What does Fork Mean? How many types of Forks in are there in Cryptocurrency? What’s the difference between Soft Fork and Hard Fork? If you are also looking answers for all these questions, then you’ve come to the right place.
Each software requires updates to keep them up to date with the changing dynamics and to enhance their offering. In the dictionary of Crypto, it is termed as “forks”. As you have heard already, Soft Fork and Hard Fork are two types of forks. If put in simple words, the only difference between the two forks is that Soft Fork also supports the prior version of the software whereas Hard Fork is a permanent alteration which is not compatible with the earlier version.
What Is Fork And How Many Types Are There?
The crypto community is one big family, and each member of the chain is known as a node. To co-exist, each node needs to align by a bunch of rules called “protocols”. The basic rules of the protocol are decided by its creator. The blockchain size, the mining rewards, etc., are selected for the community, and they all then work together.