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What are the consequences of a hard fork (how to distinguish between hard fork and soft fork)?

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What are the consequences of a hard fork? Editor\’s note: This article is from 8b

What are the consequences of a hard fork (how to distinguish between hard fork and soft fork)?

What are the consequences of a hard fork? Editor’s note: This article is from 8btc (ID:bitcoin8btc), author: Kyle, authorized by Planet Daily.

What are the consequences of a hard fork? In the early development process of Bitcoin, the block size remained unchanged and unchanged until the activation of “The Merge” upgrade on January 15, 2018. However, with the development of the Bitcoin network, this situation has changed – from a new network to another new software version.

Due to the technical difficulties encountered by some miners and exchanges when considering blockchain upgrades or branching operations, many users began to look for solutions to solve these problems. But what happens when we restart the network and add to the network using different methods? The first thing to determine is: if everyone wants to join and they want to get more rewards, a result will be produced: transactions will be packed into blocks without affecting the number of nodes in the entire system. This means that everyone involved will receive the same data because they can only get confirmation when they want to send data. However, once this process is completed, a response to the demand for block space is needed. Then choose whether to include the block as part of the main chain (i.e., the network) to make the network more scalable. In order to achieve this goal, miners must build software, applications, and other infrastructure services together with their customers. Therefore, although mining pool operators may require faster service, they can also refuse to provide support to others. In addition, mining equipment suppliers may have to stop working to ensure the security of the network. So, there are several reasons for such negative effects:

1. Attackers generate malicious scripts by exploiting specific algorithms (such as code vulnerabilities). This is a strategy for malicious contracts rather than creating tokens for malicious contracts. Attackers make mistakes by depositing their cryptocurrencies into a black hole address or, in some cases, gaining access to users’ wallet information.

2. Due to the potential theft risk, anyone can successfully mine something malicious and find their own security vulnerabilities within the network (including accounts/wallets that cannot be recovered). As long as the malicious contract of the attacker cannot perform such functions, they can disrupt the network. For example, an attacker tries to implement his plan by duplicating a certain smart contract to imitate this scam. Finally, the attacker also gains a large amount of computing power, causing their hash rate to exceed 51%. Although this situation does not necessarily prevent people from entering the market to purchase assets, theoretically, it is a dangerous behavior.

3. What are the consequences of a hard fork? The consequences of a hard fork are as follows:

1. Failure of protocol upgrade; 2. Consequences of a hard fork;

2. Problems caused by a hard fork; 4. Impact of a hard fork.

How to distinguish between hard fork and soft fork

According to CCN news, how to distinguish between hard fork and soft fork?

According to bitcoinist, blockchain developers are considering changes to block space. Although a new “miner” mechanism is introduced into the codebase of Bitcoin to support its software version updates, a hard fork may bring some different types of functionality: upgrades (including recompilation), hard forks, or network adjustments; and protocol improvements, such as allowing users to use new features such as creating a smart contract — this approach is designed based on consensus protocols or other factors.

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