Siacoin to Undergo Hard Fork on June 6th
The Sia Foundation has announced its biggest-ever update, the V2 hardfork, extending the activation timeline to ensure everyone can transition smoothly. The upgrade will roll out in two phases: Phase 1 around June 6 and Phase 2 around July 6. Alongside this, the team highlights new improvements to renterd and hostd, aiming to bolster data security and enhance the efficiency of decentralized cloud storage.
What is a hardfork?
The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, changes are periodically introduced into it. A hard fork represents changes that are not compatible with previous versions of software supporting the cryptocurrency network. In order to continue to mine the cryptocurrency, miners need to update the software.
In some cases, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash and EthereumPoW.