In the vast glossary of the blockchain industry, there’s one word widely used and yet unknown to the average enthusiast — “hard fork”
Fret-not!
What sounds like a very technical term, is actully a pretty simple concept pertaining to a coin’s underlying blockchain.
A Hard Fork is more of a developmental action.
To fully understand the concept — and appreciate the act of a “hard fork”, imagine a developer team working remotely, on a particular coin, say XCoin.
The team promises military grade security, instantaneous transactions, and multiple exchange support.
However, somewhere down the line, the team abjectly fails on various fronts, and ends up creating a product that takes 5 minutes to transfer, is not as secure as promised, as doesn’t feature on more than 2 crypto-exchanges.
- A classic case of overpromised, under-delivered !
- Here’s how the hard fork occurs –
- In short — to create a BETTER, more trustworthy, consumer-centric cryptocurrency.
- Some features of the Anonymous Bitcoin include –
