The ETC cryptocurrency recently passed its Phoenix hard fork, which means that Ethereum Classic is now interoperable with the ETH Network. The original ETC network first launched in 2015 but recently went through its Phoenix hard fork (May 31st) which meant the third upgrade in recent years following an Atlantis hard fork and the Agharta fork in September and December 2019, respectively.
Now, the Ethereum Classic news show that the blockchain has integrated features from ETH’s Istanbul hard fork which occurred in December 2019. This fork allowed the Ethereum network to provide interoperability with Zcash, as it improved the scalability and security at a cheaper cost.
It also reduced the gas costs and expanded the range of functions possible with the smart contracts. As the official announcement by ETC shows, a majority of miners are already on Phoenix including “major exchanges, wallets, infrastructure providers, and other services.”
“The Ethereum Classic blockchain successfully activated the Phoenix hard-fork at block 10,500,839 or May 31, 2020 CT. Phoenix was inclusive of the ETH Istanbul features bringing Eth Classic and Eth use cases, tools, and collaboration opportunities to absolute technical compatibility while retaining their respective differences,” the team said.
Ethereum Classic is now interoperable with the ETH network and the team recommends that developers who were using Parity Ethereum should shift to the Core-geth to ensure that security of their nodes as Parity Ethereum is no longer supported by ETC.
The fork which created the ETH network has many developers and businesses relying on and has grown exponentially to become the most popular blockchain network in the crypto market. While Ethereum Classic is now interoperable with it, the altcoin did not enjoy the same growth.
In fact, Ethereum Classic (ETC) is ranked at the 20th position, now trading at $6.91 with a 0.44% increase and a market cap of $804 million. The recent market activity for ETC has not been that good, considering the fact that the altcoin reached highs of $7 and more before this. However, analysts are optimistic that ETC will surge soon.
More statistics on the Phoenix hard fork in the ETH news – and the network information can be found on these links:
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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