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Business News/ Markets / Cryptocurrency/  Ethereum Classic hits 4-month high as ether's major software upgrade nears

Ethereum Classic rallied over 10% to hit a four month high at $42 in the last 24 hours, as per CoinGecko, whereas, Ether, on the other hand, surged to $1,893 as Ethereum’s long-anticipated software upgrade has pushed up the prices of the respective cryptocurrencies in the recent days.

The most ambitious upgrade to the Ethereum blockchain should take place in September, possibly closer to the middle of the month, developers working on the project said during a conference call after what was billed as a final dress rehearsal.

Developers have picked a number of so-called total terminal difficulty required of the final block mined in Ethereum before the network switches to new software. The final date range is expected to be approved during another developer call next week, though the software engineers are currently looking at September 16 to 20.

Called the Merge, the software upgrade has been in the works for years, and it will change the way Ethereum orders transactions to become more energy efficient. Ether's software upgrade The Merge is set to take the blockchain to a system called Proof of Stake, in which staked Ether tokens will order transactions, from its current system called Proof of Work, a mechanism which uses powerful computers to order transactions.

The third and final ‘Goerli’ test environment network merge before the Ethereum blockchain makes its long-awaited move to proof-of-stake has successfully been completed. Goerli was the last of three public testnets to run through a dress rehearsal of the Merge. 

Cryptocurrency ether has rallied more than 60% since a dip in June on anticipation of the Merge getting closer. Meanwhile, Ethereum Classic has rallied over 21% in the last seven days.

Ethereum Classic, which was created after a 2016 software change known as a hard fork on Ethereum’s blockchain. ETC is the native cryptocurrency of Ethereum Classic, a blockchain project that was created in 2016 when Ethereum’s blockchain split into two separate chains following a disagreement among members of its community, as per CoinDesk.

Ethereum Classic, which still uses the Proof-of-Work mechanism, may be one of the biggest beneficiaries of the Ethereum’s migration, which is expected to cut off earnings for as many as one million people. Miners who are looking for a platform for their costly mining equipment may turn to Ethereum Classic.

(With inputs from agencies)

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Updated: 12 Aug 2022, 02:19 PM IST
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