Ethereum Classic: Magneto Hard Fork will take place at the end of July

On Monday, Ethereum Classic blockchain developer Classic announced a hard fork to implement the latest version of the project currently slated for late July.

The upgrade, dubbed “Magneto” by the community, will include four Ethereum Improvement Proposals (EIPs) that debuted at the Ethereum upgrade in Berlin earlier this year.

These proposals aim to improve the security of the network while saving gas costs by storing addresses and keys in one place so that users can access them with a single transaction.

Beta testing of ETC’s Morder and Kotti test networks was conducted on June 2nd and 9th. The Magneto Fork will go live as soon as these tests are completed.

Stevan Lohja, Director of Developer Relations at Mantis – a fully featured wallet and client for Ethereum Classic – told the ETC community:

“To ensure a successful fork, we recommend that ETC customers update their node software to a version compatible with Magneto. If you do not operate any nodes or services, but use ETC via other services, check with this service whether it supports the magneto hard fork. “

Ethereum Classic was born in 2016 under difficult circumstances. The protocol was split off from the Ethereum mainnet due to the $ 60 million hack by a project called “DAO” – an original decentralized autonomous organization. After the attack, the Ethereum developers decided to reverse the transactions in order to circumvent the hacker’s plan and return the stolen funds to the owner.

Some believe that reversing these transactions is against one of Ethereum’s core tenets – “rules are laws”. These users thought it would be better to accept the loss and learn from the technical flaws that allowed hackers to extract money. As a result, the Ethereum Classic project parted ways with Ethereum in an attempt to obtain what some opinion said was the most accurate representation of the project’s blockchain.

In May 2021, some Ethereum Classic enthusiasts jokingly called the project the “fake Ethereum” because the price rose by more than 300% – presumably because new traders mistook it for ETH.

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According to Cointelegraph

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