What is blockchain forking (solving blockchain forking)

08/15/2023 14:00 • Tech Trends • 55 views

What is blockchain forking? Blockchain forking is a complex network system consisting of multiple components, which is achieved by reconfiguring, updating, and modifying the old chain to address existing issues. This new pattern allows the replacement or upgrade of the existing and operational new chain, rendering the old chain worthless. Since the newly generated code is open-source and developed after being deployed on the mainnet, it results in a “hard fork.”

There are two key elements in the Bitcoin protocol that change its rules, making the consensus algorithm simpler. Another simpler mechanism is to avoid the old chain from becoming inoperable. If the block producers fail to perform specific operations at the initially set time, it leads to a lack of synchronization among nodes (as new blocks can only be broadcasted when transactions are confirmed). When the transaction sender chooses to reject the receipt of old blocks, it causes a blockchain split.

Solving blockchain forking

According to CCN news, there are numerous forks in the blockchain field. For example, Ethereum’s proof-of-work consensus algorithm uses the Byzantine Fault Tolerance (BFT) consensus mechanism, but if the Bitcoin network upgrades to proof-of-stake, it will be replaced by miners. The network upgrade of Ripple consumes significant computational resources and incurs time costs to ensure network security.

When it comes to smart contracts on two blockchains, they can communicate, transact, or operate with each other due to having similar functionality. This incompatible situation is called blockchain reorganization. To address this issue, we need a solution: a protocol that allows significant changes and substitutions to occur on two chains. This is as effective as most new technologies based on consensus rules – even advancements in existing technology would not result in new 51% attacks as these technologies themselves have no value. Another solution is to make a dual signature system possible through hardcoding methods. The “multi-party security” model is an adversarial theory aimed at providing better security for different cryptocurrencies. It enables all nodes to more easily collaborate and rebuild applications, eliminating the threat of a single point of failure.

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What is blockchain forking (solving blockchain forking)

Solving blockchain forking

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