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Binance Announces Support for Ethereum Classic (ETC) Network Upgrade & Hard Fork

Published

3 years ago

on

Ethereum Classic Magneto Upgrade

Today the largest cryptocurrency exchange by trading volume, Binance announces the support for Ethereum Classic (ETC) Network Upgrade & Hard Fork.

According to the official blog post, the hard fork will take place at Ethereum Classic mainnet block height of 13,189,133, or at approximately 2021-07-23 20:00 (UTC). Also, during the hard fork, the deposits and withdrawals on Binance will be suspended from 2021-07-23 19:00 (UTC).

What is Ethereum Classic Magneto Upgrade?

Magneto is basically a network upgrade code for Ethereum Classic and is specified in ECIP-1103. “Magneto is inclusive of the Ethereum Berlin upgrade which contains a series of EIPs optimizing gas and transactions which have implied security enhancements important for the network.”

All hard fork protocol changes are activated at a specific block number. Following are the Magneto hard fork schedule:-

  • Mordor TestNet, 3_985_893, 2021–06–02
  • Kotti TestNet, 4_368_634, 2021–06–09
  • Sagano TestNet, TBD, TBD
  • ETC MainNet, 13_189_133, 2021–07–21

This hard fork is to change the underlying Ethereum Classic protocol so that new rules will be created to improve the system.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.