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Ethereum Classic labs, the team behind the technical developments of Ethereum Classic token (ETC), has announced that the blockchain is set to undergo a network upgrade named Phoenix.
According to the report, the upgrade will take place at block number 10,500,830 and is expected to occur on June 3rd 2020. The upgrade will be systemic and comes as a result of a consensus among stakeholders within the Ethereum classic community.
While the effect of the halving event is yet to be really felt in the market, analysts have stated that Ethereum 2.0 may be a bigger catalyst for the market than Bitcoin halving due to uncertainty and fundamental changes around it, as well as some other important factors.
However, Ethereum 2.0 may not be the only development that may assist the market up the ladder, Ethereum Classic network upgrade also possesses some intriguing features.
The ability to make Ethereum and Ethereum Classic compatible bring in more usage. As revealed by the CEO of ETC Labs, the upgrade will drive more innovation, collaboration and great contribution to the ETC and ETH communities.
Increased collaboration within the Ethereum community, alongside the introduction of the Ethereum 2.0 could spur something great in the crypto industry.
Phoenix Upgrade will make ETC and ETH compatible
The Phoenix upgrade is expected to enhance EVM capabilities and it will make Ethereum and Ethereum Classic completely compatible for the first time.
Phoenix will also integrate Ethereum Instanbul network upgrades on the Ethereum Classic network, alongside new opcodes that will be added to Ethereum Classic which have been operational on the Ethereum network since 2019.
This would also be the third major fork on the Ethereum Classic blockchain in the last 12 months following the successful Atlantis and Agharta hard forks. Ethereum classic has a robust community and the third hard fork reflects a strong consensus among key ETC stakeholders.
The upgrade will also mark a fresh turning point for ETC and would increase collaboration within the Ethereum communities. There is also an emphasis on the values of transparency, collaboration, and accessibility for all which are the founding mission of Ethereum classic.
It is also understood that the ETC Labs has been working on the upgrade for months and have included fresh technical analysis towards developing a workable solution to combat challenges within its blockchain ecosystem.
All TestNets have successfully been implemented on the Phoenix upgrade, and now the ETC Core development team is preparing for MainNet activation.
About Ethereum Classic
Ethereum Classic is a decentralized blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. As one of the first forks of Ethereum, ETC has an active community and is regarded as one of the top projects within the crypto community.
At the time of publication, ETC is valued at $6.45 with a 2.45% gain on the USD in the last 24 hours. The coin is ranked 19th on the coin rankings with a market cap of $750 million.