With the upcoming Magneto upgrade, the Ethereum Classic (ETC) blockchain will implement four EIPs that were implemented during the Berlin hard fork on the Ethereum mainnet, the second-largest cryptocurrency by market capitalization.
According to Stevan Lohja, the Mantis client’s developer relations manager, the network cannot ignore innovation.
#EthereumClassic has to innovate from #Ethereum 1.0 to prevent it from ending up in a Python 2 or Angular 1 scenario. An #ETC Treasury fixes this.
— Stevan Lohja (@stevanlohja) June 28, 2021
“Ethereum Classic must implement Ethereum 1.0 innovations to avoid repeating Python 2 or Angular 1 scenarios. The ETC Treasury solves this problem,” Lohja wrote.
On April 15, 2021, a hard fork in Ethereum was carried out, through which four Ethereum Improvement Proposals were implemented. They changed the gas-cost calculation algorithms (EIP-2565 and EIP-2929) and introduced new types of transactions (EIP-2930 and EIP-2718).
On June 10, 2021, Ethereum Classic developers announced the Magneto upgrade, which includes the above-mentioned proposals.
Testing of Magneto began on the Morder and Kotti test networks on June 2 and 9 respectively. In the mainnet, the hard fork was scheduled to activate on July 21, 2021.
“To carry out a successful fork, we ask ETC users to update the software of their nodes to a Magneto-compatible version if they have not done so yet. If you do not run nodes or services but use ETC through third-party apps, please check whether they support Magneto,” Lohja said.
Over the last 24 hours, Ethereum Classic’s price rose by almost 17%, according to CoinGecko. This allowed the asset to move to 21st place by market capitalization, at $6.3 billion.
At the time of writing, Ethereum Classic was trading at $49.5. This is well below the May peak, when the asset’s price exceeded $107.
The decision by Barry Silbert’s Digital Currency Group to allocate up to $50 million to purchase shares of the Grayscale Ethereum Classic Trust could have affected ETC quotes.
As of June 28, assets worth $519.4 million are under its management. For comparison: the funds in Grayscale Ethereum Trust are valued at $6.36 billion.
06/28/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $30.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC $BAT $LINK $MANA $FIL $LPT pic.twitter.com/8pDtdMYuTk
— Grayscale (@Grayscale) June 28, 2021
In December 2020, the Ethereum Classic network carried out the Thanos hard fork to bolster security after a series of 51% attacks.
Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analytics.