In the world of blockchain technology, a hard fork is a significant event that can bring about significant changes in the #blockchain network. A hard fork occurs when a blockchain network undergoes a permanent divergence in the chain due to a change in the network's rules. The term "hard fork" is used to differentiate it from a "soft fork," which is a temporary divergence that is usually resolved without any significant impact on the network.

What is a Hard Fork?

A hard fork is a permanent split in a blockchain network's chain, resulting from a change in the network's rules. The change can be initiated by a group of #developers or #miners who wish to make changes to the network's #protocol or by a significant disagreement within the network's community. In a hard fork, the new chain created is not backward compatible with the original chain, which means that nodes running the old version of the software will not be able to interact with nodes running the new version of the software. This results in two separate blockchain networks, each with its own set of rules and protocols.

Types of Hard Fork:

There are two types of hard forks: planned hard forks and contentious hard forks.

Planned Hard Fork:

A planned hard fork is a premeditated and scheduled event in which the network's rules are changed to improve its functionality, security, or scalability. This type of hard fork is usually agreed upon by the majority of the network's community, and it is executed with the aim of improving the network's overall performance. Examples of planned hard forks include the Ethereum Constantinople hard fork and the Bitcoin Segwit2x hard fork.

Contentious Hard Fork:

A contentious hard fork is a result of a significant disagreement within the network's community, usually over the network's direction, rules, or protocol. This type of hard fork can result in the creation of two or more blockchain networks, each with its own set of rules and protocols. Examples of contentious hard forks include the Bitcoin Cash hard fork and the Ethereum Classic hard fork.

Impact of Hard Fork:

A hard fork can have a significant impact on the blockchain network, its users, and its stakeholders. Here are some of the possible impacts of a hard fork:

Creation of a New Cryptocurrency:

When a hard fork occurs, a new cryptocurrency is created, which can have a significant impact on the value and adoption of the original cryptocurrency. This is because the new cryptocurrency may have different rules, features, and functionality than the original cryptocurrency.

Loss of Consensus:

A hard fork can result in a loss of consensus within the network's community, as some members may choose to support the new chain while others may stick with the old chain. This can lead to a split in the #community and a loss of trust in the network's governance.

Network Security:

A hard fork can also impact the network's security, as it can result in a loss of mining power, which can make the network more susceptible to 51% attacks. In addition, the split in the community can result in a loss of development resources, which can make it more difficult to maintain and improve the network's security.

Conclusion:

In conclusion, a hard fork is a significant event in the world of blockchain technology that can have a significant impact on the network, its users, and its stakeholders . Hard forks can be planned or contentious, and they can result in the creation of a new cryptocurrency, a loss of consensus, or a loss of network security. It is important for blockchain networks to carefully consider the impact of a hard fork and to ensure that any changes made to the network's rules are agreed upon by the majority of the network's community.

#Binance #crypto2023 #Dapps #developers

Ethereum's usability case

The leading dApps blockchain at this current stage is clearly Ethereum. Ethereum has expanded on Bitcoin’s decentralized digital currency by building a global network that undergirds an interconnected marketplace of decentralized applications (dApps). Ethereum’s use cases are vast and expanding fast, offering blockchain projects enhanced efficiency, security, and decentralized equity to industries across the globe. The article goes on to describe some of the major use cases that have arisen on Ethereum so far including Decentralized Autonomous Organizations (DAOs), Initial Coin Offerings (ICOs), Enterprise Ethereum, Non-Fungible Tokens (NFTs), Stablecoins and Decentralized Finance (DeFi). The article concludes by stating that with its flexibility and robustness, new applications continue to emerge on Ethereum and increased scalability in the future will continue to support development.

What is DeFi?

Decentralized finance (DeFi) is a recent innovation with an avalanche of use and growth on Ethereum. DeFi platforms are reinventing traditional financial products and services by adding programmable, decentralized, and censorship-resistant features to create brand-new financial products. For example, DeFi platforms offer peer-to-peer (P2P) borrowing and lending, interest on crypto holdings, decentralized exchange (DEX) mechanisms, stablecoins, and composable features that maximize passive earning opportunities. Popular DeFi platforms include Compound, MakerDAO and Aave. In 2020 the total value locked in DeFi platforms eclipsed $4 billion 

Further elaborating on P2P borrowing DeFi

P2P borrowing in DeFi refers to peer-to-peer lending and borrowing of cryptocurrency assets on decentralized platforms. These platforms enable crypto users to deposit their assets for lending and borrowers can take a loan using a decentralized platform called P2P crypto lending. Lending and borrowing in DeFi platforms are real peer-to-peer transactions without intermediaries. This allows lenders to earn interest on their loaned assets while borrowers can access loans without going through traditional financial institutions. Interest rates on P2P loans in DeFi can vary depending on the platform and the creditworthiness of the borrower.

Risks of P2P borrowing DeFi

With each financial endeavour, there are always risks associated. . One of the biggest risks is credit risk, as P2P loans are exposed to high credit risks. Another risk is that there is no insurance or government protection for lenders in case of borrower default 1. Additionally, some jurisdictions do not allow P2P lending or require companies that provide such services to comply with investment regulations. There are risks and potential rewards associated with decentralized finance (DeFi) lending. There is a potential for high returns through DeFi lending but also cautions readers about the associated risks.

One of the key risks is impermanent loss, which occurs when the price of assets locked up in a liquidity pool changes after being deposited. This can result in an unrealized loss for liquidity providers. There are also flash loan attacks and rug pulls as other potential risks associated with DeFi lending.

Impermanent loss occurs due to the way DeFi pools maintain a ratio of assets in the pool. For example, an ETH/LINK pool might fix the ratio of ether and link tokens in the pool at 1:50 (respectively). When arbitrage traders flood the pool with one token in order to remove another token that is discounted, it changes the ratio of coins. In order to regain balance, the liquidity pool automatically increases the price of one token and reduces the price of another token to encourage arbitrage traders to rebalance the pool. Once rebalanced, however, it often results in an impermanent loss for liquidity providers.

Well... Back in 2012 when I was a teenager I had this website that for some reason got a lot of traffic.. ever since then I have been thinking how can I make money online. and i took out.. i used the coinurl platform as an ad-campaign platform in exchange for btc, btc was then 20$ i know.. crazy.. so far so good until i decided to format my computer and unfortunately i didn't keep the .dat file (as a wallet backup) from the Bitcoin Core program. until today I thought that I had just lost that wallet and that I was simply not meant to get a share of the pie.. a few days ago I found a txt file with "btc private key: 2fs....." until now I have not been able to open that old wallet... I read various articles on how to unlock the wallet and pretty much all of them said that I need to know also the wallet address along with the private key. So since I don't have the address I started looking for how to find it.. I found bits of code in phyton but still haven't succeeded. The key should probably be 64 characters (256 bits) but it's 32 and it's HEX encoded, I'm at a dead end. Please help.
If someone find how to unlock my old wallet I will share with him the 20% of the wallet. (That can be 2-6 btc.)
#Write2Earrn #HEX #BTC #developers #help