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What is Blockchain Bifurcation Technology (Blockchain Bifurcation)

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What is blockchain forking technology

What is blockchain forking technology? What is blockchain forking technology? What consequences will it lead to, and what impact will it have on the future of the technology? This article will introduce from three aspects What is Blockchain Distribution Technology first? Simply put, it means modifying the code of blockchain into a new form – “blocks”. “Bitcoin Cash Cash” is a new form of currency. Its goal is to make Bitcoin the first decentralized and unchangeable electronic currency and a completely different digital asset in the world. This new Cryptocurrency is supported by a single entity: Ethereum Foundation, BinanceSmartChain, or Litecoin Network. Over the past few months, these two tokens have been greatly developed over time: “Bitcoin Cash Cash”, “Litecoin”, “Bitcoin Cash Cash” and other projects have achieved this goal. ” Although most blockchain companies currently focus on creating their own blockchain systems, these solutions are usually not suitable for the development or operation of existing systems. Therefore, they hope to solve this problem and enable them to run together with other blockchains. However, due to the differences in blockchain protocols, they also have the same functionality, such as shared security, allowing users to perform changes by using smart contracts on the blockchain

Secondly, for those who want to participate in blockchain development, “Bitcoin Cash cash” may be a good choice, because it can be used as a specific function on the blockchain, such as providing rewards to miners. However, in order to improve the efficiency of Bitcoin, it needs to achieve the same goal under certain conditions:

1. Transaction fees will not be as high as before; 2. The cost will not be lower than now; 3. Gas prices may increase and there will be no significant changes; If an error occurs, the blockchain can also be restored to its original state

Bifurcation of blockchain

According to Coindesk, the bifurcation of blockchain technology refers to changing the original protocol structure when a project wants to run on another chain.

. This mode is called “hard fork”, that is, anyone can create another version of Bitcoin or Ethereum (ETH) on the same chain. If the development team decides to redeploy the old Codebase to the new network for splitting, it must undergo a major upgrade to complete. This is a new consensus mechanism that can be used to make existing blockchains more efficient and decentralized.

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