Bitcoin
BTC$66 123.34

0.99%

Ethereum
ETH$3 555.02

4.45%

Tether
USDT$0.999468

0%

Binance Coin
BNB$606.32

1.74%

Solana
SOL$144.58

2.21%

USD Coin
USDC$1.000022

0%

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 87.2% 16 $66 123.34 0.99% -4.79% $1 303 451 857 959 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 41 $3 555.02 4.45% -3.46% $427 135 531 951 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999468 0% -0.04% $112 500 110 914 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 79.2% 33 $606.32 1.74% -11.61% $89 483 264 510 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82.8% 28 $144.58 2.21% -9.57% $66 753 466 287 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 3 $1.000022 0% 0% $32 442 766 908 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 27 $0.493733 5.33% 0.08% $27 436 964 277 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 49 $0.136503 2.35% -6.62% $19 755 088 075 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 74.8% 51 $7.97 0.86% 13.14% $19 398 824 296 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82% 29 $0.413290 2.36% -4.92% $14 764 940 323 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000021 3.96% -11.04% $12 205 332 764 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 49 $30.08 2.56% -6.97% $11 831 150 649 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 91.6% 1 $66 245.61 1.22% -4.60% $10 151 195 405 WBTC 7 days price change
15 TRON (TRX) TRX TRON predictions 85.6% 19 $0.115284 -0.54% 0.49% $10 062 292 912 TRX 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.

© 2015-2024 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.