Ethereum Classic Cryptocurrency Will Get An Upgrade Named Project 'Magneto'
JAKARTA – Ethereum Classic (ETC) is rumored to be getting an upgrade at the end of July. The ETC developers are planning to implement an update called project Magneto. The update is likely to boost the price of ETC.
According to Cointelegraph, the update, called Magneto, will include four Ethereum Upgrade Proposals (EIPs). It was first announced in an Ethereum upgrade in Berlin earlier this year.
The Magneto project is aimed at increasing network security, reducing gas costs, and storing addresses and keys in one place so that they can be accessed by users in one transaction.
ETC developers have been testing the beta version on the Morder and Kotti ETC testnets which have been carried out since June 2 and June 9. Magneto will be implemented after the pilot phase is completed.
“To ensure a successful fork, we ask ETC customers to upgrade their node software to a Magneto-compatible version if they haven't already. If you don't operate a node or service, but instead use ETC through another service, check the service to see if it supports the Magneto hard fork”, said Stevan Lohja, Mantis developer relations manager.
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In 2016, Ethereum Classic had a hard time because it was hacked and broke into a DAO project worth USD 60 million. After the incident, the developer reimbursed the investors' funds as a form of developer responsibility to its consumers.
This cryptocurrency, which has the slogan “Code is Law”, seeks to restore investors' trust and improve their network security system.
In May 2021, a number of Ethereum Classic fans called the project “the wrong Ethereum” because its price suddenly skyrocketed by more than 300 percent.
The Ethereum Classic cryptocurrency has a total supply of 116.313.299. At the time of writing at 10:22 a.m. local time, the price of ETC was at the level of IDR 648.165. ETC cryptocurrency once touched its all-time high on May 6, 2021, at that time ETC touched a price of IDR 2.554.594 according to data from CoinMarketCap.