Highlights:
- Ethereum’s first hard fork occurred on 14 March 2016.
- A hard fork in ETH involves a radical protocol change.
- Your coins remain unaffected on the original blockchain, with potential new coins on the forked blockchain.
What is a Hard Fork in ETH?
Ethereum’s first hard fork took place on March 14, 2016, which marked a major turning point in the development of the Ethereum blockchain. But, what is a hard fork in ETH exactly?
Hard forks in Ethereum are significant changes made to the network’s protocol that turn invalid blocks and transactions into valid ones or vice versa. For such a change all participants have to move to the new version of the protocol software.
Key Details:
What Is The Hard Fork for Ethereum?
On March 14, 2016, Ethereum made a hard fork to tackle specific security concerns and enhance network performance and stability. It was essentially a demonstration of Ethereum’s abilities towards advancing more in the line of development.
Hence, it is important for every participant and cryptocurrency enthusiast to know what a hard fork in ETH is really about.
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What Happens to My Coins When Hard Fork Occurs?
A hard fork in Ethereum is a process that leads to divergence of the blockchain, leading to two distinct paths. The coins are positioned when a hard fork takes place what happens? In cases where such forks such as Ethereum Classic are contentious, a new cryptocurrency can be born.
Usually, most coins on the original blockchain are not affected but in some cases, an equivalent amount of coins are received from the new branch of the blockchain. By being updated one can go through these moments successfully and therefore make sane decisions concerning their digital currency.
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