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Soft fork

By CoinGecko | Updated on Mar 03, 2020
Due to the decentralized nature of peer-to-peer cryptocurrency netowork, any updates or changes must be agreed by all participating nodes. Such code changes in the blockchain occur via chain forks, whereby when the network virtually splits in 2, each following different sets of rules. A soft fork event refers to when a fork occurred but old nodes can still participate in the network.

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Related Terms

Interoperability
Interoperability refers to the property of product/systems that are able to work with products/systems that are different without any restrictions.
Halving
Event that serves to reduce in half the reward of the Proof-of-Work miners that operate in the blockchain network.
Limit Order / Limit Buy / Limit Sell
Orders placed by traders to buy or sell a cryptocurrency when a certain price is reached
Segregated Witness (SegWit)
A soft fork implementation to change the Bitcoin Protocol's transaction format to address Bitcoin's scalability issues whilst introducing new features.
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