue to use the original version to generate old blocks and coexist with new blocks without upgrading
    3. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually hard bifurcation occurs.
    4. Hard bifurcation is caused by the unacceptable permanent divergence of blockchain, while soft bifurcation is caused by the acceptable divergence of blockchain. The emergence of hard bifurcations means the emergence of a blockchain that cannot accept the new consensus mechanism. This blockchain is equivalent to the old version of the system, while the new version accepts the new consensus mechanism. Although the two versions are not different, they are still interrelated. The block nodes caused by soft bifurcation are compatible with the new consensus mechanism, and will not form another block chain. Hard and soft bifurcations are common in coin circles. In addition to currency speculation, blockchain can be applied in many places, including medical care, insurance, ecation, food, etc. I know a company specializing in blockchain development, Xuanling technology. Their evaluation in the instry is not bad.
    5. After all the towers of the first island are closed, there is a sea crossing bridge behind the last tower. You can go to the central island. You can go to the second island through the central island. All the towers of the third island are closed. After all the towers of the last three islands are closed, you can close the larger towers of the central island.
    6. What is blockchain bifurcation? Will bifurcation cause my bitcoin to split in two
    it's very easy to upgrade the software in the centralized system. Click "upgrade" in the app store. However, in decentralized systems such as blockchain, "upgrade" is not so simple, and may even result in the bifurcation of blockchain
    in short, bifurcation refers to the divergence of opinions ring the "upgrade" of the blockchain, which leads to the bifurcation of the blockchain. Because there is no centralized organization, every code upgrade of digital assets such as bitcoin needs to be approved by the bitcoin community. If the bitcoin community fails to reach an agreement, the blockchain is likely to form a fork
    taking bitcoin as an example, in July 2017, in order to solve the congestion problem of bitcoin blockchain, some bitcoin enthusiasts proposed bitcoin cash bifurcation scheme, resulting in bitcoin blockchain split in two
    according to whether the forked blockchain is compatible with the old blockchain, the forking can be divided into "hard forking" and "soft forking".
    7. Bifurcation is to create an ongoing blockchain replacement version by creating two blocks simultaneously in different parts of the network. This creates two parallel blockchains, one of which is the winning blockchain.
    8. Yes, after the bifurcation, it will be an independent branch, and then it will start again and again, and it will continue like this
    9. Hard bifurcation is defined as permanent divergence in the blockchain. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually hard bifurcation occurs
    it doesn't matter whether blockchain hard branching is good or bad. It depends on how to treat it. Blockchain itself is just a technology that anyone can use. This technology is not mature at present, and there are not many mature projects. Yuanying China is just trying a new mode of blockchain crowdfunding.
    10. Hard bifurcations are generally defined as permanent splitting of the record chain. Hard branching of blockchain doesn't matter. It depends on how to deal with it. Blockchain itself is just a technology that anyone can use. Heshu software blockchain technology laboratory has developed the underlying technology architecture of laikelib blockchain, which can develop any application system on the chain.
    Hot content
    Inn digger Publish: 2021-05-29 20:04:36 Views: 341
    Purchase of virtual currency in trust contract dispute Publish: 2021-05-29 20:04:33 Views: 942
    Blockchain trust machine Publish: 2021-05-29 20:04:26 Views: 720
    Brief introduction of ant mine Publish: 2021-05-29 20:04:25 Views: 848
    Will digital currency open in November Publish: 2021-05-29 19:56:16 Views: 861
    Global digital currency asset exchange Publish: 2021-05-29 19:54:29 Views: 603
    Mining chip machine S11 Publish: 2021-05-29 19:54:26 Views: 945
    Ethereum algorithm Sha3 Publish: 2021-05-29 19:52:40 Views: 643
    Talking about blockchain is not reliable Publish: 2021-05-29 19:52:26 Views: 754
    Mining machine node query Publish: 2021-05-29 19:36:37 Views: 750