A hard fork is a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can't validate blocks created by upgraded nodes that follow newer consensus rules. It is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa).
A hard fork is a permanent divergence in the blockchain, commonly occurring when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software. Put simply, a hard fork is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa).
In the context of cryptocurrency, a hard fork is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software. Put simply, a hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version.
Hard forks can be implemented to add new features to a blockchain, to reverse the effects of hacking or catastrophic bugs, or to combat the centralization of mining power. Hard forks can also be used to reverse transactions, such as when the Ethereum network hard forked after the DAO hack in 2016.
Hard forks can be contentious, as they can result in a split of the network. This can happen when some nodes continue to run the old version of the protocol software, while other nodes upgrade to the new version. This can lead to two separate blockchains, each with its own set of rules and its own set of coins.
In order to avoid a split, it is important for developers to coordinate with miners, exchanges, wallet providers, and other stakeholders before implementing a hard fork. This ensures that the majority of the network is running the same version of the protocol software.
In conclusion, a hard fork is a permanent divergence in the blockchain, commonly occurring when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. Hard forks can be used to add new features to a blockchain, to reverse the effects of hacking or catastrophic bugs, or to combat the centralization of mining power. It is important for developers to coordinate with miners, exchanges, wallet providers, and other stakeholders before implementing a hard fork in order to avoid a split of the network.