What does a soft fork mean (what are the characteristics of a soft fork)?

08/20/2023 03:12 • Blockchain Briefs • 72 views

What does a soft fork mean? What does a soft fork mean? It is a technique that improves performance by recombining different parts of the code, making the software more decentralized.

Hard forks have become very popular in the field of computer science. In a sense, it sounds similar to a “soft fork” – when there is a major failure in the Bitcoin network, users must make updates to continue running the blockchain. But over time, these upgrades may introduce new bugs (e.g., old versions not fixed) and errors. (Note: On April 15th, GitHub files show that the Bitcoin Core team has discovered their own issues and released fixes, and is working on solutions to address the problem.

What are the characteristics of a soft fork?

Editor’s note: This article is from BlockBeats (ID: blockbeats) and is written by 0x26, authorized to be reprinted by Odaily Star Daily.

The characteristics of a soft fork are as follows: 1. Executing transactions through smart contracts in the blockchain network; 2. Processing data faster and reducing the risk of loss; 3. Reducing the time and cost for node operators to review and maintain the blockchain; 4. Making on-chain governance simpler. The characteristics of a soft fork are 1. The Ethereum community is considering adding a new feature, “consensus protocol,” to provide users with better security and decentralization. These upgrades require some technological improvements to be completed. 2. In order to support new developer plans, the team has been developing update plans (such as EIP-1559). Some test networks have already started implementing this method, including Besu and CosmosSDK, but it does not mean that such a situation will only occur when the EOS mainnet goes live. However, it does have many issues, such as what happens when we set a public key as the target.

If Bitcoin is the first public chain, then Ethereum is the second public chain – EOS and Tezos. However, to achieve this, TPS and memory capacity need to be improved to ensure security. 3. “Code is law” is a term used in encryption asset specifications that is often used to describe specific tokens in currency or securities issuance, rather than being issued or approved by central banks like Bitcoin. Although Ethereum is not the first to adopt hard fork technology, it is still the most popular encryption project. However, according to data on GitHub, Ethereum had a total of over $700 million in network construction in 2017. More than 70% of this occurred during the bull market in 2017. In contrast, the bear market in 2019 was a year of rapid growth. The ICO frenzy at the end of 2017 and the fire at the beginning of 2020 gave investors hope. In December 2020, EOS also experienced a small peak, but then a series of black swan events occurred: EOS founder BM tweeted, “I don’t think EOS will experience a 51% attack like in 2017.” Subsequently, there were rumors that “EOS may cause further price declines for certain reasons.” However, this news was not confirmed. “That’s why we saw a lot of fake news in 2019, like in October this year, when someone released a white paper about EOSIO, and then treated it as a modified version of the software.” 5. Since EOS is an open-source platform, anyone can create their own software while maintaining complete independence.

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What does a soft fork mean (what are the characteristics of a soft fork)?

What are the characteristics of a soft fork?

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