hardfork in A Sentence

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    Now the question is what is Hardfork?

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    The Hardfork provides the unit increase up to 8 MB.

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    Bitcoin Cash is probably the most famous and successful Bitcoin network Hardfork.

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    While Hardfork does not support SegWit, it provides protection from repeated transactions.

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    After Hardfork, Bitcoin holders had an equal amount of Bitcoin Cash in their e-wallets.

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    Bitcoin XT is the first Bitcoin network Hardfork, which was held in August of 2015.

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    Bitcoin Diamond is the Hardfork, which happened at the end of November on the block 495,866.

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    Hardfork is a new network chain that is formed when the new rules become incompatible with the old blockchain protocol.

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    In this case, the nodes of the new and old networks would not be able to“communicate,” since Hardfork implies changing the consensus mechanism itself.

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    To implement Bitcoin XT it required 75% of all Bitcoin network miners to enter the new network, but only 12% of them supported the Hardfork.

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    Developers believe that this Hardfork is intended to solve such problems as lack of privacy protection, slow transaction confirmation, and high threshold for new participants to enter the network.

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    So In simple term, Hardfork is a process in which bitcoin's existing source code modifies where some old protocols are replaced with new protocols and this process is known as bitcoin's Hardfork.

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    In this regard, a greater number of network users can mine Bitcoin Gold and the cryptocurrency motto is“make bitcoin decentralized again.” Instead of the old Proof-of-Work protocol Hardfork initiators use the new one, Equihash.

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    The Hardfork, which is based on the source code of Bitcoin Core, was supposed to increase the block size to 8 MB, thereby increasing the network bandwidth up to 24 transactions per second, but cryptocurrency did not gain the necessary support from the mining community.

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