- Ethereum Classic developers revealed in a new post earlier in the month that the network would undergo a major upgrade in July.
- In line with keeping up with Ethereum, the new upgrade will focus on saving gas fees.
Etheruem Classic is set to implement some major upgrades that will help the network keep up not only with Ethereum but new generation platforms. In a blog post, developers outlined the major upgrades that have since been dubbed by the community as ” Magneto Upgrade.”
The Magneto upgrade comprises of some of Ethereum’s Berlin upgrade that was successfully implemented about a year ago. In it are features that will enable the network to optimize gas and transactions which not only reduces the cost but also enhances security. Tests on these upgrades are already ongoing and upon success are set to be deployed on the mainnet. According to preliminary dates, this is set for late July.
— Ethereum Classic (@eth_classic) June 10, 2021
The blog post has called on the community to upgrade their node software to a Magneto compatible version if they have not done so already. Clients that fail to upgrade risk getting stuck on an incompatible chain.
As per the developers, beta testing began on June 2nd and 9th on the Morder and Kotti testnets. The upgrade will occur officially once these testnet deployments conclude. In line with saving on gas fees, the upgrade will store the addresses and private keys in one place which will be accessible by the users via a single transaction.
Ethereum Classic sets record gains ahead of the upgrade
Stevan Lohja, a key member of the Ethereum Classic community is calling on the community to upgrade to Magneto compatible software to ensure a smooth transition. Lohja is an executive at Mantis, an ETC wallet. He told the community:
To 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 you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.
Ethereum Classic’s native token ETC is already recording substantial gains after adding more than 10 percent in the last 24 hours. This pushes its weekly gains to nearly 20 percent.
Like most altcoins, the coin has shed much of its value from its ATH set about a month ago. Exchanging for roughly $41, the digital asset has shed more than 70 percent of its value from its ATH high of $176. Investors expect that the upcoming upgrade will help boost prices as they look to once again test the all-time high.