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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Ethereum Classic (ETC) drifts lower in a post-fork trading

Ethereum Classic (ETC), now the 17th largest altcoin with the current market value of $702 million, has lost about 1.3% of its value in a post-hardfork …
  • Ethereum Classic (ETC) has lost nearly in recent seven days.
  • Hardfork Atlantis has been successfully launched on ETC mainnet.

Ethereum Classic (ETC), now the 17th largest altcoin with the current market value of $702 million, has lost about 1.3% of its value in a post-hardfork trading. The coin has reached the recent recovery high of $7.22 on September 5 and has been moving down ever since. ETC/USD is down nearly 9% on a week-on-week basis.

What’s going on

Ethereum Classic team launched hardfork Atlantis on its mainnet, The major update is supposed to increase ETC interoperability with Ethereum (ETH). All-in-all, there are ten significant protocol improvements implemented in Atlantis, including op-code support, pre-compiled contracts and zk-SNARKs technology.

“ Atlantis reflects genuine consensus. It is the result of collaboration with all stakeholders who had an opportunity to debate and analyze the impact of the hard fork, and who undertook the hard work of coming to an agreement in a diverse and decentralized network,” ETC Labs team stated in its blog post.

Read also: Ethereum Classic executes “Atlantis” the hard fork

ETC/USD, the technical picture

At the time of writing, ETC/USD is changing hands at $6.20 with the strong initial resistance registered psychological $7.00 with SMA100 (Simple Moving Average) daily located on approach. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,32 (the upper line of one-day Bollinger Band) and $7.80, which is the highest level since August 22.

On the downside, a strong support is seen around $6.50 handle. It is created by a confluence of SMA50 daily and the middle line of one-day Bollinger Band. We will need to see a sustainable move below this handle for the bearish momentum to gain traction towards psychological $6.00 and $5.67 (August 28 low).

ETC/USD, daily chart


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Ethereum Classic Completes Hotly-Anticipated Atlantis Hard Fork: ETC to Increase ETH Compatibility

As part of a great move to increase compatibility with Ethereum (ETH), Ethereum Classic (ETC) completed its Atlantis hard fork earlier today, after …

As part of a great move to increase compatibility with Ethereum (ETH), Ethereum Classic (ETC) completed its Atlantis hard fork earlier today, after concerns over exchange support.

Due to the nature of a hard fork, the update lacked backwards compatibility, meaning individuals and companies all over the crypto community were required to update software in order to ensure funds remain safu and accessible.

Completing the Atlantis hard fork was not all smooth sailing, however. ETC Cooperative’s director of developer relations Yaz Khoury had the following to say on the process:

Congratulations @eth_classic on the successful activation of the Atlantis Hardfork!

Was one of the longest debates to reach consensus along with a lot of the immutability politics

Learned a lot about the beauty of decentralization and a distributed community

Thx @a4fri!

🔱🔱 https://t.co/FhJiqo66wwpic.twitter.com/Uu1VG6wUC0

— Yaz Khoury (@Yazanator) September 12, 2019

Indeed, the finale to the Atlantis affair came after much debate not only eternally with the logistics of the fork, but with the representatives of exchanges. All exchanges supporting Ethereum Classic had to update code in advance, in order to maintain bug-free experiences for users trading the token:

Hey @krakenfx and @jespow!

We are getting radio silence on whether or not Kraken are prepared for the ETC Atlantis hard fork due in 2 days time.

Please could you confirm that you will be ready?https://t.co/uJK7lOo88Q

Thanks!@BobSummerwill, ED.#ethereumclassic#community

— ETC Cooperative (@ETCCooperative) September 10, 2019

Thanks, but to be crystal clear, this is a technology upgrade, not the creation of a new coin. This is not a contentious fork.

CC @krakenfx@jespow.

— ETC Cooperative (@ETCCooperative) September 10, 2019

Although scheduled for earlier this summer, Atlantis was postponed over the debate aforementioned by Khoury: specifically, EIP 170.

