Ethereum Classic hard fork is coming. Event details
November never ceases to amaze with epochal events. Let us remind you that the Zcash hard fork took place earlier, which became the first for this coin. There was also a major hack of a large project. A lot of dishonest companies have got into the open spaces of the industry, which extort money from ordinary users. However, this is not all. Ethereum Classic also plans to upgrade and split the system. The functionality plans to split into two separate branches. The blockchain division will take place at the end of November and will be called Thanos. Next, we will look at the details of this event, as well as highlight its significance for the entire cryptoindustry. Without further ado, let’s get started.
More about the coin
First, let’s recall the concept of Ethereum Classic for the part of the audience that only uses large coins and does not study the details of altcoins. ETH Classic is a derivative of the classic digital silver that emerged as a result of conflicts of interest. Initially, the project completely copied its progenitor – Ethereum, but for a long time it has been working according to an absolutely independent scenario. Today, ETH Classic is an independent project that operates according to a unique set of principles. The coin gathers around itself a huge audience, from interested users to hackers. Hackers are actively looking for ways to bypass the existing protection inside the coin in order to break the functionality and appropriate the money of ordinary savings owners.
For this, recently, a functionality has been used that allows an attack of 51%. Thus, the coin was subjected to huge loads several times and suffered serious losses. The result is a deterioration in reputation, the need to compensate for user funds and a drop in asset values. That is why the developers made the only right decision and decided to update the digital coin. During the hard fork, ETH Classic will receive several innovations that will allow the coin to more confidently meet possible attacks from intruders. Let’s find out what exactly the creators of the asset are offering as opposed to hacker attacks.
What is the Ethereum Classic update built on
The new functionality will be adopted after the system is split. It is not yet clear whether the hard fork will result in a separate coin or if ETH Classic will continue to work together. However, it has already been officially announced that after reaching block 11700000, the system will split into two parts. The update will bring support for Ethcash, which will remain in the system until 60,000 blocks are reached. As a reminder, this will allow more miners to start mining the digital asset.
Now, to interact with transactions, 3 gigabytes of video memory will be enough. Previously, the login barrier was 4 gigabytes. It is also planned to increase the cost of block reorganization by 31 times. Therefore, even if hackers manage to carry out a 51% attack, the attackers will not receive any income as a result. Thus, the representatives of the project exclude the very purpose of attacks on the system. This means that the system will be properly protected.
The introduction of this practice can give the green light to all Proof-of-Work projects. Indeed, if it is impossible to avoid a 51% attack from a technical point of view, then the developers have at least the ability to minimize the profits that hackers will receive. It is possible that other projects will also use this tool. So the significance of the hard fork is much more than it seems.
The developers also stated that they do not intend to abandon full compatibility with Ethereum. That is, ordinary users will not lose anything in terms of comfort. It remains only to wait for the event and see how Thanos gets started in real life. The main thing is to follow all the news of the cryptoindustry with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!