A hard fork is a permanent divergence in the blockchain, often arising as the result of a protocol change. A hard fork requires all nodes or users to upgrade to the new software version.
The original blockchain remains valid, and all forks created from it are compatible with each other, but they are not compatible with the old software.
When a hard fork occurs, a new cryptocurrency is created. For example, when Bitcoin Cash forked from Bitcoin, a new cryptocurrency was created.
The original cryptocurrency continues to exist on its own blockchain with its own set of rules.
Hard forks can happen on their own or can be planned in advance by the developers of a cryptocurrency. A hard fork can be used to upgrade the software of a cryptocurrency or to create a new cryptocurrency.
What Is a Hard Fork Ethereum?
Ethereum is planning to do a hard fork to upgrade its software. The hard fork will happen at block number 7,080,000, which is expected to occur on or around October 17, 2017.
NOTE: WARNING: A hard fork Ethereum is a type of software upgrade that creates a permanent divergence from the previous version of the Ethereum blockchain. It can result in two separate blockchains and two separate versions of the cryptocurrency. This can cause disruption to the network, and it can also result in loss of funds if proper precautions are not taken. Therefore, it is important to understand all aspects of a hard fork before attempting to initiate one on your own network.
The hard fork will enable Ethereum to move from its current proof-of-work consensus algorithm to a proof-of-stake consensus algorithm.
The proof-of-stake algorithm will be more energy efficient than the proof-of-work algorithm and is expected to result in faster transaction times and lower transaction fees. The hard fork will also introduce new features and improvements such as increased security and scalability.
After the hard fork, Ethereum will exist on two separate blockchains: the original blockchain with the proof-of-work consensus algorithm and the new blockchain with the proof-of-stake consensus algorithm. The two blockchains will be incompatible with each other and will have different rules.
holders of ethers on the old blockchain will have their ethers automatically transferred to the new blockchain at a 1:1 ratio. holders of ethers on the old blockchain will need to manually transfer their ethers to the new blockchain.
The hard fork is expected to be completed smoothly and without any major disruptions. However, there is always a risk of unforeseen problems occurring during or after a hard fork.
holders of ethers should take care to ensure that their ethers are safely stored in a wallet that they control before the hard fork occurs.
6 Related Question Answers Found
A hard fork is a radical change to the protocol of a blockchain network that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new rules in order to remain compatible with the network. 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.
A hard fork is a permanent change to the underlying protocol of a blockchain network. A hard fork effectively creates a new version of the blockchain with different rules from the old version. A hard fork can be used to upgrade a blockchain network, or to create a new blockchain entirely.
Ethereum hard fork is a process of upgrading the Ethereum blockchain software to a new version. This is done to improve the functionality of the Ethereum network and to add new features. Hard forks can be contentious, as they can result in two different versions of the Ethereum blockchain.
A hard fork is a radical change to the protocol of a blockchain network that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new version of the protocol software. Put simply, a hard fork is a software upgrade that is not backwards compatible.
On January 8, 2018, the Ethereum network experienced a hard fork that resulted in the creation of a new blockchain and cryptocurrency called Ethereum Classic (ETC). The hard fork was the result of a disagreement among the Ethereum community over how to best handle the DAO hack. The DAO was a Decentralized Autonomous Organization built on the Ethereum blockchain that raised over $150 million in crowdfunding before it was hacked in June 2016.
The Ethereum London hard fork is a proposed update to the Ethereum network that would see the network move to a new proof-of-stake consensus algorithm. The fork is being developed by the Ethereum Foundation and is scheduled to occur in late-2019. The primary goal of the fork is to improve the scalability of the Ethereum network.
