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

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Mon, 06/01/2020 - 10:49
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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?
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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.

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)