What does blockchain forking mean
The capacity of a block in bitcoin is 1m (megabytes). A transaction is between 250 and 500 bytes
according to this algorithm, a block contains about 4194.3 transactions
the confirmation time of a block in bitcoin is 10 minutes, so the seven transactions that a block can process per second may sometimes be less than seven
What are the consequences The bifurcations of
bitcoin are divided into hard bifurcations and soft bifurcations
hard fork means that when the block format or transaction format of bitcoin changes, the UN upgraded nodes refuse to verify the blocks proced by the upgraded nodes
the upgraded nodes can verify the blocks proced by the non upgraded nodes, and they continue the chain they think is correct, so they are divided into two chains
What is soft bifurcationsoft bifurcation means that when the data structure of bitcoin transaction changes,
UN upgraded nodes can verify the blocks proced by upgraded nodes,
and upgraded nodes can also verify the blocks proced by UN upgraded nodes
In the discussion of blockchain, bitcoin and other digital currencies, we often hear the word "bifurcation". So what is bifurcation? What is the effect of bifurcation
blockchain
before talking about bifurcation, popularize a little knowledge of blockchain, so as to help us understand what bifurcation is more easily (if you don't have any concept of blockchain, please read my previous articles, which are all popular words to help you understand what blockchain is)
blockchain, as the name suggests, is a chain composed of blocks. Of course, this kind of chain is just a figurative metaphor. To put it bluntly, data blocks are connected orderly. In bitcoin, the transaction records of bitcoin are stored in the block. The size of the block and the space occupied by the transaction records determine how many transactions can be stored in a block. These transaction records are packaged into blocks, and then the blocks are connected one by one to form a blockchain
We know that bitcoin software, like other software, needs to be updated and modified regularly in order to make it better. So a new version will appear, but not everyone will download the new version, so one miner will run the old version, and some will run the new version. If the old and new versions are not compatible, the blockchain will bifurcate. Because there may be differences between the version blocks and the old version blocks, they cannot be connected to the same blockchain, so there will be two or even more chains, which is called bifurcation
soft forking
soft forking refers to that when the new consensus rules are released, nodes that have not been upgraded will proce illegal blocks because they do not know the new consensus rules, resulting in temporary forking. This kind of bifurcation will be graally repaired with the upgrading of nodes
hard fork
hard fork refers to the permanent divergence of 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 fork occurs. Therefore, in the field of digital currency, hard bifurcation often leads to the emergence of new currencies. For example, the hard bifurcation of Ethereum led to the emergence of eth
What is bifurcation? What is bitcoin bifurcationexisting 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
bifurcation means an incomplete upgrade of bitcoin. After upgrading, some UN upgraded nodes refuse to verify the blocks proced by the upgraded nodes, but the upgraded nodes can verify the blocks proced by the UN upgraded nodes, thus splitting the two chains
nowadays, there is a flood of counterfeit coins in the market, which are actually some bifurcated coins
a typical split coin operation is to announce a split coin and give each user a special new "split coin" or "candy" in a ratio of 1:1
after users generally get the new currency after the split, there will be a natural demand for trading. At this time, public opinion can be guided, and the huge number of users and trading demand force the exchange to put on the currency
after the currency is put on the exchange, the holders of the forked currency first use a certain amount of capital to pull up the forked currency, create the illusion of pursuing, and then sell their "pre g" forked currency for arbitrage
but players can also think that some forked coins are valuable, so they can follow up. Therefore, the exchange of forked coins is also valuable. There are still many such activities, such as bitfinx, coin rise, coin safety, etc.
bifurcation means an incomplete upgrade of bitcoin. After upgrading, some UN upgraded nodes refuse to verify the blocks proced by the upgraded nodes, but the upgraded nodes can verify the blocks proced by the UN upgraded nodes, thus splitting the two chains
now there is a flood of counterfeit coins in the market, which are actually some bifurcated coins
a typical split coin operation is to announce a split coin and give each user a special new "split coin" or "candy" in a ratio of 1:1
after users generally get the new currency after the split, there will be a natural demand for trading. At this time, public opinion can be guided, and the huge number of users and trading demand force the exchange to put on the currency
after the currency is put on the exchange, the holders of the forked currency first use a certain amount of capital to pull up the forked currency, create the illusion of pursuing, and then sell their "pre g" forked currency for arbitrage
however, players can also think that some forked coins are valuable, so they can follow up. Therefore, the exchange of forked coins is also valuable. There are still many such activities, such as bitfinx, coin rise, coin safety, etc.
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".