According to CoinGecko, Ethereum Classic is up 30% to $33 in the past 24 hours, while Ethereum, on the other hand, is up more than 16% to $1,655 as Ethereum’s long-awaited software upgrade pushed the price of the respective cryptocurrency up. Is. In recent days.
Ethereum Classic, which was created after a 2016 software change known as a hard fork, on Ethereum’s blockchain. ether price There is also growth in the cryptocurrency industry that awaits the biggest transition to blockchain, also known as a merge, which could happen in September after hitting the road for several years.
The merge is set to move Ethereum 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 that uses powerful computers to order transactions. does.
Soon, the current Ethereum mainnet will merge with the Beacon Chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum and the complete transition to proof-of-stake. This sets the stage for future scaling upgrades, including sharding. The merge will reduce Ethereum’s energy consumption by about 99.95%, it claims in its website.
The offshoot outperformed Ethereum blockchain co-founder Vitalik Buterin after mentioning it at the annual Ethereum Community Conference, or EthCC, in Paris on July 21.
Ethereum Classic is up around 42% in the last seven days, ranked at number 20 cryptocurrency in terms of market value. ETC is the parent cryptocurrency of Ethereum Classic, a blockchain project that was created in 2016 when Ethereum’s blockchain split into two separate chains after disagreements among members of its community, according to CoinDesk.
Buterin revealed that the Ether network will be 55% complete once the merge upgrade is completed. Earlier this month, Tim Beiko, a member of the Ethereum Foundation, suggested September 19 as the tentative launch date for the merge.
Ethereum Classic, which still uses the proof-of-work mechanism, could be one of the biggest beneficiaries of the Ethereum migration, which is expected to cut the earnings of a million people. Miners who are looking for a platform for their expensive mining equipment can turn to Ethereum Classic.
Antpool, a mining pool affiliated with mining giant Bitmain Technologies Ltd, said it has invested $10 million to back it, pushing the original Ethereum into more headlines after Bloomberg reported.
(with inputs from Bloomberg)
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