Cryptocurrency Ethereum Classic (ETC) has risen in price over the past day by a third after the announcement of the imminent hard fork.
This allowed the asset to take 16th place in the CoinGecko ranking. ETC is trading above $ 60, however this is well below the May high when the price was above $ 107.
Ethereum Classic technology coordinator Stevan Lohja on Tuesday announced an upcoming hard fork to implement the latest version of the project.
The update, which the community has dubbed “Magneto”, will include four Ethereum or EIP improvement proposals that appeared in the Ethereum Berlin update earlier this year, bitnovosti writes.
These offers are aimed at increasing the level of security and reducing commission costs by storing addresses and keys in the same place.
Beta testing of ETC’s Morder and Kotti testnets began on June 2 and 9. On the mainnet, the hard fork should be activated on July 21, 2021.
Stevan Lohja recommended that users update their nodes’ software to a version compatible with Magneto.
If users do not manage nodes or services, but use Ethereum Classic through third-party applications, they need to make sure that these applications support the Magneto update.
Recall that at the end of last year, the ETC Labs development team began working on creating a “bridge” between the Ethereum Classic and Ethereum blockchains. It will allow DAI stablecoin swaps between these networks, which is used in many decentralized finance (DeFi) applications.
- What is cryptocurrency? Everything a beginner needs to know about coins in one book. Read for free
Market forecasts, analytics and stock news