The fork is one of the most important terms used in the blockchain space.
The fork is what happens when a blockchain diverges into two separate chains, whether temporarily or permanently.
The fork is simply a sign or an indication of updating the mining process. It makes the old version of the mining software similar to the new one. It is also like the signs that are put in the mines to allow miners to complete their work securely, so that they would not go astray.
When mining currencies, we use software to create a blockchain. In the case of a new version of the software, the resulting blocks of the new version may not be fully compatible with the old ones.
Thus, the fork makes the old version of the mining software compatible with the new one.
What are the types of forks?
There are two types of forks; namely hard and soft. As for the hard fork, it must be used when the new version is not compatible with the old one. In this case, it must be used to bring about compatibility.
As for the soft fork, it is used when updating the software itself. It mainly aims to reconcile all aspects of the software before and after the update.
What are the other usages of forks?
In addition to the above-mentioned advantages, the fork can be used to add new features to the blockchain, prevent hacks and resolve technological issues.
Most importantly, the fork is used with all currencies, including the Bitcoin.