Another step in development — hardfork of ELCASH
In cryptocurrency, one of the most important things is the roadmap for the project. It tells about plans and next steps in the development and shows the community business opportunities related to this project.
Also, one of the biggest things in the crypto space is hardfork. Many of you may associate hardfork with the history when a few years ago, Bitcoin had the first hardfork. Effect? In that situation, it was a new coin named Bitcoin Cash.
Time is running, and now, in 2022, we have other cryptocurrencies, but one thing is the same. We can still make hardfork for these coins.
In the following lines of this article, we will try to explain what is hardfork and how it works.
What is hardfork?
“A hard fork (or hardfork), as it relates to blockchain technology, is a radical change to a network’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software.
Forks may be initiated by developers or crypto community members who grow dissatisfied with functionalities offered by existing blockchain implementations. They may also emerge as a way to crowdsource funding for new technology projects or cryptocurrency offerings.”
How does it work?
“A fork in a blockchain can occur in any crypto-technology platform — not only Bitcoin. That is because blockchains and cryptocurrency work basically the same way, no matter which crypto platform they’re on. You may think of the blocks in blockchains as cryptographic keys that move memory. Because the miners in a blockchain set the rules that move the memory in the network, these miners understand the new rules.”
Why did ELCASH’s team decide to make a hardfork?
As we mentioned, the hardfork is a natural step of development. For ELCASH, hardfork means adding new features to the blockchain structure. After the hardfork staking will be available for ELCASH community.
So the question is: what is Staking?
Electric Cash (ELCASH) network participants can stake ELCASH to govern the network and earn rewards. Users can also get additional benefits, such as free transactions and Governance Power (GP). The whole staking process can be managed from the Electric Cash Wallet. The user has complete control over the funds and makes the staking agreement directly with the protocol.
Follow ELCASH social media:
Telegram: https://t.me/electriccash_official
Twitter: https://twitter.com/elcash_official
Facebook: https://www.facebook.com/electriccash.official
