Let's Get to Know Magneto Upgrade from Ethereum Classic
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Let’s Get to Know Magneto Upgrade from Ethereum Classic

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Let’s Get to Know Magneto Upgrade from Ethereum Classic

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Because Ethereum Classic will be doing a magneto upgrade on July 21, allowing the price of the ETC crypto asset to rise.

Ethereum Classic (ETC) is different from Ethereum (ETH), although both were founded by Vitalik Buterin’s Ethereum Foundation. What’s the difference?

Then, what factors make the price of Ethereum Classic (ETC) increase from the Magneto Upgrade? Let’s discuss it in this article.

What is ETC?

Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It supports a modified version of the Nakamoto consensus through transaction-based state transitions executed on the public Ethereum Virtual Machine (EVM).

Ethereum Classic maintains the original history of the Ethereum network unchanged. The Ethereum project mainnet was originally released via Frontier on July 30, 2015.

However, due to hacking of a third party project, the Ethereum Foundation created a new version of the Ethereum mainnet on July 20, 2016 with an irregular state change implemented that removed DAO theft from Ethereum blockchain history.

The Ethereum Foundation applies their trademark to a new version of the Ethereum blockchain; Ethereum. The older, unchanged version of Ethereum was renamed and continued as Ethereum Classic.

So, Ethereum Classic is the old Ethereum that has not changed and has been separated from Ethereum (ETH).

What is Magneto Hard Fork?

The update, called Magneto, will include four Ethereum Improvement Proposals (EIPs).

The Magneto project aims to improve network security, reduce gas costs, and keep addresses and keys in one place. So that it can be accessed by users in one transaction.

ETC developers have been beta testing the Morder and Kotti ETC testnets since June 2 and June 9. Magneto will be implemented once the pilot phase is complete.

To ensure a successful fork, ETC customers will need to upgrade their node software to a Magneto-compatible version if they haven’t already.

Will ETC Prices Go Up After This?

Upgrading the network to a more efficient one is one factor in the price increase. Because this will increase demand and make it easier for people to use the token.

Until this article was written, the ETC price was at the level of IDR 724,500. The ETC cryptocurrency touched an all-time high on May 6, 2021, when ETC touched a price of IDR 2,554,594.

Analysts said that ETC could rise again, although it is difficult to touch the highest level.

How to Buy Ethereum Classic (ETC) on Indodax

For those of you who want to buy Ethereum Classic (ETC), you can read the tutorial below:

  1. For those of you who are not yet a member, click the link here.
  2. After that, make a deposit. For those of you who are confused about how to deposit, if you click this link
  3. After your deposit and balance come in, you can return to the market.
  4. Look for Ethereum Classic (ETC). Then click
  5. After logging in, you just have to buy by filling in the balance and at what price you want to buy ETC. Or you can also buy it instantly or directly.
  6. After that, you need to patiently wait for the price to increase for some time.
  7. After the price increases, you can sell it at a higher price with the instant method.
  8. If you sell with the limit method, you can place an order after buying. Make sure you enter a higher number when selling.
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