The term hard fork is dominating crypto news lately. After the infamous Terra Luna crash, the blockchain of the Terra ecosystem went through a hard fork. Moreover, the Cardano blockchain is also looking forward to a hard fork being dubbed the Vasil hard fork in the month of June.
So the question here is, what is a hard fork and how does it impact a blockchain? Here are your answers:
What is Hard Fork?
In blockchain technology, a hard fork is a significant change to the network's protocol that renders previously invalid blocks and transactions valid, or vice versa. A hard fork necessitates that all nodes or users upgrade to the most recent version of the protocol software. In simpler terms, when nodes of the most recent version of a blockchain no longer accept prior versions, a hard fork occurs, resulting in a permanent split from the previous network version.
How do two chains emerge from a Hard Fork?
Miners on the blockchain set the rules that move the memory in the blockchain...
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