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Examples of Hard Fork

Ethereum Classic

Ethereum Classic is an open source platform based on Blockchain that allows the creation of smart contracts and has a fully functional Turing programming language.
A hard fork was made on Ethereum to resolve the effects of a malicious attack that targeted one of its applications (the so-called Decentralized Autonomous Organization, or DAO). However, a minority part of the community opposed the proposed changes to the blockchain, on philosophical grounds, claiming that such changes would affect its immutable nature.
Due to the fact that both the 'core' developers of Ethereum and the majority of the community carried out the hard fork, this minority group was left behind and continued mining without updating the software, giving rise to the network now known as Ethereum Classic. (ETC).
It should be noted that since the majority of participants carried out the transition, this majority has kept the original ETH symbol, while the minority that supports the previous version was renamed Ethereum Classic, ETC.

Bitcoin Cash

Bitcoin Cash is a cryptocurrency that is a spin-off of Bitcoin. Bitcoin Cash is a sequel or alternative currency created in 2017. In 2018 Bitcoin Cash was split into two virtual currencies: Bitcoin Cash, and Bitcoin. Bitcoin Cash is also known as Bcash. The Bitcoin fork, Bitcoin Cash, came about following the announcement of a series of changes to Bitcoin by its developers. The developers of the Bitcoin community could not reach an agreement on the changes they wanted to make. So a small group of developers created a fork of Bitcoin to develop a new slightly modified version.
The differences between Bitcoin Cash and Bitcoin are as follows:

  • Bitcoin Cash transfer fees are lower, which makes BCH cheaper to operate compared to BTC.
  • Shorter transfer times with BCH. In this way, the 10 minutes it takes for Bitcoin to confirm a transaction are avoided.
  • BCH can handle more transactions per second. That is, BCH allows for more simultaneous users than BTC.

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