Ethereum Classic developers announce upcoming hard fork

On Monday, Ethereum Classic blockchain developers announced a hard fork to implement the project’s latest version, now scheduled for launch in late July.

The upgrade, which the community has dubbed “Magneto,” will include the four Ethereum Improvement Proposals (EIP) first seen in Ethereum’s Berlin upgrade earlier this year.

These proposals are meant to improve the network’s security while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction.

Beta testing on Ethereum Classic’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.

Ethereum Classic (ETC) was originally created under rocky circumstances back in 2016. The protocol forked from the Ethereum mainnet due to the $60-million hack of a project known simply as “the DAO” — an early decentralized autonomous organization. Following the exploit, Ethereum’s developers decided to roll back the malicious transactions in an attempt to circumvent the hacker and return the stolen funds to their proper owners.

Full artice on Cointelegraph.