What is cryptocurrency fork?

What is cryptocurrency fork?

It is a fork from basic cryptocurrency, with a change of working rules

There are 2 types of forks: 

- Hard fork; 

- Soft fork.

Hard fork is a "hard" change in the rules of the cryptocurrency blockchain game, in which the newly introduced rules are completely opposite to the old ones. At the same time, blocks that are genuine in the new version are completely unsupported by the old one. The most popular hard fork in the cryptocurrency sphere, was the hard fork of Ether, in which this cryptocurrency split into two camps: Ethereum and Ethereum Classic.

Soft fork is a softer form of game-changing rules in which nodes of the old version of the blockchain can fully interact with nodes of the new version. The most popular and most discussed soft fork in the cryptocurrency industry, is the Bitcoin cryptocurrency soft fork.

To be honest, almost all cryptocurrencies created after Bitcoin, without exception, are considered to be its forks, because it was Bitcoin that drew the main trend. Despite this, from the entire list of existing forks, there are indeed projects that have very interesting ideas. But there are also projects that have nothing in common with either forks or altcoins.

Reasons for a fork can range from a minor change in the way the project works to improve performance to a complete code change to save the project.

In the end of the article, I would like to acquaint you with the most popular forks of the most popular altcoins: 

- Dogecoin project is a fork of Litecoin; 

- Expanse project is a fork of Ethereum 

- Stellar project is a fork of Ripple.

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Article posted8/30/2022Article categoryCryptocurrency
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