Ethereum Classic (ETC) is getting prepared for a Hard Fork that will take place tomorrow, May 29. This blockchain platform is responsible for keeping alive the spirit of the original Ethereum project from its inception. From tomorrow, they will experience a drastic change in its system.
The main objective of the Hard Fork is to remove the difficulty bomb in the mainnet corresponding to the 5,900,000 block. For this reason, all users of the platform must update their software and thus be able to disable the function designed to increase the difficulty when extracting rewards from the protocol before switching to a new consensus algorithm. If the bomb is not eliminated, the extraction would not be profitable as of September of this year.
Currently, the price in the cryptocurrency market for Ethereum Classic (ETC) is $ 14.74 (according to the CoinMarketCap portal, at the time of writing this news). The mining difficulty grows exponentially every 100,000 blocks by a factor of 2. This was stopped by the implementation of ECIP-1010 from the 3,000,000 block to the 5,000,000 block. With a continuous growth in the block of 6,500,000, which is scheduled for next autumn.
The original mission and vision of the Ethereum blockchain project has always been clear and summarized in the words of Cody Burns, developer of Ethereum Classic:
“The entire premise is that you would put normal money into the system to buy a stake in it, and banks and large institutions have unfair amounts of capital compared to normal participants. “
Now we just have to wait to see how the platform remains in the market after these adjustments and with the depressing fall that Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies are having in recent days.