In short, blockchain forks represent a split in the blockchain network. That means that their codes can be accessed by everyone. In other words, anyone can change or improve the code. The ability to offer such changes is an integral concept of cryptocurrencies, which results in new software updates within the blockchain.
Forks take place when various miners’ software get misaligned. In this scenario, it is up to the miners to choose the blockchain which they will operate on afterwards. Should they not come to a decision, then two versions of the blockchain get created. These types of fork events, also result in the cryptocurrency price being more volatile.
So, what's exactly a blockchain fork, how does it work? Are there many types? Who creates them and how?
All the answers lie in this NOWPayments blog article!