50 Bitcoin Forks Likely in 2018 - Sundiata Tech


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Friday, January 26, 2018

50 Bitcoin Forks Likely in 2018

Investors in bitcoin can expect to see about 50 bitcoin forks before the end of 2018, according to a global director of fintech strategy at Autonomous Research, Lex Sokolin.

Lex Sokolin who spoke in an interview with Bloomberg predicted that the number could go higher now that Forksgen, a site enabling anyone with rudimentary programming skills to launch a clone, has gone live.

A fork refers to a protocol update. It represents changes to the bitcoin protocol that make previous rules valid or invalid. In another sense, a fork occurs when a blockchain diverges into two potential paths forward – either with regard to a network’s transaction history or a new rule in deciding what makes a transaction valid.

According to Cryptocompare, a fork occurs when two miners find a valid hash within a short space of time. The miners spread the solution for verification to their neighbours. As the process continues the network will split into two, where one half of the network believes one block is the next to be included in the blockchain ledger, whilst the other half of the network believes in a different block. There are two types of blockchain forks that bitcoin enthusiasts refer to: a soft fork and a hard fork.

There were 19 forks in 2017, many of which were motivated by backers who tried to improved bitcoin or those seeking more profit. Examples of forks that came from bitcoin in 2017 are Bitcoin Cash which launched in August and Bitcoin Gold.

In a typical fork, all existing bitcoin owners are eligible for the forked-off coin, giving the new asset a potentially huge number of users. Most coins arrive with at least some name recognition, often borrowing their first name from Bitcoin, for instance Bitcoin Diamond.

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