Bitcoin
BTC$28 953.50

-4.17%

Ethereum
ETH$1 929.37

-6.11%

Tether
USDT$0.999062

0%

USD Coin
USDC$1.000165

0.02%

Binance Coin
BNB$316.54

-3.99%

XRP
XRP$0.397236

-6.29%

Ethereum Classic devs announce upcoming hard fork


29 Jun 2021

#Ethereum Classic

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.


Related

Ethereum Classic up 75% in 8 days
Ethereum Classic up 75% in 8 days
Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2
Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60% 87 $28 953.50 -4.17% -3.67% $551 514 958 969 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 88 $1 929.37 -6.11% -6.26% $233 271 604 070 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999062 0% 0.01% $73 206 337 226 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000165 0.02% 0.01% $53 264 489 963 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 88 $316.54 -3.99% 4.58% $51 683 254 368 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.397236 -6.29% -7.17% $19 203 606 558 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000278 0.11% 0.03% $18 328 809 687 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 93 $0.502003 -7.81% -12.64% $16 943 898 369 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 91 $48.07 -9.25% -12.69% $16 307 952 335 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 90 $0.081327 -5.98% -8.79% $10 789 659 758 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.73 -6.72% -10.15% $9 613 488 110 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56.8% 87 $28 897.59 -4.37% -3.70% $7 993 157 722 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 73.2% 56 $0.079994 5.25% 13.91% $7 570 190 446 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $27.44 -12.43% -18.78% $7 390 659 271 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999659 -0.06% -0.01% $6 569 292 513 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 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.