Ethereum Classic successfully completes a new hard fork

Ethereum Classic has recently completed its Atlantis hard fork. … ETC/USD has charted seven bearish days in a row, wherein the price has fallen from …
  • The hard fork, dubbed “Atlantis,” expects all software users to upgrade their clients.
  • Atlantis was scheduled to be released in summer, but it was postponed over disagreements.

Ethereum Classic has recently completed its Atlantis hard fork. The goal of the fork is to increase its interoperability with Ethereum. All software users are expected to upgrade their clients to be in tune with the hard fork. Ethereum Classic Labs reported that Atlantis comprises of 10 Ethereum Improvement Proposals (EIPs). The upgrade was focused on improving stability and performance and add opcodes, precompiled contracts, zk-SNARKs and enhanced security.

Afri Schoedon, the hard fork coordinator, said: “And we are on Atlantis. Congratulations, everyone.” Yaz Khoury, ETC Cooperative director of developer relations, took to Twitter saying that this fork was “one of the longest debates to reach consensus along with a lot of the immutability politics.” He further added: “Learned a lot about the beauty of decentralization and a distributed community.”

Atlantis was scheduled to be released in summer, but it was postponed over disagreements, particularly over EIP 170. ETC Labs worked with Chainsafe System and ETC Cooperative, among other community members, on the hard fork. No single actor coordinated the hard fork.

Previously this week, around 60% of the nodes and over 75% of the hashing power had confirmed the upgrade. Major exchanges Coinbase, Poloniex, Binance, Bittrex, Kraken, Shapeshift and OKEx confirmed with ETC Labs that they had updated their software to support Atlantis.

Terry Culver, ETC Lab’s CEO, reported that Atlantis wishes to work with ethereum. Numerous Atlantis’ EIPs have been on ethereum for years and should allow for more crossover between the platforms, especially for dapps. He said:

“The hard fork clearly shows we are committed to compatibly and working with ethereum. What we would like to do is find ways to make the two chains support one another.”

ETC/USD daily chart

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ETC/USD has gone down from $6.22 to $6.19 in the early hours of Saturday. In the process, ETC/USD has charted seven bearish days in a row, wherein the price has fallen from $6.71 to $6.19. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 50 curve acts as immediate market resistance.

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On September 12-13 The Blockchain – powered Ethereum Classic (ETC) sheds in value over -0.54%

International Cryptocoin Experts believe that Ethereum Classic (ETC) is … The highest price was $6.38 and lowest of $6.121 for September 12-13.

It was bad day for Ethereum Classic (ETC), as it declined by $-0.0339999999999998 or -0.54%, touching $6.205. International Cryptocoin Experts believe that Ethereum Classic (ETC) is looking for the $6.8255 goal. According to 5 analysts could reach $13.5809335241262. The highest price was $6.38 and lowest of $6.121 for September 12-13. The open was $6.239. It last traded at Coinbase exchange. Aproximately 254,968 ETC worth $1.60 million was traded.

For a month, Ethereum Classic (ETC) tokens went up 11.02% from $5.589 for coin. For 100 days ETC is down -24.05% from $8.17. It traded at $4.37 200 days ago. Ethereum Classic (ETC) has 113.43 million coins mined with the market cap $703.83 million. It has 210.00 million coins in circulation. It was founded on 23/07/2016. The Crypto ETC has PoW proof type and operates under Ethash algorithm.

Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.

The Ethereum Classic mission statement is:

“We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.

Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by https://gastracker.io/

In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.

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Patience snapped. The XRP community has begun planning to fork the Ripple coin

NS has Bitcoin Cash, BSV, Bitcoin Diamond, I can’t name all of them. There are four or five branches of the Bitcoin chain. Bitcoin, obviously the primary …

The authoritative representative of the XRP cryptocurrency holders, who had previously created a petition asking Ripple to stop selling XRP, is taking the first step towards the hard fork of the third largest cryptocurrency capitalization level. If the XRP community completes the deal, Ripple will lose control of its coin

In late August, a Twitter user with the nickname CryptoBitlord announced an ultimatum to Ripple and threatened to take the cryptocurrency under the control of the community of XRP holders with the help of a fork

Yesterday, CryptoBitlord, which has over 100,000 subscribers, announced the creation of a Ripple One channel on Discord, which will discuss the upcoming fork.

On the same day, Ripple CEO Brad Garlinghouse, in an interview with CNN, commented on a possible fork that the crypto community is preparing for the company’s displeased company policy. In his opinion, this will not affect the XRP parent cryptocurrency in the same way as numerous forks did not make BTC less popular.

