Ethereum Classic hard fork: last week, Ethereum Classic’s Blockchain developers announced that the implementation of this hard fork’s network is going to be executed in late July.
Ethereum Classic’s developer’s society members announced that this update is called “Magneto”. Magneto contains each four Ethereum Improvement proposal (EIP) in Berlin hard fork.
EIPs help to improve network’s security. Except that they decrease the hence the cost of trenches with saving the addresses and keys in one place and giving the access to it to the users from a transition.
This update in ETC network has been executed and tested on kotti and morder test networks at June 2nd and 9th. Magneto hard fork is going to be executed on the main network after these two tests are done.
Stevan Lohja, Mantis’s (one of Ethereum Classic wallets) Director of Public Relations said:
“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 created in 2016 and under basic conditions. This protocol was made after the DAO project hack event with form of a fork from Ethereum’s Blockchain. After this hack, Ethereum’s developers decided to reverse and turn back all the transition connected to it to return all the theft stocks to their real owners.
Some of them believed that neutralizing these transitions would ignore one of Ethereum’s main principles (code is rule). These users preferred to accept their loss and to learn from this engineering mistake that caused the hack. So Ethereum Classic was born to the form of a hard fork from the main Ethereum.
In 2021 May, Some of the ETC users called Ethereum Classic, “the wrong Ethereum” because of the 300% increase of Ethereum Classic’s price.
