Ethereum Classic hard fork to take place on November 29
After an intense high witnessed in the cryptocurrency market, the trends have reversed. Bitcoin, along with altcoins, has fallen on the price scale, but that has not stopped future developments. Ethereum Classic is set for its hard fork, Thanos [ECIP 1099], scheduled to happen on November 29. In order to monitor the development of the ecosystem, the Binance announced that will support this next bifurcation.
O announcement it said:
“Binance will support the next hard fork & upgrade Ethereum Classic (ETC) at the time of the 11,700,000 block. ETC deposits and withdrawals will be suspended on 11/28/2020 02:00 (UTC) and will reopen as soon as we consider the updated network to be stable. ”
Facing a 51% attack
The Thanos hard fork will be an important milestone for ETC, as the network will support existing miners and attract new ones, while maintaining compatibility with Ethereum [ETH]. This update it will also equip the ecosystem to withstand a 51% attack, as we recently saw the vulnerability.
Ethereum Classic Labs founder and president James Wo noted:
“After the successful implementation of MESS, the purpose algorithm that provides 51% protection, we continue to see Ethereum Classic innovate and grow in a way that stands out and increases functionality for its users.”
The Thanos update will help reduce the size of the Targeted Acyclic Graph [DAG] to cultivate a more distributed and healthy mining ecosystem, increasing the hashrate, while allowing miners to continue mining ETC.
Mordor Testnet was activated in October and implemented the Thanos update. Mainnet activation was estimated to occur in the 11,700,000 block on November 29.
Considered the next natural step in the development of ETC, the team advised miners to update their mining software to continue mining the digital asset. Customers were also asked to update their nodes to Core-geth v1.11.16 or later.