What is forked Ethereum (what does forked currency mean)

08/05/2023 14:14 • Tech Ticker • 90 views

What is the forked ether currency Ethereum blockchain has been in the initial stage of development since January 2018, and the hard forked upgrade plan has been completed in the last few weeks of 2019. What is forked Ethereum? At the beginning of 2020, the Ethereum Foundation announced that it will implement a hard fork upgrade for Ethereum. Since the Ethereum developer team and Ethereum enthusiasts all want to implement this new and decentralized digital currency project as a whole, they decided to carry out a hard split called “The Merge” to achieve their goal – to enable token holders to obtain all newly issued token assets through a new mechanism called protocol update. If a new block header is included in the smart contract code on the Ethernet chain, these new blocks will no longer exist. Once this new block is dug out and the network runs stably for a period of time, a newly generated token is generated; Or, when the whole network becomes very congested, new blocks will be generated, leading to system failure, which will make Ethereum miners have to pay gas fees to solve the problem and reduce costs

What does a forked coin mean?

The forked coin is the hard fork of Bitcoin, Ethereum and Litecoin. According to CoinMarketCap data, the concept of “Blockchain 3.0” has emerged and become a popular technological trend since December 1, 2015. However, in the past few years, “upgraded versions”, especially “upgraded versions”, have emerged continuously, making it possible to split into two new types of currencies (such as LTC and ETH), with the most common being “forked coins”. What is a forked coin? Bifurcation is a new protocol that upgrades existing assets by merging them into one, achieving its goal of faster updates on the network – forking out two new tokens – BCH and BSV. This new consensus mechanism is considered to achieve consensus on the old system without a third party; But as time goes by, these different virtual products are also becoming increasingly popular

To solve this problem, the development team decided not to support applications with any new technology and not to generate new Cryptocurrency, but to adopt existing methods, such as “sharding technology”, “smart contract language” (such as Rust), Zero-knowledge proof or C++.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/22062.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What is forked Ethereum (what does forked currency mean)

What does a forked coin mean?

Related recommendations