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Understand the Bitcoin and Ethereum forks: Complete Guide
When you keep Bitcoin, who was one of the first altcoists created in Bitcoin Money Network (BCH), it is natural to question its history and its potential value. Bitcoin Cash Fork in 2017 introduced a new consensus algorithm, which has led to the creation of several other forks over the years. In this article, we will immerse ourselves in the world of Bitcoin forks and explore key events, their importance and how they affect the cryptocurrency market.
Bitcoin forks
In 2009, Satoshi Nakamoto, the nickname creator of Bitcoin, presented the first blockchain technology in the world. However, in 2017, a solid fork was held, dividing the bitcoin network into two different channels: Bitcoin Cash (BCH) and Bitcoin Classic (BCX). The main difference between the two was the way the new transactions were confirmed.
The resulting forks led to the creation of several other Altcoins, including Ethereum, Litecoin and Monero. Here is a list of a few remarkable bitcoin forks:
* Bitcoin Cash Fork (2017) : This fork has introduced a faster consensus block algorithm, which allows more transactions per hour.
* Separate witnesses (SWF) Fork (2018) : A fork that replaced the Segwit protocol with an even faster and more energy efficient solution.
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Ethereum: Evolution of Decentralized Application Platform (DAPP)
In 2015, Vitalik Buterin, the creator of Ethereum, introduced the first decentralized application platform (DAPP). Since then, Ethereum has suffered many forks, modifications and updates to remain competitive in the cryptocurrency landscape, constantly developing.
Some remarkable Ethereum forks include:
* Ripple Protocol Fork (2020) : A fork, which introduced a new consensus algorithm, more energetically effective for treating transactions.
* OSMOSIS FORK (2018)
: A fork, which replaced the Byzantine Delertion Protocol (BFT) with an even faster and more secure decision.
* Avalanche Fork (2017) : A fork, which introduced a new algorithm from evidence of proof of bet that increases safety and reduces energy consumption.
Conclusion
Bitcoin and Ethereum forks are important steps in the evolution of cryptocurrency technology. Understanding these events can help you make informed decisions about your digital assets and stay in front of the curve of the constantly developing cryptocurrency market.
As you continue to explore the world of blockchain and cryptocurrencies, remember that there are many more forks and modifications on the horizon. Stay vigilant and adapt to the new developments to their appearance.
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