What is Soft Folk, Hard Folk and its related to crypto
Blockchain and crypto are two things that are related to each other. Blockchain is a technology network where produces a product called crypto. One of the most famous cryptos is Bitcoin. Each crypto is generally different from each other, depending on the type of server they are ‘riding’. One of the technologies that have an impact on crypto is Hard Fork and Soft Fork.
Hard Fork itself is a condition when one crypto unit is divided into two where the unit of cryptocurrency is changed. So as to produce old code and new code which are not compatible with each other. An example of crypto that has done a Hard Fork is Ethereum where from this Hard Fork produced Ethereum and Ethereum Classic. Both Ethereum and Ethereum Classic are already on a different network code server so users cannot send Ethereum to the Ethereum Classic network and vice versa. In addition, if the user has a number of Ethereum when the hard fork occurs, the user will have 2 types of coins, namely Ethereum and Ethereum Classic.
If the changes that occur in the hard fork produce two different codes and cannot relate to each other, the changes that occur in the soft fork also produce 2 codes that are the same and can relate to each other. One example of a bitcoin soft fork is SegWit and non-SegWit where both of this software use the bitcoin network.
Both soft fork and hard fork are certainly changes that will occur on the blockchain and this change will certainly result in an impact including the two blockchain networks will still be used by users but there will be a blockchain network that is more dominant than the other blockchain networks.
So, when the coin that you are interested in doing a forking, it is better if you know whether it is a hard fork or soft fork. If you are a crypto user and not a miner then there is nothing you need to do if forking is not a hard fork. But if you are a miner or use your own crypto software, make sure you use the correct software version.
This is an important thing: When crypto forks occur, you need to keep your private keys in a digital wallet and not on an exchange. The reason for storing private keys in a digital wallet is because the exchange and other third parties will have many tasks to distribute new coins to users one by one. If you are holding your own private keys, you can do this yourself and have many choices whether you want to get these coins or sell them in the market. But if you still want to use an exchange, then you need to find an exchange that has a solid history in distributing fork coins to each user, for example, its Binance.
Then how can a company that has crypto on the market be able to do a soft fork or hard fork? The trick is to have a consensus algorithm wherein the consensus there are many nodes (computers) connected to the consensus network. These nodes must agree to the fork update and make regular updates. The consensus is only needed if the fork adopts an update. But if the user only wants to hold a soft fork or hard fork without adopting it, then anyone can copy the existing code and then create a soft fork or hard fork that can be adopted by others. In other words, anyone can make a hard fork and copy the bitcoin code but the hardest thing is in the support provided by the exchange and the community.
You can open GitHub and retrieve the code from the coin (for example bitcoin) and do development to provide updates to the software. But there are some obstacles that you will experience starting from the small number of miners, the small number of users to the absence of an exchange who wants to file your coins. There are very few coins that are successful in ‘fork’ in crypto history because the fork requires consensus in order to run effectively.