What time does the bitcoin fork occur

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The problem comes when some sort of political impasse arises, and a portion of the community decides to stick by the old rules no matter what. The hash rate, or network computing power, behind the old chain is irrelevant. What matters is that its data and ruleset is still perceived to have value, meaning miners still want to mine a chain and developers still want to support it.

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The ethereum DAO hard fork was a perfect case study of how a community can split over rules. Now, we have two blockchains using a variant of the software — ethereum and ethereum classic, both of which boast a different ethos and a different currency.

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Say, instead of 1MB blocks, a new rule might only allow K blocks. Non-upgraded nodes will still see the new transactions as valid k is less than 1MB in this example. However, if non-upgraded nodes continue to mine blocks, the blocks they mine will be rejected by the upgraded nodes.

This is why soft forks need a majority of hash power in the network. When a soft fork is supported by only a minority of hash power in the network, it could become the shortest chain and get orphaned by the network. Or, it can act like a hard fork, and one chain can splinter off. The idea with UASF is that instead of waiting for a threshold of support from mining pools, the power to activate a soft fork goes to the exchanges, wallets and businesses who are running full nodes.

In bitcoin, a full node, even if it is not a mining node, is still responsible for validating blocks. The majority of major exchanges would need to publicly support the change before it could be written into a new version of code. After that, the new software which has an activation point in the future gets installed on nodes that want to participate in the soft fork.

This method requires a much longer lead time to work than a hash-power-triggered soft fork. Table setting via Shutterstock.

Definition & Examples of Bitcoin Forks

A Short Guide to Bitcoin Forks. As a result, those who use the blockchain have to show support for one choice over the other. Following are some of the more common forks and their traits.

Hard fork What is it? Soft fork What is it?

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User-activated soft fork What is it? This occurs when the entire community is unable to reach a consensus. The hard fork that resulted in the divergence of Ethereum and Ethereum Classic ETC that occurred in July is an example of this kind of hard fork. The website that sent you here is not owned or operated by our company.

Fork (blockchain)

Hard forks when a consensus is reached There are two major types of hard fork. Hard forks when a consensus is not reached The other type of hard fork occurs where the hard fork causes divergent virtual currencies to exist. Category order Alphabetical order. Gox Two-factor Authentication. ICO Identification Issuance amount.

The ultimate guide to Bitcoin Forks | Coinfirm

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