Ethereum Classic (ETC) Jumps 9% Over Hard Fork Bringing Full Compatibility With ETH
The Ethereum Classic (ETC) blockchain is set to undergo a hard fork on January 15 that’s set to include full compatibility with the Ethereum (ETH) blockchain and include features of ETH’s Constantinople hard fork.
According to a report published by Cointelegraph, citing a press release shared by ETC Labs, the upcoming Agharta hard fork is expected to create backward compatibility between Ethereum Classic and Ethereum. ETC Labs’ CEO Terry Culver was quoted as saying:
Ethereum Classic Labs is one of the first incubators to support innovative projects on the Ethereum Classic Blockchain. The compatibility between the ETC network and the ETH network will accelerate development of the Ethereum Classic community and ecosystem.
ETC Labs reportedly pointed out both cryptocurrencies “grew from the same root” and that restoring compactivity will improve development and “allow for differences while reducing disruption.”
Seemingly reacting to the announcement, investors poured into Ethereum Classic as the cryptocurrency’s price jump 9% in a short amount of time after it was published. At press time, ETC is trading at $4.48 per token.
Like most other top cryptocurrencies, Ethereum Classic hit a yearly high above $10 before entering a bearish trend that saw it drop to a low of $3.4 before recovering earlier this month. In late 2017 it hit an all-time high above $45.
Earlier this year, ETC’s price surged on the announcement of its Atlantis hard fork as well. The upgrade implemented some recent innovation from the Ethereum blockchain, and showed the network was still improved after ETC was hit with a 51% attack, and after its development group ETCDEV shuttered due to a lack of funding.
The original Ethereum blockchain split into two back in 2016, shortly after the DAO was hacked for 3.6 million ether, then worth around $50 million. The cryptocurrency community at the time decided to hard fork the blockchain so the stolen ether could be sent to a smart contract and be returned to the owners from what had been taken.
Some, however, rejected the hard fork questioning the blockchain’s immutability if it occurred, leading to the creation of Ethereum Classic in July 2016.