Essentially, a blockchain fork is a collective agreement upon software update. Since there is no central authority to upgrade the decentralized protocol, the entire Bitcoin community needs to collectively approve it. If there are any disagreements, a fork will occur. Depending on the compatibility with the existing blockchain, a fork can be classified as a [...]

There are many proposed scaling solutions from the Bitcoin Community. If any solution receives enough hash rate support it will be activated, and the Bitcoin network avoids a fork. However, Bitcoin has no central authority, making it hard to reach a consensus. Without enough hash rate support, a blockchain fork occurs, giving rise to a [...]

A “Replay Attack” can happen when two forked crypto-currencies allow transactions to be validated across both chains. For example, if Bitcoin experiences a fork and is split into different versions like BT1 and BT2, each Bitcoin holder will retain his holdings and receives an equal amount of the forked cryptocurrency. The address, private key, algorithm [...]

Ethereum (ETH) and Ethereum Classic (ETC) is a good example of a hard fork. The Decentralized Autonomous Organization planned to build a crowdfunding platform based on Ethereum ecosystem. It was officially released in May 2016 and ended in June of that year, raising more than $160 million. But afterward, the DAO was exploited by hackers [...]

Currently there are 4 main types of Blockchain projects: Cryptocurrencies, Platforms, Utility Tokens, and Asset Tokens. Cryptocurrencies was the very first application of blockchain, which serve as a medium of exchange in the blockchain world. A medium of exchange is the exchange of goods of equivalent value, such as banknotes and golds. In addition to [...]