A Soft Fork is when the changes being executed are backward compatible with the existing blockchain, eliminating the need for a split.
Example- The Segregated Witness (SegWit) Fork, which occurred shortly after the Bitcoin/Bitcoin Cash split.
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Term Of The Day
Fork - The term "Fork" refers to the process changes being made to a blockchain.
Changes to a blockchain could mean additional features or an upgrade to an entirely different version.
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What are Hard Forks?
Hard Fork is when the changes executed aren't compatible with the earlier blocks.
This results in the blockchain splitting into two: the original blockchain and a new version that abides by the changes.
Example- The Vasil Fork scheduled by Cardano.
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Lovelace
Lovelace is the smallest denomination of Ada, Cardano's native currency. And 1 Ada is equal to 10 lakh Lovelaces, similar to XRP's Drop.
Fun fact- Ada Lovelace was a 19th-century mathematician, sometimes referred to as the first computer programmer.
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Have you ever wondered what the smallest value of Bitcoin or Ether could be?
To put things into perspective, the smallest unit of the Indian rupee is 1 paise, a hundredth of a rupee.
But cryptocurrencies are divided into much smaller values.
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This is another powerful move by the UAE government to increase the number of blockchain companies in their country, apart from being a haven for crypto investors due to its crypto-friendly policies.
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Dubai unveils its Metaverse strategy which aims to attract more than 1000 companies related to blockchain and support more than 40,000 virtual jobs by 2030.
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Markets have been looking bullish over the weekend. Here are some of the biggest gainers over the last 7 days.
1. Polygon (MATIC)- Up by 55%
2. Ethereum (ETH)- Up by 42%
3. Avalanche (AVAX)- Up by 34%
4. Uniswap (UNI)- Up by 32%
5. Solana (SOL)- 29%