Ethereum Classic, the twin brother of the Ethereum network, carried out its planned Phoenix fork on May 31that contained characteristics of the previous Ethereum fork, Istanbul.
The update means that The two networks use practically the same protocol and are therefore fully compatible with each other. The hard fork was intended for block 10,500,839, which was dismantled at 8:00 p.m. Eastern time on May 31.
The fork is the third in a series of improvements aimed to bring Ethereum Classic in line with its more popular brother.. In December, the Agharta fork carried characteristics from Constantinople to ETC, while Atlantis was activated in early September 2019.
The inclusion of Istanbul functions means that the two projects have “reached protocol parity”., said Ethereum developer Afri Schoedon.
Some minor inconveniences have occurred due to the fork A small number of the miners remained in the old chain. Some clients, especially Hyperledger Besu, also could not be synchronized with the hard fork. The ETC team said this shouldn’t impact the network since Besu was used primarily in business environments.
What’s next for Classic?
Ethereum Classic can be seen as the “original” Ethereumwhere the consequences of the DAO hack have not been reversed. Yet, So far, it has not been able to attract large, decentralized application developers;; Your own native DApps are still small compared to the competition.
However, Your ETC currency has gained some traction. It was recently introduced in Gitcoin as a payment option for developer rewards, including non-Ethereum Classic rewards.
The ETC was launched in February as a guarantee for decentralized financing based on Fantomsimilar to ether (ETH) in MakerDAO.
By reaching protocol parity, Ethereum developers can port their applications directly to the sister blockchain. However, many other smart contract platforms are also compatible with Ethereum, such as the recently launched Binance Smart Chain.
It remains to be seen whether the Ethereum Classic’s recent advances will attract a strong developer community..