Last Update 10 months ago
Forking is a common practice in the cryptocurrency industry. It is possible to address system faults or bugs in a blockchain, which can improve the stability and efficiency of a cryptocurrency by forking the blockchain. The hundreds of altcoins that have forked from Bitcoin and Ethereum do so in order to take advantage of the security features that Bitcoin and Ethereum already have in place.
However, while essential to the smooth functioning of a cryptocurrency, performing forks, especially hard forks, is an extremely messy and time-consuming task.
Furthermore, when cryptocurrency developers perform hard forks, the value of a cryptocurrency is typically volatile because no one knows what will happen as a result of such a significant upgrade.
It is also due to the fact that anyone can copy and modify existing code that there are often disagreements among developers as to which path to take when it comes to initiating forks.
The blockchain is the foundation of cryptocurrencies, and forking the blockchain ensures that a cryptocurrency's scalability and overall reliability remain unaffected in the long run.