Ethereum Classic hard fork receives Binance’s support

  • 27 November 2020, Friday, 11:06
Ethereum Classic hard fork receives Binance’s support
Source: Pixabay

After an intense rally witnessed in the cryptocurrency market, the trends have reversed. Bitcoin along with altcoins has been moving down the price scale, but this has not stopped the upcoming developments. Ethereum Classic is set for its hard fork, Thanos [ECIP 1099], scheduled to take place on 29 November. In order to keep up with the developing ecosystem, Binance has announced to support this upcoming hard fork.

The announcement read:

“Binance will support the upcoming Ethereum Classic (ETC) hard fork & upgrade at the Ethereum Classic block height of 11,700,000. Deposits and withdrawals of ETC will be suspended on 2020/11/28 02:00 AM (UTC) and will reopen deposits and withdrawals for ETC once we deem the upgraded network to be stable.”

The Thanos hard fork will mark an important milestone for ETH as the network will support existing miners and attract new ones while maintaining compatibility with Ethereum [ETH]. This upgrade will also equip the ecosystem to withstand a 51% attack, as we recently saw it vulnerable to.

The founder and Chairman of Ethereum Classic Labs, James Wo noted:

“After the successful implementation of MESS, the finality algorithm that provides 51% protection, we continue to see Ethereum Classic innovate and grow in a way that distinguishes itself and increases functionality for its users.”

The Thanos upgrade will help in reducing the Directed Acyclic Graph [DAG] size to cultivate a more distribute and healthy mining ecosystem, increasing the hash rate, while allowing miners to continue to mine ETC.

The Mordor Testnet was activated in October and it implemented the Thanos upgrade. The mainnet activation has been estimated to take place on the block 11,700,000 on 29 November.

Looked at as the next natural step in ETC’s development, the team has advised Miners to upgrade their mining software to continue to mine the digital asset. The clients have also been asked to upgrade their nodes to Core-geth v1.11.16 or later.