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On August 1, 2017, a community "civil war" erupted from disagreements over technical roadmaps, splitting the Bitcoin blockchain and giving rise to a new cryptocurrency - Bitcoin Cash (BCH), which once had a maximum market capitalization of over $70 billion.
Forks are not just code updates but also embodiments of decentralized community consensus. Whether it's a SegWit soft fork that speeds up transactions or a hard fork that creates new coins, each fork is reshaping the ecosystem and the future of cryptocurrency.
01 The Nature of Forks: The Evolutionary Path of Blockchain
In the world of decentralized cryptocurrencies, no central authority can update the system with a single click. The development of blockchain depends on the collective decision-making of the community, and this upgrade mechanism is called a "fork."
Simply put, a fork is a change to the core protocol or a set of fundamental rules of the blockchain. You can think of it as an upgrade to open-source software.