Assessing the Impact of Hard and Soft Forks in Blockchain Adoption

Friends, hard and soft forks create significant uncertainty, as they have the potential to fragment the power of the Blockchain network into lots of variants. They are also likely to be necessary, as without the capacity to update the Software, the Blockchain is unlikely to be future proof. Hard forks create a fork in the Blockchain: one path follows the new, upgraded Blockchain, and the other path continues along the old path. Generally, after a short period of time, those on the old chain will realize that their version of the Blockchain is outdated or irrelevant and quickly upgrade to the latest version. Hard fork can be implemented to reverse transactions (e.g. the DAO decentralized autonomous organization for Bitcoin or Ethereum), add new functionality, correct important security risks found in older versions of the software, to add new functionality, or to reverse transactions. Thus, should Blockchain hard forks be viewed with skepticism or as a tool for enhancing the integrity and quality of the given Blockchain? Share your comments with us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)