What is Hard Fork in crypto? What are the reasons behind it? find out here 

The term hard fork is dominating crypto news lately. After the infamous Terra Luna crash, the blockchain of the Terra ecosystem went through a hard fork. Moreover, the Cardano blockchain is also looking forward to a hard fork being dubbed the Vasil hard fork in the month of June. 

So the question here is, what is a hard fork and how does it impact a blockchain? Here are your answers: 

Yes. There have been several hard forks in blockchain networks. Most recently, after the Terra Luna crash, Do Kwon, the founder of Terraform Labs had proposed that the hard fork of the Terra blockchain resulted in two networks, the first with the Terra Classic token, LUNC, and the second with the Luna 2.0 token, LUNA. 

Also, the Cardano blockchain is also set for a hard fork, called the Vasil hard fork, in the month of June. This hard fork will boost the scalability capabilities of the blockchain network.   

Moreover, one of the most famous incidents of a hard fork has been that of the Ethereum hard fork after a hack. Following the hack, the Ethereum community unanimously approved a hard fork to reverse transactions that resulted in stealing tens of millions of dollars worth of Ether. 

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