Ethereum Classic will receive a major update in July. This is how it will save users gas fees.
Ethereum Classic blockchain developers on Monday announced the about a hard fork to implement the latest version of the project, which is scheduled to launch at the end of July.
The update, dubbed "Magneto" by the community, will include four Ethereum Improvement Proposals (EIP), first introduced in the Ethereum Berlin update earlier this year.
These offers are for improve network security while reducing gas costs by storing addresses and keys in one place so users can access with a single transaction.
Beta testing of the Morder and Kotti Ethereum Classic testnets began on June 2 and 9, respectively. The Magneto formula should be officially released after the completion of these tests.
Stevan Lohja, Developer Relations Manager at Mantis, a full-featured client and wallet for Ethereum Classic, told the Ethereum Classic community:
“To ensure a successful fork, we ask ETC consumers to update their nodes' software to a version compatible with Magneto, if they have not already done so. If you are not using nodes or services, but using ETC through other services, please contact that service to make sure they support the Magneto hard fork. "
Ethereum Classic (ETC) was originally created under challenging conditions back in 2016. The protocol forked from the main Ethereum network due to a $60 million hack of a project known simply as “DAO,” an early decentralized autonomous organization. After the exploit, the Ethereum developers decided to roll back the malicious transactions in an attempt to bypass the hacker and return the stolen funds to their rightful owners.
Some believed that the cancellation of these transactions would actually redefine one of the main principles of Ethereum - “Code is law”. These users thought it was better to accept the loss and learn from the engineering mistakes that allowed the hacker to siphon funds. As a result, the Ethereum Classic project forked from Ethereum in order to preserve what some considered the most accurate representation of the project's blockchain.
Back in May 2021, some Ethereum Classic enthusiasts jokingly called the project “the wrong Ethereum” as the price rose over 300% – possibly due to newer crypto traders confusing it with Ethereum (ETH).