The development team of the Ethereum Classic proclaimed an important update in the form of a hard fork called Magneto, which will launch at the end of July. This was announced on Twitter by one of the project team members, Stevan Lohja.
The upcoming update will include four improvements: EIP-2930, EIP-2718, EIP-2565, and EIP-2929, which appeared as part of the Berlin blockchain update, implemented in April this year. The main task of the hard fork will be to reduce user spending on gas due to the fact that keys and addresses will be stored in one place and can now be accessed within a single transaction. At the same time, tests of test networks are in full swing in the blockchain. At Morder they started on June 2nd and at Kotti a week later on June 9th. Hence, the Magneto update should be released immediately after testing is complete. It is now scheduled to activate on July 21st.
To ensure stable operation after Magneto, Stevan advised all members of the ETH community to update their nodes' software in advance to a version that is relevant for the future hard fork. He also stressed that if members use ETC using third-party services, they should clarify whether they support Magneto. According to him, this is the only way to be 100% sure of stable operation after activating the update.
The developer noted that the ETC team considers it their main task to regularly integrate the new functionality of Ethereum 1.0 in order to prevent the possible repetition of Python 2 and Angular 1 errors. But he is convinced that Ethereum Classic Treasury can solve this problem.
Meanwhile, ETC is currently valued at $55.96 on Binance. The asset showed a daily growth of 31%, settling on the 15th line of CoinMarketCap, and its market capitalization broke through the mark of $6.518 billion.