The Ethereum Classic development team announced a significant update in the form of a hard fork dubbed Magneto, which will go live at the end of July. Stevan Lohja, a member of the project team, revealed this on Twitter.
Four enhancements will be included in the forthcoming upgrade: EIP-2930, EIP-2718, EIP-2565, and EIP-2929, introduced as part of the Berlin blockchain update in April of this year. Since keys and addresses will be stored in one location and can now be retrieved inside a single transaction, the hard fork’s primary goal will be to decrease user gas consumption. Simultaneously, blockchain tests of test networks are in full gear. They began on June 2nd in Morder and a week later on June 9th in Kotti. As a result, the Magneto update should be issued as soon as the testing is finished. Therefore, the date for its activation has been changed to July 21st.
Stevan encouraged all members of the ETH community to upgrade their nodes’ software ahead of time to a version that is applicable for the upcoming hard fork to ensure stable functioning after Magneto. He also emphasized that members should explain whether they support Magneto if they use ETC through third-party services. According to him, this is the only way to ensure that the update will run well when it is activated.
According to the developer, the ETC team considers it their primary responsibility to routinely incorporate Ethereum 1.0’s new features to avoid the recurrence of Python 2 and Angular 1 problems. However, he is confident that Ethereum Classic Treasury would be able to fix this issue.
In the meanwhile, ETC is trading at $55.96 on Binance. The asset increased by 31% daily, sitting on the 15th line of CoinMarketCap, and its market value surpassed $6.518 billion.