“On the basis of what people say about the fork, you saw how Bitcoin transferred the fork several times. NS has Bitcoin Cash, BSV, Bitcoin Diamond, I can’t name all of them. There are four or five branches of the Bitcoin chain. Bitcoin, obviously the primary BTC, has remained the most visible.

But in the same way, people can use XRP, an open source technology, and hypothetically they could fork if they want, ”said Garlinghouse


.

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Ethereum Classic Implements Atlantis Update Hard Fork Successfully

The CEO and founder of Digital Currency Group, Barry Silbert said in a joke that he was looking forward to getting his Ethereum Classic Atlantis coins.

The team of ETC (Ethereum Classic) has executed the Atlantis update, i.e., a hard fork to improve the functionality and compatibility of Altcoin with ETH (Ethereum).

Yaz Khoury, the ETC director of the Developer Relations, posted news on Twitter on September 12, 2019, that he congratulated Ethereum Classic for the implementation of Atlantis hard fork successfully. He is happy with the development of the project. The activation by ETH was one of the longest debates to arrive at a consensus with a lot of immutable politics. He learned about the decentralization and a distributed community.

ETC is performing Atlantis hard fork with a recorded estimated time, i.e. between September 12, 2019 and September 13, 2019, at 8,772,000 of block height. ETC labs said that there were a lot of meetings to decide the timing, involvement, and scope. Now, they have decided the timing and direction to release the Atlantis. The hard fork will improve security considering the concerns of the community.

In June, it was announced that it was considered to put the hard fork at the 8.75 million block number by the developers and contributors. It was predicted to be executed on September 15, 2019. During this week, ETC labs will increase the block number to have the projected update. The involved parties will discover and deal with any issues that may happen.

According to the announcement of the hard fork, many industry players are supporting ETC, which also includes Cryptocurrency exchange OKEx. The exchanges revealed on September 10, 2019, that they will handle all the technical issues as well as resume services after the ETC mainnet gets stable. Yesterday, Bitfinex, the trading platform in cryptocurrency announced that they will also support Atlantis.

In 2016, a hacked funding mechanism, DAO caused a rift in the community of cryptocurrencies. According to Culver, the project is separate, but still, they are sharing the same goals. Culver said that he believed in the power of the public blockchain as it will make the community more strong. The CEO and founder of Digital Currency Group, Barry Silbert said in a joke that he was looking forward to getting his Ethereum Classic Atlantis coins.

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Ethereum Classic (ETC) Completes Atlantic Hard Fork

The Ethereum Classic (ETC) network completed the Atlantis hard fork, as the requisite block height arrived around September 12, earlier than the …

The Ethereum Classic (ETC) network completed the Atlantis hard fork, as the requisite block height arrived around September 12, earlier than the previously planned September 20 date.

https://twitter.com/eth_classic/status/1172207677415383040

Some of the chief aims of the hard fork were to make ETC more compatible with the Ethereum network. The project, forked from Ethereum in 2016, also promises to keep up mining, while Ethereum aims to add proof-of-stake and phase out proof-of-work.

Following the hard fork, Ethereum Classic mining slid precipitously, from 13 down to 6 TH/s. The sudden withdrawal of miners may be due to technical delays related to the hard fork. In the past three months, Ethereum Classic mining was volatile, with peaks and significant crashes. Now, the lowered mining rates may be due to miners still needing to upgrade their nodes to the new version, while making sure it works well.

Major exchanges like Binance and OKEx have already established their support for the hard fork. Currently, the Ethereum Classic network shows a total of nine nodes – a relatively small number for a proof-of-work network. The Ethereum network has 8,959 nodes online, showing the disparity between the networks. Ethereum Classic has less nodes even than the limited number of block producers on proof-of-stake networks like EOS, or TRON. This means the network is not only easier to attack by mining, but also by running malicious nodes.

Ethereum Classic uses the Ethash mining algorithm, and can benefit in theory from the newly produced series of ASIC. The network is one of the last to be competing with Ethereum openly. Still, Ethereum Classic carries even less distributed apps.

The ETC market price will now have to show it can survive following the recent appreciation ahead of the hard fork. The price is already down more than 10% on a weekly basis, down to $6.22, from a recent peak above $7.40. In the past month, ETC posted slight gains, breaking above the $5 range permanently.

by Christine Masters, 23 mins ago

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