Blockchain In Gaming

The video explores blockchain forks, focusing on soft and hard forks. Soft forks are backward compatible updates, while hard forks result in two separate blockchains. The video uses Bitcoin and Ethereum as examples to explain the implications of forks, including coin duplication and market effects. It concludes with a summary of the key points discussed.

What is the primary focus of blockchain forks?

• To enhance the speed of transactions

• To update the blockchain protocol

• To increase the number of users

• To resolve debates within the community

What is a key characteristic of a blockchain?

• It is not open source

• It requires regular updates

• It can only store financial transactions

• It is a centralized database

What does backward compatibility mean in the context of a soft fork?

• The new software is incompatible with older versions

• The new software works with previous versions

• The new software requires immediate updates

• The new software is faster than the old one

Why is making software backward compatible challenging?

• It requires changing the fundamentals of the software

• It limits the extent of changes that can be made

• It is only applicable to centralized systems

• It requires user consent for updates

What happens to your coins after a hard fork?

• They are converted to the new coin

• They are lost

• They remain the same

• They double in number

How does the market determine the price of cryptocurrencies after a fork?

• By supply and demand

• By the popularity of the new coin

• By the number of users

• By the original name of the coin

What is a significant issue when two blockchains share the same past?

• Determining which one keeps the original name

• Deciding which one is faster

• Finding a new protocol for both

• Choosing which one to delete