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Ethereum Classic gets a major upgrade in July. Hereâs how it will save users on gas fees.
On Monday, developers of the Ethereum Classic blockchain announced a hard fork to implement the projectâs latest version, now scheduled for launch in late July.
The upgrade, which the community has dubbed âMagneto,â will include the four Ethereum Improvement Proposals (EIP) first seen in Ethereumâs Berlin upgrade earlier this year.
These proposals are meant to improve the networkâs 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 Ethereum Classicâs 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 at Mantis â a full-featured client and wallet for Ethereum Classic â told the Ethereum Classic community:
âTo 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 youâre not operating nodes or services, but use ETC through other services, then check with that service to ensure theyâre supporting the Magneto hard fork.â
Ethereum Classic (ETC) was originally created 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 âthe DAOâ â an early decentralized autonomous organization. Following the exploit, Ethereumâs 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 Ethereumâs core tenets â âCode is law.â 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 projectâs blockchain.
Back in May 2021, some Ethereum Classic enthusiasts jokingly referred to the project as âthe wrong Ethereumâ as the price surged in excess of 300% â perhaps due to new crypto traders confusing it for Ether (ETH).
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