Ethereum Classic strikes 4-month high as key software upgrades

The second-biggest cryptocurrency could become more energy-efficient by mid-September.

According to CoinGecko, in the previous 24 hours, Ethereum Classic increased by over 10% to reach a four-month high of $42, while Ether increased by over 20% to reach $1,893 as a result of Ethereum’s much-anticipated software upgrade.

During a conference call, developers working on the project said the most ambitious upgrade to the Ethereum blockchain should happen in mid-September.

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Before the Ethereum network changes to new software, developers have chosen a number of the so-called total terminal difficulty requirements that must be met by the final block mined. The software engineers are now considering September 16 to 20; however, the final date range is anticipated to be confirmed during another developer call next week.

The software update, called the Merge, has been under development for years and will alter how Ethereum arranges transactions to make them more energy-efficient. Upgrade to Ether’s software,  The Merge will replace the blockchain’s existing Proof of Work system, which employs powerful computers to arrange transactions, with a system called Proof of Stake that uses staked Ether tokens to do it.
Before the long-awaited switch to proof-of-stake on the Ethereum blockchain, the third and last “Goerli” test environment network merging has been successfully accomplished. The Merge’s dress rehearsal was completed by Goerli, the last of three open test nets.

Since June’s decline when it took a dive because of the approaching Merge, ether, a cryptocurrency, has increased by more than 60%. However, over 21% of growth has occurred in the past week for Ethereum Classic.

Ethereum Classic, which was created after a 2016 software change known as a hard fork on Ethereum’s blockchain. The native coin of Ethereum Classic is called ETC. According to CoinDesk, Ethereum’s blockchain broke into two distinct chains in 2016 as a result of a dispute among its community members.