Ethereum Classic gets a major upgrade in July. Here’s how it will save users on gas fees. On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch in late July. The upgrade, which the community has dubbed "Magneto,” will include the four Ethereum Improvement Proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year.
These proposals are meant to improve the network’s security, while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction. Beta testing on ETC’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis — a full-featured client and wallet for Ethereum Classic — told the ETC community:
“To ensure a successful fork, we ask ETC consumers to upgrade their node software to a Magneto compatible version if they have not done so already. If you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.”
Ethereum Classic was originally created under rocky circumstances back in 2016. The protocol forked from the Ethereum (ETH) mainnet due to the $60 million hack of a project known simply as “the DAO” — an early decentralized autonomous organization. Following the exploit, Ethereum’s developers decided to roll back the malicious transactions in an attempt to circumvent the hacker and return the stolen funds to their proper owners.
Some believed that undoing these transactions would in effect override one of Ethereum's core tenets — “Code is law”. These users felt that it was better to accept the loss and learn from the engineering mistakes that allowed the hacker to siphon the funds. As a result, the Ethereum Classic project forked away from Ethereum in an effort to preserve what some felt was the most accurate representation of the project’s blockchain.
Back in May 2021, some Ethereum Classic enthusiasts jokingly referred to the project as “the wrong Ethereum” as the price surged in excess of 300% — perhaps due to new crypto traders confusing it for ETH.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 88% | 10 | $26 897.71 | -0.57% | 2.07% | $521 544 143 377 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 94.4% | 5 | $1 860.48 | -0.05% | 3.44% | $223 714 819 656 | ||
3 | ![]() |
Tether predictions | 92% | 1 | $1.000026 | -0.01% | 0.03% | $83 224 498 225 | ||
4 | ![]() |
Binance Coin predictions | 94.8% | 1 | $304.67 | -0.61% | -0.08% | $47 485 262 045 | ||
5 | ![]() |
USD Coin predictions | 92% | 1 | $0.999756 | -0.01% | -0.01% | $28 847 127 885 | ||
6 | ![]() |
XRP predictions | 77.2% | 37 | $0.504250 | -1.53% | 11.90% | $26 212 632 900 | ||
7 | ![]() |
Cardano predictions | 92% | 10 | $0.364572 | -2.55% | 1.76% | $12 717 605 112 | ||
8 | ![]() |
Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
9 | ![]() |
Dogecoin predictions | 89.2% | 17 | $0.071692 | 0.74% | 1.81% | $10 007 347 652 | ||
10 | ![]() |
Polygon predictions | 80% | 35 | $0.893847 | 0.39% | 0.86% | $8 294 424 384 | ||
11 | ![]() |
Solana predictions | 80% | 29 | $20.71 | 0.55% | 7.01% | $8 214 229 812 | ||
12 | ![]() |
Wrapped TRON predictions | 80.8% | 37 | $0.074826 | -0.77% | -3.49% | $7 608 018 393 | ||
13 | ![]() |
Litecoin predictions | 77.6% | 37 | $94.21 | 5.89% | 10.62% | $6 881 721 612 | ||
14 | ![]() |
TRON predictions | 78.4% | 33 | $0.074853 | -0.76% | -3.71% | $6 753 192 726 | ||
15 | ![]() |
Polkadot predictions | 87.2% | 11 | $5.23 | -1.35% | -0.75% | $6 224 984 176 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.