fork means</strong> in blockchain terms. A fork is what happens when a blockchain is split into two versions due to major upgrades. These different blockchain versions run parallel to each other.</p>\n<p>Since blockchain technology is built on open-source protocols, anyone can look through the blockchain&rsquo;s code, learn how it was created, and brainstorm on different ways to improve it. If said brainstorming is successful and you end up with a solid idea and plan, you can provide relevant solutions or create a new &ldquo;cryptocurrency&rdquo;.</p>\n<p>Essentially, that&rsquo;s what the term OHM Fork describes. The process of <strong>adding new code to the OlympusDAO database results in various variants of the blockchain</strong>.&nbsp;</p>\n<p>In short, by adding unique code to a blockchain that already exists such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum, the users can create new &ldquo;cryptocurrencies&rdquo;. This way they don&rsquo;t need to write the code from the very beginning like most successful companies.</p>\n<p>OlympusDAO&rsquo;s system based on a new method of sharing liquidity rewards with an ever-growing community has influenced many crypto enthusiasts to follow its example. Numerous developers utilized the OlymousDAO codebase to try their luck at creating their own forks.</p>\n<p>As mentioned above, they did this by <strong>taking an already existing blockchain and implementing new code</strong>. This way the developers don&rsquo;t have to start from scratch. This approach ended up developing into a variety of new coins/tokens that you can now trade on popular exchanges like <a href=https://www.bitdegree.org/"/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a> or <a href=https://www.bitdegree.org/"/crypto/goon/bybit/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Bybit</strong></a>.</p>\n<p>Additionally, OHM&rsquo;s protocol-owned liquidity method acted as an <strong>incentive for the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-defi-2-0/">DeFi 2.0</a> movement</strong>. This resulted in one of the more successful OlympusDAO forks - <a href=https://www.bitdegree.org/"https://www.bitdegree.org/cryptocurrency-prices/wonderland-time-price/">Wonderland&rsquo;s TIME token</strong></a>.</p>\n<p>Other examples include <strong><a href=https://www.bitdegree.org/"https://www.bitdegree.org/cryptocurrency-prices/klimadao-klima-price/">Klima, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/cryptocurrency-prices/rome-rome-price/">RomeDAO, and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/cryptocurrency-prices/templedao-temple-price/">TempleDAO, among many others. It&rsquo;s important to note that the former, <strong>KLIMA, was the first official OHM fork</strong> <strong>that received approval from the OlympusDAO developers</strong>. Moreover, KLIMA aims to fight climate change by offering a cryptocurrency that is backed by carbon assets.&nbsp;</p>\n<p>Unfortunately, <strong>not all OHM forks had favorable outcomes</strong>. For instance, OlympusDAO fork <strong>AnubisDAO</strong> has been enveloped in chaos after an alleged <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-rug-pull/">rug pull</strong></a> in late 2021 where investors suffered losses of around $60 million in ETH. AnubisDAO offered its ANKH token intending to take advantage of the dog-coin trend and pull a rug pull scam.</p>\n<p><em>Rug pull is a type of scam in the crypto sector that happens when rogue developers abandon the project and get away with all of the investor&rsquo;s funds. Thus leaving the investors with a digital asset that is worth nothing.</em></p>\n<p>OHM&rsquo;s success has enabled many new cryptocurrencies to come about. However, most of the developers of these coins/tokens remain anonymous. This is concerning since there will be no one to be held accountable in case the protocol just disappears.</p>","level":"medium","meta_title":"What is OHM Fork? 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repercussions from the actual developer team</strong> such as a lawsuit. End-users are allowed to overview, modify and redistribute the source code freely.</p>\n<p>Nonetheless, open source software might not be available for free. Sometimes developers charge fees for additional services such as help with troubleshooting, consulting services, and others.&nbsp;</p>\n<p>Open source enthusiasts praise this type of code as it allows anyone to study the code, find issues that the initial developers overlooked, and even provide new ways to solve problems.</p>\n<p>The fact that the majority of crypto projects are open source is extremely valuable to the entire crypto sector. Innovation is the main benefit of open source as it allows any and all developers to analyze the databases, add new functions, and introduce industry-changing ideas. Often times it&rsquo;s the users themselves who take advantage of the open source code to brainstorm and create new projects.&nbsp;</p>\n<p>The most successful examples of this are Bitcoin Cash (BCH) and Bitcoin SV (BSV) developed from Bitcoin&rsquo;s source code, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">DeFi, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stablecoin/">stablecoins among many others.</p>","level":"easy","meta_title":"What is Open Source? Definition & Meaning | Crypto Wiki","meta_description":"Open Source meaning: Open Source - is a type of belief among developers where sharing information freely and openly is a way to benefit everyone’s interests.","meta_keywords":null,"language":"en","created_at":"2022-03-25T15:17:15.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-open-source"},"prevSection":{"id":588,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Oversold?","slug":"what-is-oversold","section":"O","keyword":"Oversold","status":"published","definition":"is used to signify that an asset is trading lower than its true value.","content":"<p>Oversold is a term that is the opposite of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-does-overbought-mean/">overbought. It is used to signify that an asset such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin is trading lower than its true value. However, it is a subjective decision whether an asset is oversold or not because analysts employ different analysis tools.</p>\n<p>The<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-relative-strength-index-rsi/"> relative strength index (RSI)</strong></a> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bollinger-band/">Bollinger bands</strong></a> are two common technical indicators used to identify an oversold state. The RSI indicator employs a momentum oscillator to <strong>assess the rate</strong> and magnitude of price <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility.

