Ethereum Classic to perform a hard fork

ECIP 1041 will be implemented in the coming ETC hard fork on May 29 to remove the Difficulty Bomb
24 May 2018   2571

Ethereum Classic has announced to perform a hard fork on May 29. Difficulty Bomb is going to be addressed with the fork. The Difficulty Bomb is an artificial increase of mining difficulty of Ethereum blockchain. It was introduced to incentivize developers to migrate to Proof-of-Stake consensus algorithm. Initially, EIP-2 introduced it into Ethereum Homestead.

As Ethereum Classic Mainnet is not going to migrate to PoS in the near future, it was decided to remove the feature for good. The actual removal is a simple task, but being a part of consensus rules makes it to be a Hard Fork. All the existing ETC peer implementations need to be updated along with providing time to allow miners, exchanges and the likes to upgrade.

Thus the Hard Fork boundaries are as follows:

  • earliest block is 5,700,000 in April, 2018;
  • latest block is 6,100,000 in June, 2018.

Block 5,900,000 shall mark the start of the Hard Fork. At the moment of publication, Ethereum Classic market characteristics are as follows:

Average price 15.14 USD
Market cap 1,541,672,706 USD
Volume (24H) 188,177,000 USD

Grayscale to Support ETC Devs For Another 2 Years

Ethereum Classic Cooperative was launched in 2017 for financing infrastructure development and projects in the Ethereum Classic ecosystem
23 January 2020   259

Digital asset management company Grayscale Investments has expressed its willingness to continue to provide financial support to Ethereum Classic Cooperative (ECC) for another two years.

ECC was founded in 2017 and is a public charity that directly finances infrastructure development and projects in the Ethereum Classic ecosystem. Initially, Grayscale intended to support ECC for three years, and now extended this period until April 2020.

Grayscale donates to ECC the third part of a three percent commission from its Ethereum Classic Trust. By the end of 2019, the company had donated ECC over $ 1 million.

It is a big vote of confidence which we deeply appreciate. This funding allows us to continue our support of the ETC protocol and ecosystem. We will provide grants for key projects, as we have through 2018 and 2019.

 

Bob Summerwill

ETC Cooperative executive director

In the new year, ECC intends to aim for more sustainable development by redesigning its governance structure and increasing transparency in its operations. The report for 2019 will be published by March 2020, after which such reports will be published on a quarterly basis.

Grayscale is a division of Digital Currency Group, whose founder Barry Silbert actively supports Ethereum Classic.