Originally suggested by Ethereum co-creator Vitalik Buterin, EIP 170 would place a cap on the size of smart contract code included in a transaction. Buterin explain that the limit would prevent certain attacks at the time.

However, this specific change was responsible for Ethereum Classic losing backwards compatibility, or it’s “hardness”. Some in the community argued that the change would also be possible without losing compatibility. The main argument against a hard fork would be that any future change in smart contract size allocation would mean yet another hard fork, disrupting exchanges and consumers once more. However, the change would also increase compatibility with Ethereum (ETH).

Earlier this week, approximately 60% of nodes and 75% of miner hashing power was confirmed to be prepared for the update. As confirmed with ETC Labs, Coinbase, Poloniex, Binance, Bittrex, and other major exchanges announced their preparation for the fork.

Ethereum Classic “Atlantis” upgrade makes ETC more like ETH

Ethereum hard forked today. No, not that Ethereum–the other one, Ethereum Classic. With the Ethereum core devs still ironing out details for this fall’s …

Ethereum hard forked today. No, not that Ethereum–the other one, Ethereum Classic.

With the Ethereum core devs stillironing out details for this fall’s Istanbul hard fork and taking another step toward Ethereum 2.0, Ethereum Classic is looking to be more like Ethereum 1.0. The man taking them there, Parity Technologies’ Afri Schoedon, confirmed the protocol upgrade, titled “Atlantis,”via tweet this morning.

A quick rundown of the history: In 2016, a smart contract on the Ethereum network was exploited to steal a lot of ETH. Most in the community were in favor of intervening to make it like the hack never happened; others pointed to immutability being a feature, not a bug, of the network.

The resulting DAO Fork produced a new network, Ethereum Classic, in which the funds remained stolen. Or, from another viewpoint, it created a new network that kept the Ethereum name but not the promise of immutability.

Since then, the main Ethereum network has undergonefour major upgrades: Tangerine Whistle, Spurious Dragon, Byzantium, and Constantinople. (Istanbul is next.)

Today’s ETC upgrade incorporates features that the ETH network implemented in Spurious Dragon and Byzantium. In other words, ETC now looks more like previous versions of ETH. That makes it easier and cheaper for developers to build decentralized apps that work on both networks.

Anthony Lusardi, a smart-contract developer, told Decrypt there’s “no real reason to dislike” the increased interoperability. Bob Summerwill, the executive director of the nonprofit ETC Cooperative, concurred. “It makes sense for ETC and ETH to collaborate at the moment, because ETH1 and ETC technical challenges are identical, though philosophies differ,” he told Decrypt.

Philosophies, indeed. Said Summerwill: “The ETC community sees the best path to scalability as Layer 2 on top of a [proof-of-work] Layer 1.” ETH core devs, meanwhile, are eyeing ETH 2.0, orSerenity. Proposed future upgrades would use sharding, rather than a second layer, to scale and move the network from its current proof-of-work system, which Bitcoin and other networks use, to proof of stake.

Yet beyond talk of the technical, the publicity for the ETC network upgrade has brought some simmering tensions bubbling to the surface. On September 10, Summerville posited in aninterview with KryptoJoe that “for many developers it’s like in their heart they would like the Classic to win, but basically, they are mainly Ethereum-technology people.” Ethereum core developer Péter Szilágyicalled BS.

The conflict spawned a “megathread,” in Summerwill’s words, between him, Szilágyi, and Lusardi that ended in at least one person being blocked. In the thread, Szilágyi posted:

“Why is it that everyone wants ETH to collaborate? ETC has been alive for 3 years, took everything we did, gave nothing back, but somehow we are expected to ‘collaborate.'” (Szilágyi did not respond to an email request for comment.)

Summerwill and others in the ETC community are undeterred. They’ll converge October 3 to 4 for the ETC Summit to discuss next steps. ETC core developers anticipate two future upgrades, Agharta and Atzlán, to take place in late 2019 and 2020, respectively.

Those upgrades will consider changes from the Ethereum network’s Constantinople and Istanbul forks. “The roadmap for ETC,” Summerwill says, “is towards convergence with ETH1.”

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