/n

Bollinger bands, on the other hand, are made up of three bands: lower, middle, and upper. The <strong>middle band</strong> taps into the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-moving-average-ma/">moving average</strong></a> of an asset, whereas the lower and higher bands record standard price deviations from the middle band. When the numbers change towards the upper band, the market is said to be<strong> oversold</strong>.</p>\n<p>Aside from technical indications, fundamental research might also identify an oversold state. Fundamental indicators rely on current and past prices. Though note that there is no documented reversal phase for the oversold event.</p>\n<p>Besides, the reversal date is usually determined by \"if\" conditions.&nbsp;Analysts might notice, for example, that<strong> a change will occur </strong>only if a specific price level (sometimes referred to as a support level) is achieved.</p>","level":"easy","meta_title":"What is Oversold? Definition & Meaning | Crypto Wiki","meta_description":"Oversold meaning: Oversold - is used to signify that an asset is trading lower than its true value.","meta_keywords":null,"language":"en","created_at":"2022-03-24T15:09:01.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-oversold"},"currentChapter":"O","currentSection":"what-is-ohm-fork","chapterTitle":"O","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-ohm-fork","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Crypto Terms: Letter O

What is OHM Fork?

OHM Fork MEANING:
OHM Fork - a term used to describe the process of implementing upgrades to the OlympusDAO database.
Medium
2 minutes

Let's find out OHM Fork meaning, definition in crypto, what is OHM Fork, and all other detailed facts.

Let’s begin by establishing what a fork means in blockchain terms. A fork is what happens when a blockchain is split into two versions due to major upgrades. These different blockchain versions run parallel to each other.

Since blockchain technology is built on open-source protocols, anyone can look through the blockchain’s code, learn how it was created, and brainstorm on different ways to improve it. If said brainstorming is successful and you end up with a solid idea and plan, you can provide relevant solutions or create a new “cryptocurrency”.

Essentially, that’s what the term OHM Fork describes. The process of adding new code to the OlympusDAO database results in various variants of the blockchain

In short, by adding unique code to a blockchain that already exists such as Bitcoin or Ethereum, the users can create new “cryptocurrencies”. This way they don’t need to write the code from the very beginning like most successful companies.

OlympusDAO’s system based on a new method of sharing liquidity rewards with an ever-growing community has influenced many crypto enthusiasts to follow its example. Numerous developers utilized the OlymousDAO codebase to try their luck at creating their own forks.

As mentioned above, they did this by taking an already existing blockchain and implementing new code. This way the developers don’t have to start from scratch. This approach ended up developing into a variety of new coins/tokens that you can now trade on popular exchanges like Binance or Bybit.

Additionally, OHM’s protocol-owned liquidity method acted as an incentive for the DeFi 2.0 movement. This resulted in one of the more successful OlympusDAO forks - Wonderland’s TIME token.

Other examples include Klima, RomeDAO, and TempleDAO, among many others. It’s important to note that the former, KLIMA, was the first official OHM fork that received approval from the OlympusDAO developers. Moreover, KLIMA aims to fight climate change by offering a cryptocurrency that is backed by carbon assets. 

Unfortunately, not all OHM forks had favorable outcomes. For instance, OlympusDAO fork AnubisDAO has been enveloped in chaos after an alleged rug pull in late 2021 where investors suffered losses of around $60 million in ETH. AnubisDAO offered its ANKH token intending to take advantage of the dog-coin trend and pull a rug pull scam.

Rug pull is a type of scam in the crypto sector that happens when rogue developers abandon the project and get away with all of the investor’s funds. Thus leaving the investors with a digital asset that is worth nothing.

OHM’s success has enabled many new cryptocurrencies to come about. However, most of the developers of these coins/tokens remain anonymous. This is concerning since there will be no one to be held accountable in case the protocol just disappears.