Ethereum Classic is gearing up for a major upgrade in July. The upgrade is specifically focused on how users get rid of transaction fees.
On Monday, the developers of the Ethereum Classic (ETC) Blockchain announced a hard fork to implement the latest version of the project, which is scheduled for release at the end of July.
The upgrade, dubbed “Magneto” by the community, will encompass four Ethereum Improvement Proposals (EIPs) first seen at Ethereum’s Berlin upgrade earlier this year.
These offerings aim to increase the security of the network while saving gas costs by storing addresses and keys in one place for users to access in a single transaction.
Beta testing on ETC’s Morder and Kotti networks began on June 2 and June 9, respectively. The Magneto fork will officially take place once these tests are complete.
Stevan Lohja, developer relations manager for Mantis, a full-featured client and wallet for Ethereum Classic, told the ETC community:
To ensure a successful fork, we’re asking ETC users to upgrade their node software to a Magneto compatible version if they haven’t already. If you do not operate nodes or services, but use ETC through other services, you should check with that service to make sure they support the Magneto hard fork.
How did Ethereum Classic come about?
Ethereum Classic first appeared in 2016 under harsh conditions. The protocol was separated from the Ethereum (ETH) mainnet due to the $60 million hack of a project known as a decentralized autonomous organization “DAO” in its early stages. After the incident, Ethereum developers decided to roll back malicious transactions in order to circumvent the hacker and return the stolen funds to their rightful owners.
Some believed that undoing these transactions would actually invalidate one of Ethereum’s core principles. These users thought it was better to accept the loss and learn from the engineering mistakes that allowed the hacker to steal the funds. As a result, the Ethereum Classic project left Ethereum to preserve what some consider to be the most accurate representation of the project’s blockchain.