Forks in blockchain networks can lead to the creation of new cryptocurrencies and chains from "summary" of Blockchain Technology Explained by Alan T. Norman
When a fork occurs in a blockchain network, it essentially splits the network into two separate paths. This can happen for various reasons, such as disagreements among developers, updates to the protocol, or attempts to improve the functionality of the network. One of the outcomes of a fork is the creation of a new cryptocurrency. This happens because the new path taken by the forked network may introduce changes to the original blockchain's code, resulting in a new set of rules governing the network. These changes can lead to the birth of a new digital currency that operates independently from the original one. In addition to the creation of new cryptocurrencies, forks can also give rise to new chains within the blockchain network. These chains can coexist with the original chain or eventually replace it, depending on the level of community support they receive. It is important to note that not all forks result in the creation of new cryptocurrencies or chains. Some forks are temporary and are used to test new features or fix bugs in the network. These forks do not lead to the establishment of a separate digital currency or chain.- Forks play a significant role in shaping the evolution of blockchain technology. They can lead to the emergence of new cryptocurrencies and chains, offering developers and users the opportunity to explore different paths and experiment with innovative ideas within the blockchain ecosystem.
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