What Does Fork Snapshot Mean?

08/15/2023 10:01 • Metaverse Matters • 108 views

What does fork snapshot mean? In the Bitcoin network, transactions including block size and block speed are determined by off-chain parties. When a new coin is created, it needs to be confirmed by the entire network to complete transactions and pay for fork token fees.

Because blockchain is a decentralized protocol, it allows everyone to participate and own their own digital currency. Therefore, anyone in the blockchain network can use a method called “snapshot” to change or modify its consensus mechanism in order to maintain normal operation. This method allows users to continue using old coins or upgrade existing versions without affecting the main chain, and they will not lose their original functions. This means that users’ funds remain unaffected.

What does fork mean?

Editor’s Note: This article is from Odaily Planet Daily and is authorized to be reproduced.

Ethereum community members have a deeper understanding of the term “fork” and consider it a consensus mechanism.

In the past few months, such as December 19, 2019, the Ethereum network has experienced a series of interesting new features and applications. One of them is a new smart contract language, and another is a protocol upgrade tool based on blockchain technology, allowing developers to create new functions and make improvements or modifications.

These innovations often result in some people hoping to integrate blockchain technology into decentralized software, known as “Code is Law.” However, this is not as simple as it sounds. “Hard fork”, also known as on-chain split, refers to the re-design of the old system, which increased the limit of block size by twice, resulting in fewer transactions. In other words, “Bitcoin fork”.

There are many reasons behind this situation: first, Bitcoin has been rewritten; second, Bitcoin is a highly centralized network.

However, looking at it now, although Bitcoin has achieved significant breakthrough development, such a problem did not exist in history because most nodes still control the entire system. Therefore, it is a big challenge for those who do not have enough computing power to run validator nodes. When you use impractical and unexecutable computing power to prove your work, many problems will arise: How can you ensure that your data will not be lost? Or if someone finds that a miner may own their own mined tokens, then you should be rewarded and sell the asset to avoid losing funds and so on.

This is why many people are asking, “What is it that makes people willing to do this?” In fact, most people’s answer is “fork”, so some people think this is a strange thing. Of course, some people may question, “Why is this so important?” But many alternative solutions have been proposed to solve the problem:

1. Divisions. Since the design goal of Bitcoin is to achieve better security, we need to distinguish between two types of branches-Bitcoin Cash and Litecoin. Bitcoin Cash is the first cryptocurrency project proposed under the support of the Bitcoin Core team; Litecoin is an early experimental product of the Bitcoin Lightning Network; Litecoin adopts the same technical model as Bitcoin. In addition, Litecoin has introduced a new proof-of-stake algorithm-Lightning Network.

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What Does Fork Snapshot Mean?

What does fork mean?

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