What Are Cryptocurrency Forks? What Kinds of Them Exist and Why Do We Need Them?
An active discussion of forks started in the cryptocurrency community at the beginning of 2017. Some time ago no one even knew about their existence, and since the last year this issue has gained increased popularity. There is enough news about the various forks of Bitcoin, Ethereum and Litecoin on the Internet. But what exactly are these forks, why do they happen, and who are they profitable for? In this article we will try to give structured answers to all of these questions. Contents: (please, click the topic to scroll down to it)
- What are cryptocurrency forks?
- What types of forks exist?
- Advantages and disadvantages of forks
- Calendar of forks for 2018
- making adjustments to the source code of the network (changes in production or encryption algorithm);
- correction of errors and bugs of the network;
- creation of an alternative product based on the technology already tested.
- Soft fork
- Hard fork
- investors have more choice of coins, free accrual of new coins (the equivalent of the old network coins);
- miners have more opportunities for earnings, since it is much easier and more profitable to mine young coins than established ones, which networks already have a lot of competition;
- the network itself is modernized, developed and improved as a result of competent updates;
- LBRY Credits is scheduled for July 9, 2018;
- Ethereum Classic is scheduled for July 13, 2018;
- Bytecoin is scheduled for the last day of summer, August 31, 2018;
- ZClassic is scheduled for September 9, 2018;
- Dogecoin is scheduled for the 4th quarter of 2018.