Thank you for the answers guys.
It was really helpfull.
Have a nice day.
Topic: Bitcoin Cash Hard Fork : Question regarding the mining competition (Read 160 times)
December 10, 2018, 09:08:37 AM
November 29, 2018, 10:43:38 AM
In my opinion, it is indeed very important that we know at least the basis of a discourse that occurs in cryptocurrency. This will add to experience and insight. Maybe the following link can answer your question:
https://bitcoinmagazine.com/articles/when-fork-forks-what-you-need-know-bitcoin-cash-goes-war/
In essence hardfork happens based on conflict from both parties, but if viewed from the perspective of positive thinking, it can be seen the development of both.
https://bitcoinmagazine.com/articles/when-fork-forks-what-you-need-know-bitcoin-cash-goes-war/
In essence hardfork happens based on conflict from both parties, but if viewed from the perspective of positive thinking, it can be seen the development of both.
November 29, 2018, 09:53:21 AM
all this is another HYIP. there is no point at all in this hard fork. Bitcoin cash is just a marketing project.
November 29, 2018, 09:32:12 AM
The Concept of Blockchain is quiet complex to understand and would take some while to wrap your head around it. Even after you start learning blockchain concepts like mining and hard fork might seem complicated for people to understand so in this post i will try to explain how hard fork works in simple words.
There are two types of forks which are called as hard fork and Soft fork
Let's say john, Andrew and Alice are Grad students and would want to come up with their own blockchain startup to make sure all their marks cards are being put on the blockchain as they it is extremely important to guard their marks cards. They name the network as JAA Chain.
All the three decide on one rule and design the software(Set of Rules) such that if a person scores 60% then his marks card would be put on the blockchain and since the whole network is occupied by people who support these three all of them accept this rule and make this as a standard that has to be followed.
Now, It's been 3 months and the network is up and running but Alice feels that they have set the score too high and wants to reduce it to 55% and she also has a set of network accepting her claim but John and Andrew are against this idea of using 55% as the yardstick.
After a series of negotiations Alice just develops her own software(Set of rules) that validate a block ( To accept the block into the network) and asks her followers to download this software and use this to validate new blocks. This is called as hard fork. Here, She is completely changing the way a block is validated. She would name this JAAU Chain.( John Andrew Alice updated).
Now Another Issue is up for our original chain. There is a bug in the software that is consuming a lot of time to validate the block. John and Andrew will make this small change and informs the majority of the network about the change. Only the blocks with this issue are considered as invalid and the remaining(New) blocks would start following the new rules. This could be called as Soft fork.
Points to remember:
In Hardfork the entire network has to accept the change
In Soft fork only Majority of the nodes should accept the change as this is enough to consider the blocks as invalid
Why do they hard fork?
1. If the network is bugged about the scalability issues and how slow the network is they would consider forking the chain.
2. If there is a threat to security.
Do they all succeed?
Well, This remains one of the most controversial part in the blockchain community. Some of them like the idea of forking and some believe it's dangerous to fork the chain as it would decrease the price of the current chain. When a new chain is formed you would get the same amount of new coins as the old coins you own. Let's the example of JAA and JAAU chain. Imagine if you have 2 JAA Coins then after the split you would recieve 2 JAAU coins.
In terms of Bitcoin the fork has always been used to increase the speed of transactions. Some of them have succeeded and Most of them haven't but let's hope for the best!
P.S: This was actually a post by me that was deleted by the mod as i accidentally posted it on two boards.
There are two types of forks which are called as hard fork and Soft fork
Let's say john, Andrew and Alice are Grad students and would want to come up with their own blockchain startup to make sure all their marks cards are being put on the blockchain as they it is extremely important to guard their marks cards. They name the network as JAA Chain.
All the three decide on one rule and design the software(Set of Rules) such that if a person scores 60% then his marks card would be put on the blockchain and since the whole network is occupied by people who support these three all of them accept this rule and make this as a standard that has to be followed.
