What's wrong with a 2x fork

What’s wrong with a 2x fork

08/03/2023 07:43 • Blockchain Briefs • 70 views

2x forks, what’s wrong with it? According to Cointelgraph, the Ethereum Foundation has announced that the 2x protocol upgrade has been approved. It is said that due to changes in consensus algorithms, a consensus election mechanism (Coordicide) needs to be implemented between two entities. If the community deems it necessary to modify or change rules to prevent branching, they will have to give up support for the main network. What’s wrong with the 2x protocol? 1. Why not consider improving interoperability? What are the drawbacks of a 2X fork? What’s good about a 2X fork

What does forking mean?

What does forking mean? What impact does it have on the network? What consequences will it lead to? This article will answer this question through a brief explanation and some conjectures What is Hardfork – making modifications, changes, or changes to code within the blockchain protocol. This is a new consensus mechanism aimed at keeping the data on the chain consistent. When block producers do not agree with the time range they have chosen, they can send it to another block and use the same new algorithm to process the transaction; Or due to “impermanent losses” (reserves), the entire blockchain cannot resume normal operation time. If there is no necessary improvement to improve the current state, this pattern cannot continue Why should we implement such an upgrade? We need to consider the following two aspects:

1: Whether it is possible to ensure that nodes can safely synchronize the blockchain state. 2: When and how to ensure the security of nodes 3: “Software version” is not the final outcome. In order for the system to update in the established order to achieve this function, these steps must be completed first before continuing with the process. For example, if a miner decides to release a new script within the next two weeks to address all possible issues, then he can start writing a smart contract. (such as Bitcoin mining). But if the mining pool cannot reach a consensus smoothly, the miners will stop working

2: Which method can effectively protect user privacy? Because developers can provide better support for their business logic through open source tools. If any form of application allows people to easily build Cryptocurrency based services, it will automatically gain access. However, if you want to create a product with fully autonomous intellectual property rights, you must rely on decentralized exchanges In a sense, decentralized exchanges refer to technology platforms that utilize distributed ledger technology (DLT). Unlike other financial products, asset management companies in DeFi services are attempting to raise funds by issuing tokens to help investors reduce risk and expand their investment portfolios. With the development of DeFi, more and more projects have begun to move towards the digital asset field, which has proven to be a huge growth opportunity. However, for most people, this is a major issue, especially in the early stages of encrypting ecosystems. So, if you want to create a company or organization, it should be built on top of it, rather than relying solely on traditional intermediaries and focusing solely on custody, settlement, financing, and so on Therefore, if someone is willing to do this, ‘you definitely know’, but there is an important difference on blockchain that it won’t be as simple as it is now! Of course, even if some companies hope to transfer money to third parties to participate, they will use blockchain to promote their business activities.

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What’s wrong with a 2x fork

What does forking mean?

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