Ethereum Classic records effective hardfork

Posted 30 May, 2018

Ethereum Classic developers have reported successful network update at the 5900000 block and thus eliminated a difficulty bomb.

The exact amount of updated nods is unknown as it is hard to determine it, though the project team said that they had got update notification from the majority of blocks and mining pools before the network upgrade.

According to the reports, the upgrade has been followed by neither negative consequences nor errors. This update is said to reduce the block creation period and move Ethereum Classic away from Ethereum in terms of technical and ideological issues.

For reference, users discussed the fork back in 2016. At the same time, the Ethereum community prefered to switch to Proof-of-stake system, while Ethereum Classic ones kept using Proof-of-work.

Such consensus is more effective way to resist the centralization.

"More specifically, advocates argue that proof-of-work systems require their validators (miners) to continuously invest in hardware and therefore in the blockchain," Coindesk reported.

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30 May, 2018 13:38

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US SEC receives court order to shut down fraud ICO business

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