Ethereum Classic (ETC) is about to enter one of the most critical stages of its recent history as the moment of a hardfork under the name of Atlantis approaches. The hardfork is scheduled to occur at block 8.750.000, which is expected in early September of this year, at the current rate of block generation.
One of the main characteristics of Atlantis is that it will allow modifying the formula of the mining adjustment of the blockchain, as well as to add new functionalities to the Virtual Machine of this network, taken from the recent bifurcation that lived Ethereum, Byzantium.
Until now, the ETC community has been relatively inactive. The project has lost some popularity, especially after Charles Hoskinson (one of its main promoters) dedicated more exclusively to the development of Cardano (ADA).
According to Donald McIntyre, the fork seeks to modify the formula for adjusting the network’s mining difficulty, as well as adding new features for ETC code development. It is also expected to eliminate the possibility of using uncle blocks to manipulate the emission of tokens.
Ethereum Classic, like Ethereum, generates the main blocks but also produces what are called “uncles” which are valid blocks, that arrive at the same time, but are not considered part of the central chain. Since these also receive a small compensation through the mining reward, they can be manipulated to issue more ETC than what the monetary policy estimates. With this modification, the difficulty for general blocs will be adjusted to include the number of uncles, making it more difficult to create them, minimizing the possible creation of money through the uncles.
The new hardfork is non-contentious, i.e. the community is expected to voluntarily accept the migration to the new chain (incompatible with the original ETC). After the fork, ETC will have a maximum emission of 210 million blocks.
According to McIntyre, the ETC community has received the news with enthusiasm and discussions about the discussions about the hard fork have been quite productive.
In general, all the changes as proposed were well received in the call, except for the state trie clearing, which will be discussed further with more analysis as described above. There were representatives from several core developer teams, mining operations, node operators, and other ETC ecosystem participants. The discussions about this hard fork will continue in the following days and weeks