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Analysis

Ethereum Classic (ETC) announces massive hard fork in July

June 29, 2021 - Around 2 mins mins to read

Ethereum Classic will get a major upgrade. ETC developers have announced a hard fork to implement the latest version of the project, which is currently slated for late July.

Ethereum Classic (ETC) announces massive hard fork in July
Ethereum Classic (ETC) announces massive hard fork in July

The upgrade, dubbed “Magneto” by the community, will include four Ethereum Improvement Proposals (EIPs) presented in the Berlin Ethereum upgrade 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 tests on the ETC Morder- and Kotti-Testnet started on June 2nd and 9th respectively. Magneto Fork will officially take place after these tests are completed. Stevan Lohja, Developer Relations Manager for Mantis, an application for Ethereum Classic, told the ETC community:

In order to ensure a successful fork, we ask ETC customers to update their node software to a magneto-compatible version if they have not already done so. 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.

In May 2021, Ethereum Classic had an impressive performance with the most overwhelming wins in history. Some Ethereum Classic enthusiasts jokingly called the project “a buggy version of Ethereum” as the price rose over 300%.

See more: Why has the “green Ethereum” quadrupled in just 2 weeks?

Ethereum Classic was originally created under difficult circumstances in 2016. The protocol was split off from the Ethereum (ETH) mainnet due to a $ 60 million hack. After this event, the developers of Ethereum decided to reverse malicious transactions in order to circumvent hackers and return the stolen funds to the owners.

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Analysis

Ethereum Classic (ETC) announces massive hard fork in July

Ethereum Classic will get a major upgrade. ETC developers have announced a hard fork to implement the latest version of the project, which is currently slated for late July.

Ethereum Classic (ETC) announces massive hard fork in July
Ethereum Classic (ETC) announces massive hard fork in July

The upgrade, dubbed “Magneto” by the community, will include four Ethereum Improvement Proposals (EIPs) presented in the Berlin Ethereum upgrade 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 tests on the ETC Morder- and Kotti-Testnet started on June 2nd and 9th respectively. Magneto Fork will officially take place after these tests are completed. Stevan Lohja, Developer Relations Manager for Mantis, an application for Ethereum Classic, told the ETC community:

In order to ensure a successful fork, we ask ETC customers to update their node software to a magneto-compatible version if they have not already done so. 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.

In May 2021, Ethereum Classic had an impressive performance with the most overwhelming wins in history. Some Ethereum Classic enthusiasts jokingly called the project “a buggy version of Ethereum” as the price rose over 300%.

See more: Why has the “green Ethereum” quadrupled in just 2 weeks?

Ethereum Classic was originally created under difficult circumstances in 2016. The protocol was split off from the Ethereum (ETH) mainnet due to a $ 60 million hack. After this event, the developers of Ethereum decided to reverse malicious transactions in order to circumvent hackers and return the stolen funds to the owners.

Synthetic

You may be interested in:

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