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Ethereum Classic (ETC) Hardfork Phoenix Activated. Why is This Important?

News
Mon, 06/01/2020 - 10:49
Vladislav Sopov
The Ethereum Classic (ETC) blockchain is now interoperable with the Ethereum (ETH) network. The Phoenix update is the third hardfork of ETC in one year
Ethereum Classic (ETC) Hardfork Phoenix Activated. Why is This Important?
Cover image via stock.adobe.com
Contents

The Ethereum Classic (ETC) Phoenix hardfork went live at block 10,500,839 on May 31, 2020, ten days earlier than had been previously announced.

Third hardfork within one year

The Ethereum Classic (ETC) network has finalized its series of hardforks that targeted the interoperability with the main Ethereum (ETH) blockchain. After the Atlanta and Agharta updates, this is the third update of this process.

Ethereum Classic (ETC) hardfork Phoenix activated
Image via Twitter

According to the announcement from Ethereum Classic (ETC) technical coordinator Stevan Lohja, this hardfork has brought all ETC and Ethereum (ETH) Istanbul features onboard along with use cases and tools for absolute technical compatibility. Nonetheless, each chain has retained its own differences.

At press time, OpenEthereum, Coregeth and Multigeth clients are live on the post-Agharta network, while the Besu client is syncing. However, the latter isn't used by on-boarded services, so its lack of synchronization doesn't affect the blockchain.

Also, the Parity Ethereum client is no longer being maintained and has been moved to the Open Ethereum community driven project.

New opportunities

The Ethereum Classic (ETC) team believes that this upgrade will fuel new innovations and research.

The motivation behind the hardfork was to enhance every Ethereum Virtual Machine (EVM) capability by adding some new opcodes (functions) to the Ethereum Classic (ETC) protocol.

Moreover, it enabled compatibility between the testnet environments of both blockchains: Ropsten and Mordor, Goerli and Kotti.

However, new opcodes can't affect the existing smart contracts on the Ethereum Classic (ETC) network. The overall functionality of the network will increase significantly.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)