Blockchain have attracted attention since the history of cryptocurrencies. Highly advanced systems help decentralize and simplify financial systems globally.

As blockchain systems grow, investors begin to notice problems and propose an update. However, for an update to occur, the blockchain requires the consent of all participants. If there is no consensus, two factions with opposing ideas can form.

Developers can choose to continue with the update but keep the status quo on the original chain. At that point, a blockchain hardfork occurs, creating two systems. Hence, hardforks are blockchain upgrades that lead to chain splitting.

In the history of cryptocurrencies, there are more hardforks worth mentioning, especially on top blockchains like bitcoin AND Ethereum. Read on for the most common and popular crypto hardforks.

Bitcoin-based Hardfork

Bitcoin XT Hardfork (failed)

Of course, the Bitcoin XT launch was the first hardfork in the Bitcoin and crypto ecosystems. This Hardfork happened in 2014, proposed and implemented by Mike Hearn. intention was to improve the transaction speed of the network from 7 to 24 tps.

Although the project was quite successful in the beginning, it is currently not available. Investors have ditched it in favor of Bitcoin and other currencies.

Bitcoin Cash Hardfork

Bitcoin cash hardfork is the most notable in the bitcoin and cryptocurrency ecosystems. This hardfork created the most successful hardfork project in today’s crypto space. It became official in 2017 and immediately BCH wallets started rejecting BTC transactions.

BCH has been very successful in the cryptocurrency markets. Currently, the coin is trading at around $ 661 and has a market capitalization of more than $ 12 billion. It is the thirteenth largest crypto asset and the most successful bitcoin hardfork.

Bitcoin Gold fork

Bitcoin Gold (BTG) is another fork that has occurred in the Bitcoin ecosystem. fork of bitcoin gold also occurred in 2017, right after the launch of bitcoin cash. Now, this had a unique reason for the launch; intended to facilitate mining.

Bitcoin mining has been a bit tricky, especially for miners using laptops. More technologies, such as more powerful ASICs and GPUs, have become a requirement. BTG has reduced resource requirements while utilizing a very efficient POW consensus.

coin is also trading very well on the cryptocurrency markets. It has a market capitalization of approximately $ 1.39 billion and a unit value of $ 62. It is number 73 on CMC.

Other smaller Bitcoin hardforks

As mentioned above, the bitcoin chain hosts several hard forks. Here are other less important bitcoin hard forks;

• Classic Bitcoin: Classic Bitcoin creation took place in 2016. This was also primarily intended to improve the speed of Bitcoin.
• Unlimited Bitcoin released to allow miners to choose the block size. It has a maximum block size of 16 MB. He never had an adoption.

Ethereum-based Hardfork

Classic Ethereum

Ethereum has also hosted more hard forks than ethereum. most popular and controversial of the Ethereum hard forks is the classic Ethereum. This fork emerged in mid-2016 when developers discovered a vulnerability within Ethereum DAO. vulnerability caused the loss of approximately 3.6 million ETH.

Ethereum development team created the hardfork to recover the funds. After the fork, two factions discussed how the development team handled the problem.

One group approved, while another disapproved of the creation of the fork. first group continued with the fork, while the second kept the old chain. old chain is now an Ethereum classic.

Ether Zero

Ether Zero is another fork of the Ethereum chain, launched in January 2019. It even introduced a better blockchain to launch decentralized applications.

However, Ether zero is not as successful as classic Ethereum. coin is trading at $ 0.001732 and the market cap is just over $ 322,000.

Bitcoin Cash Fork – Bitcoin Satoshi Vision

Bitcoin Satoshi Vision (BSV) is the only known Bitcoin Cash hardfork. Bitcoin SV was launched in 2018, with the aim of achieving high scalability in the provision of services.

BSV intended to replace payment systems by providing better services and maximum security. maximum number of coins for BSV is 21 million and the circulating supply is just over 18 million. unit price of BSV is $ 170.91 and the combined market capitalization is $ 3.2 billion. It is ranked 43rd on the CMC.

Litecoin-based Hardfork: Litecoin Cash

Litecoin Cash is a fork of the Litecoin chain. This fork was launched in 2018 to help provide efficiency to litecoin investors. Litecoin cash aims to simplify mining and transactions. It fits the list well, as it is the only true fork of litecoin. LCC is number 1007 in CMC and has a unit value of $ 0.012. market cap is $ 3,671.

Final word

Blockchain hardforks are an important part of cryptocurrency history. Its existence has helped expand the world of cryptocurrencies while reinforcing efficiency. hardforks mentioned above are the most important in the history of cryptocurrencies.

Bitcoin XT, although it does not exist today, was the first hard crypto project. Subsequently, bitcoin has seen more projects that have been more successful, such as BCH and BTG. BCH also underwent a fork that led to the creation of BSV, also one of the top 100 currencies. Ethereum chain has forks like Ethereum classic and Ether Zero. Litecoin fork, Litecoin cash, is not very popular, but it does exist.

Recently, several projects have introduced hardforks without splitting the chain. London Fork is a good example. upcoming fork of Alonzo Cardano) and Taproot (Bitcoin) are also good examples.

Also Read Top 3 Trending Searches on CryptoRank.io Over the Last 7 Days

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