Aenco X-files: What is hard fork?
A Hard Fork in the blockchain space is a major change in the network protocol that results in a split of chaining path resulting in two different blockchains. Hard forks occur when there is a need for improvement in the blockchain’s functionality which could be to increase its scalability capacity or correct important security risks and create new coins for a project.
What Happens when a Hard Fork Occurs
A blockchain is a digital ledger that stores transactional data immutably on all participating computer nodes. A hard fork creates a permanent split in a blockchain database because there is a change to the underlying code. This creates two different paths of chaining where one path has a new blockchain with new tokens, and the second path has the original blockchain. The original (old) blockchain can continue on its path if some miners choose to continue validating transactional blocks. An example of such is the Bitcoin that has hard forked several times generating new blockchains like Bitcoin Cash and Bitcoin SV, while the original blockchain remains strong.
When a hard fork occurs, all nodes on the blockchain are expected to download the new software for an upgrade to the latest version of the network protocol. The old blockchain nodes will not store information from the new blockchain but the new blockchain maintains access to the old database. The new blockchain generates new tokens and automatically, the holders of original tokens will be granted new tokens on the new blockchain if they choose to upgrade.
Conclusion
A hard fork has a tremendous impact on a blockchain as it could be a hard decision to make because of the decentralisation and the amount of energy needed to power it. Hence, some crypto expert advises that soft forks should be considered to create minor software protocol changes without splitting the blockchain path.
Remarks
We know our community has high hopes for the updates being made on the AENX v2.0 (aenxchange.com) , and we are working tirelessly to ensure future upgrades can be launched timely and suiting the community’s expectations. We are currently promoting discount benefits such as zero transaction fees, as well as the latest OTC capabilities and referral program launched, we encouraged our potential users to complete the KYC forms not just to enhance account verification, but to enjoy maximum benefits and discounts, too!
Stay tuned for more updates.
𝓕𝓲𝓷𝓭 𝓐𝓮𝓷𝓬𝓸:
✔𝘛𝘦𝘭𝘦𝘨𝘳𝘢𝘮: 𝘵.𝘮𝘦/𝘈𝘦𝘯𝘤𝘰
✔𝘔𝘦𝘥𝘪𝘶𝘮: 𝘮𝘦𝘥𝘪𝘶𝘮.𝘤𝘰𝘮/@𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔ 𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮: 𝘪𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮.𝘤𝘰𝘮/𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔𝘓𝘪𝘯𝘬𝘦𝘥𝘐𝘯: 𝘭𝘪𝘯𝘬𝘦𝘥𝘪𝘯.𝘤𝘰𝘮/𝘤𝘰𝘮𝘱𝘢𝘯𝘺/𝘈𝘦𝘯𝘤𝘰
✔𝘛𝘸𝘪𝘵𝘵𝘦𝘳: 𝘵𝘸𝘪𝘵𝘵𝘦𝘳.𝘤𝘰𝘮/𝘈𝘦𝘯𝘤𝘰𝘪𝘯
✔𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬: 𝘧𝘢𝘤𝘦𝘣𝘰𝘰𝘬.𝘤𝘰𝘮/𝘈𝘦𝘯𝘤𝘰𝘪𝘯
✔𝘋𝘪𝘴𝘤𝘰𝘳𝘥: 𝘥𝘪𝘴𝘤𝘰𝘳𝘥.𝘨𝘨/𝘕𝘟𝘱𝘍𝘤𝘒𝘘
✔𝘠𝘰𝘶𝘛𝘶𝘣𝘦: 𝘠𝘰𝘶𝘛𝘶𝘣𝘦.𝘈𝘦𝘯𝘤𝘰𝘪𝘯.𝘤𝘰𝘮
✔𝘝𝘪𝘣𝘦𝘳: 𝘈𝘦𝘯𝘤𝘰 𝘝𝘪𝘦𝘵𝘯𝘢𝘮
✔𝘡𝘢𝘭𝘰: 𝘻𝘢𝘭𝘰.𝘮𝘦/𝘨/𝘷𝘷𝘨𝘭𝘮𝘫886
