Ethereum Classic developers announced upcoming hard fork
Ethereum Classic (ETC) developers announced a hard fork to implement the project’s latest version, scheduled for launch in late July.
The upgrade, dubbed Magneto, will include the four Ethereum Improvement Proposals (EIP), seen in Ethereum’s Berlin upgrade earlier this year.
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 started earlier this month on June 2 and June 9. The Magneto fork is reportedly set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis, 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.”
Mantis is a full-featured client and wallet for Ethereum Classic.
Ethereum Classic was originally developed under rocky circumstances back in 2016. The protocol forked from the Ethereum mainnet due to the $60 million hack of a project known simply as the DAO, an early decentralized autonomous organization. Ethereum’s developers decided to roll back the malicious transactions in an attempt to circumvent the hacker and return the stolen funds back to the victim.
Some believed that undoing these transactions would in effect override one of Ethereum's core tenets - Code is law. 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.
Some Ethereum Classic enthusiasts jokingly referred to the project as The Wrong Ethereum back in May, as the price surged in excess of 300%, perhaps due to new crypto traders confusing it for ETH.