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What Is Velvet Fork?

Velvet has dependably been an indication of honorability, but in the crypto space, it's now the name adorning a new and promising way for upgrading Blockchain software.

"We think the most intriguing part is the possibility that you can acquaint some new ideas with permission less Blockchains without fundamentally having majority of consensus participants agree to do so," said Imperial College London research assistant Alexei Zamyatin.

In short, in the Cryptocurrency space, there have long been two types of forks that people generally discuss - soft forks and hard forks.

With velvet forks, however, some researchers think the Cryptocurrency world can get around some of the disruptive politics that generally bog down major code changes.

First coined by computer scientists working on building proofs that can potentially be used to improve sidechains, a layer-two Cryptocurrency technology for pushing transactions off-chain, a velvet fork allows developers to add new rules to a Blockchain without full support from the entire ecosystem.

"The velvet fork does not require support of a majority of participants and can potentially avoid rule disagreement forks from happening altogether."