Now, It's been 3 months and the network is up and running but Alice feels that they have set the score too high and wants to reduce it to 55% and she also has a set of network accepting her claim but John and Andrew are against this idea of using 55% as the yardstick.
After a series of negotiations Alice just develops her own software(Set of rules) that validate a block ( To accept the block into the network) and asks her followers to download this software and use this to validate new blocks. This is called as hard fork. Here, She is completely changing the way a block is validated. She would name this JAAU Chain.( John Andrew Alice updated).
Now Another Issue is up for our original chain. There is a bug in the software that is consuming a lot of time to validate the block. John and Andrew will make this small change and informs the majority of the network about the change. Only the blocks with this issue are considered as invalid and the remaining(New) blocks would start following the new rules. This could be called as Soft fork.
Points to remember:
In Hardfork the entire network has to accept the change
In Soft fork only Majority of the nodes should accept the change as this is enough to consider the blocks as invalid
Why do they hard fork?
1. If the network is bugged about the scalability issues and how slow the network is they would consider forking the chain.
2. If there is a threat to security.
Do they all succeed?
Well, This remains one of the most controversial part in the blockchain community. Some of them like the idea of forking and some believe it's dangerous to fork the chain as it would decrease the price of the current chain. When a new chain is formed you would get the same amount of new coins as the old coins you own. Let's the example of JAA and JAAU chain. Imagine if you have 2 JAA Coins then after the split you would recieve 2 JAAU coins.
In terms of Bitcoin the fork has always been used to increase the speed of transactions. Some of them have succeeded and Most of them haven't but let's hope for the best!
P.S: This was actually a post by me that was deleted by the mod as i accidentally posted it on two boards.
November 29, 2018, 09:25:53 AM
Hello guys,
I couldn't find proper explanation to this, so I would like to ask you something.
For the Bitcoin cash hard fork, I understand that BCH ABC and SV had to do a hash competition in order to mine the maximum blocks and validate them because in the Bitcoin protocol the longest chain will be considered as valid.
But I don't exactly understand it deeply/the process :
Like, there is bitcoin cash blockchain and then 2 group of miner decide to create two smaller blockchains (ABC and SV?) How does it work ?
When guys from ABC or SV mine blocks, they do it on Bitcoin Cash blockchain right ? So why do this result in 2 different blockchain (are the blocks mined simultaneously ?) and how does it work when a group wins, like who is going to change the parameters of the Bitcoin cash blockchain once a group give up ? (to apply the opcodes of ABC for example).
I hope you see where I want to go, like I understand the general idea but I would like to understand it more deeply : the hard fork process, why the 2 chains are created and how, and how they choose the winner & apply the changes to the blockchain.
Many thanks to thoose who will respond... I'm not a developper so it can be pretty hard to understand, just want to educate myself maximum about this then to be able to answer to other people
I will also read any link you send if any.
I couldn't find proper explanation to this, so I would like to ask you something.
For the Bitcoin cash hard fork, I understand that BCH ABC and SV had to do a hash competition in order to mine the maximum blocks and validate them because in the Bitcoin protocol the longest chain will be considered as valid.
But I don't exactly understand it deeply/the process :
Like, there is bitcoin cash blockchain and then 2 group of miner decide to create two smaller blockchains (ABC and SV?) How does it work ?
When guys from ABC or SV mine blocks, they do it on Bitcoin Cash blockchain right ? So why do this result in 2 different blockchain (are the blocks mined simultaneously ?) and how does it work when a group wins, like who is going to change the parameters of the Bitcoin cash blockchain once a group give up ? (to apply the opcodes of ABC for example).
I hope you see where I want to go, like I understand the general idea but I would like to understand it more deeply : the hard fork process, why the 2 chains are created and how, and how they choose the winner & apply the changes to the blockchain.
Many thanks to thoose who will respond... I'm not a developper so it can be pretty hard to understand, just want to educate myself maximum about this then to be able to answer to other people
I will also read any link you send if any.
Jump to: