Fans and hodlers of Ethereum Classic (ETC) have already started celebrating with the announcement of the release of a new update. According to a recent enhancement proposal, the Blockchain underlying Ethereum Classic will be updated. The Mystique hard fork update will be released as early as 13 February.
What should you know about the latest Ethereum Classic announcement?
Investors should know that this upgrades originates from the London-based Ethereum hard fork (CCC:ETH-USD). Mystique will update Ethereum Classic to ensure compatibility with Ethereum. The exact improvements will include transaction speed and scalability, as well as changing several aspects of Ethereum Classic’s structure, such as gas fees.
What has been going on in the Ethereum Classic project recently?
The cryptocurrency is struggling to regain its former momentum…
In May, ETC reached its all-time high of $176.16. Since then, ETC has been in a downward trend. Looking at the chart, you can see that despite the temporary increase associated with the announcement of the update, the cryptocurrency is still almost 90% below its highs. Although trading volume increased by more than 50% on February 2, ETC saw a net gain of less than 1%. This shows that despite the obvious expectation of an upcoming Mystique hard fork, the bulls have not been able to overcome the bears.
Ethereum Classic was created in 2016 after the Etherum blockchain was hacked and split in two. The first split came at the insistence of the Ethereum community, which supported the forking of the initial project. ETC was created as a result and has since continued to trade with ETH in sympathy.
What exactly is a hard fork?
It is the creation of a new chain that is identical to the original, but makes protocol changes that must be accepted by the entire network. Hard fork occurs when the nodes of the newer version of the blockchain do not accept the previous protocol. Adding a new rule to the code creates a hard fork. Translated, this means that all users must migrate to the new software.
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Mr.Advice TEAM 10/02/2022