Five months after the successful completion of the "Agharta" hard fork at block 9,573,000, the developers of the Ethereum Classic (ETC) Core announced today that the blockchain will undergo another network update called Phoenix.
Phoenix is a system-wide update and will take place on June 3, 2020, exactly at block 10,500,839. According to him official announcement of the project, the upcoming hard fork is a product of consensus among members of the Ethereum Classic ecosystem.
Like Atlantis and Agharta, the June update will further enhance interoperability between Ethereum Classic and its sister network, Ethereum. Phoenix will make both chains fully compatible for the first time since the division four years ago.
The Ethereum Classic chain was created in 2016 after Ethereum's Autonomous Decentralized Organization (DAO) was committed to the hijacking of 11.5 million Ether (ETH). However, in recent times, both networks have been working to be interoperable.
The Phoenix hard fork will integrate the Ethereum Istanbul network protocol updates into the ETC chain and add the opcodes that already exist in the Ethereum networks since Istanbul 2019 update.
While Phoenix is expected to go live on June 3, the date could change as the network approaches block number 10,500,839.
The project said in the announcement that they had successfully implemented all of the TestNets on the hard fork, and that the major developers at ETC are preparing to activate MainNet.
A turning point for Ethereum Classic
Since the breakup, Ethereum has managed to become the largest DeFi chain and the second largest cryptocurrency in the world after Bitcoin. Ethereum Classic, on the other hand, is currently ranked as the 20th largest coin on CoinMarketCap.
Speaking about development, Terry Culver, CEO of ETC Labs, explained that the upcoming fork is not only a turning point for the Ethereum Classic, but also helps demonstrate strong consensus among stakeholders in the ETC community.
"This update demonstrates the strong development underway at Ethereum Classic as it is the third hard fork of the past year and reflects the strong community consensus among ETC stakeholders. The update also marks a major turning point for Ethereum Classic, where the community is now in a position to drive more innovation, collaborate and make new technical contributions to the ETC and ETH communities, ”he said.