Chainsplit

     Chainsplit is the event when a blockchain network is split in two. It is another term for a fork / hard fork. 

      A Chainsplit happens whenever there is a radical change in the protocol with two parties of miners that have opposing thoughts as to how the network should operate. The upgrades that take place are not backwards compatible and force its participants to upgrade/change their software if they want to continue participating in the network.

     Whenever a chainsplit / hard fork takes place, a duplicate version of the original chain appears and now two versions of the chain exist. Participants of the original network all received mirrored accounts the new chain and are balanced with an equal amount (1:1) of the new network’s currency. 

Examples of protocol changes that warrant Hard-Forks:
   – Block size
   – Confirmation Time
   – Block time
   – Permissibility to participate
   – Hashing Functions

      Related Terms:

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