have an account?【sign in】Bitcoin Forks List:A Comprehensive Guide to Bitcoin Forks and Hard Forks
beeauthorBitcoin Forks List: A Comprehensive Guide to Bitcoin Forks and Hard Forks
Bitcoin, the world's first and most popular cryptocurrency, has undergone several forks in its short history. A fork in the Bitcoin blockchain is a change in the protocol that results in two separate blockchains being maintained by the community. This article aims to provide a comprehensive guide to the different Bitcoin forks, their characteristics, and the implications of each fork on the Bitcoin ecosystem.
Bitcoin Forks
There are three main types of forks in Bitcoin: soft forks, hard forks, and horizontal forks.
1. Soft forks
Soft forks are modifications to the Bitcoin protocol that are compatible with all nodes running previous versions of the Bitcoin software. Soft forks can be implemented by changing the rules of the blockchain without disrupting existing transactions or coins. Examples of soft forks include Segmented Headers (SH) and Segmentbit (SB). Soft forks generally have a low risk of splitting the blockchain, as long as the majority of nodes continue to support the modified protocol.
2. Hard forks
Hard forks involve a complete split of the blockchain, resulting in two separate blockchains being maintained by the community. Nodes that do not support the new hard fork will no longer be able to validate transactions on the new blockchain. Hard forks typically result in the creation of new coins and tokens on the hard fork chain. Examples of hard forks include Bitcoin Cash (BCH) and Bitcoin SV (BSV).
3. Horizontal forks
Horizontal forks involve changes to the protocol that do not result in a split of the blockchain. Instead, horizontal forks involve altering the transaction format or data structure without changing the underlying blockchain. Examples of horizontal forks include the Lightning Network and the Bakkt Bitcoin Futures Exchange.
Bitcoin Forks List
Here is a list of some of the most significant Bitcoin forks:
1. Bitcoin Gold (BTG) - A hard fork that aimed to improve the resilience of the Bitcoin blockchain against high mining difficulty changes. BTG introduced the use of the Equihash hash algorithm, which reduced the reliance on costly hardware.
2. Bitcoin SV (BSV) - A hard fork that sought to restore the original Bitcoin white paper and block size limitations. BSV supporters argue that the blockchain should maintain its original vision as a universal transaction platform.
3. Bitcoin Cash (BCH) - A hard fork that increased the block size limit and introduced seigniorage revenue, which allows miners to keep a portion of transaction fees. BCH was created to address the issues of limited transaction capacity and high transaction fees on the Bitcoin blockchain.
4. Bitcoin Gold (BTG) - A hard fork that aimed to improve the resilience of the Bitcoin blockchain against high mining difficulty changes. BTG introduced the use of the Equihash hash algorithm, which reduced the reliance on costly hardware.
5. Bitcoin Premium (BPI) - A hard fork that aimed to improve the scalability and transaction speed of the Bitcoin blockchain. BPI supporters argue that the implementation of Segmented Headers (SH) can significantly increase the capacity of the Bitcoin blockchain.
Bitcoin forks are a complex topic that has generated significant debate in the cryptocurrency community. While forks can lead to increased scalability, transaction speed, and security, they also pose risks to the long-term sustainability of the Bitcoin ecosystem. As the cryptocurrency landscape continues to evolve, it is crucial for Bitcoin stakeholders to understand the implications of forks on the network and make informed decisions about their support for different fork projects.