Binance Announces Support for Ethereum Classic (ETC) Network Upgrade & Hard Fork

Today the largest cryptocurrency exchange by trading volume, Binance announces the support for Ethereum Classic (ETC) Network Upgrade & Hard Fork.

According to the official blog post, the hard fork will take place at Ethereum Classic mainnet block height of 13,189,133, or at approximately 2021-07-23 20:00 (UTC). Also, during the hard fork, the deposits and withdrawals on Binance will be suspended from 2021-07-23 19:00 (UTC).

What is Ethereum Classic Magneto Upgrade?

Magneto is basically a network upgrade code for Ethereum Classic and is specified in ECIP-1103. “Magneto is inclusive of the Ethereum Berlin upgrade which contains a series of EIPs optimizing gas and transactions which have implied security enhancements important for the network.”

All hard fork protocol changes are activated at a specific block number. Following are the Magneto hard fork schedule:-

• Mordor TestNet, 3_985_893, 2021–06–02
• Kotti TestNet, 4_368_634, 2021–06–09
• Sagano TestNet, TBD, TBD
• ETC MainNet, 13_189_133, 2021–07–21

This hard fork is to change the underlying Ethereum Classic protocol so that new rules will be created to improve the system.