Ethereum Classic (ETC) Phoenix is Getting Ready What Should Holders DoMay 29, 2020
To support the Phoenix hard fork operators are updating the Ethereum Classic Nodes. The Phoenix is all set to rise.
Ethereum Classic (ETC) is undergoing a network upgrade code-named, Phoenix (ECIP-1088). This upgrade will activate at block 10_500_839, which is estimated to occur no later than June 1st, 2020.
Ethereum Classic tweeted: “~88% hash rate is confirmed for Phoenix, as miners show their long-term support. Also, ChainBridge will soon allow $ETC users to use DeFi platforms and move gains back to EthereumClassic.”
Users are following the ETC signal, which is the newsletter meant for important network events like hard fork updates, security alerts, and important news about the impact related to Ethereum Classic consumers.
The hard fork is creating new rules to improve the system. While ETC reinstates on the upgrades and implementations, they need to have a look into the disclaimer, which states, “By choosing to implement these recommendations, you alone assume the risks of the consequences.”
Sydney Ifergan, the crypto expert, tweeted: “Ethereum Classic (ETC) has been consistently working hard in ensuring the Phoenix will be on track in June. Fruits of work showing up shortly.”
Several holders were not sure of what is their role in the upgrade, and many of them were seemingly worried if they should do anything about this update. In return, a reply read: “Check if the services you use are in the update-ready list. On the usual basis, the holders are not affected by the updates – the services take care of the maintenance :)”
Ethereum Classic (ETC) Accelerating Adoption
The Saturn protocol has already put the users completely in charge of their funds while transacting with strangers over the internet by enabling the atomic swaps for ETC and ETH.
All the excitement is about the “Complete ETH/ETC compatibility is coming.”
Ethereum Classic acknowledges that to facilitate innovative benefits and features; it should continuously create valid blocks, order txs, store and protect property and agreements on trust minimized, immutable and permissionless blockchains at a global scale.
For those who are not sure of the motives of ETC coop it is about accelerating adoption, foster collaboration, and to facilitate a mature governance and transparency.
ETC are continuing with their mission of unstoppable applications. Though not in the top 10 list, they are moving in steps to climb the ranking ladder. It is in real-time we will get to see how they evolve.