Ethereum Classic fork to be executed next week (Cryptocurrency News Today)

Ethereum Classic fork to be executed next week: An Ethereum Classic fork will be executed next week. The snapshot fork which would be executed is known by the name of Callisto. The ETC coin holders would be able to get the new coins in a ratio of 1:1. The block after which this fork would be executed is 5500000.

High profile hard fork:

Ethereum Classic was itself created after a hard fork in Ethereum. Thus, the Ethereum Classic holders would experience 2nd such fork after the creation of the cryptocurrency itself in the last fork. The earlier fork was executed in order to bail out the investors who had lost around $ 150 million. Many of the cryptocurrency investors still believe that Ethereum Classic is the real cryptocurrency rather than Ethereum.

Improving smart contract security:

Callisto developers are of the opinion that they would be able to improve smart contract security with the help of their tokens. The fork is slated to be executed around March 2. The main reason behind this fork is that the new cryptocurrency would have a better smart contract design. Ethereum Classic currently is at the risk of smart contract hacking. On the other hand, CLO developers will be creating official smart contract auditing department which would provide better smart contract security.

The main aim of the CLO developers is to create the self-funded and self-sustaining blockchain system which would provide enhanced security. This point is also highlighted in the white paper of CLO.

Limited information about CLO developers:

The information about CLO developers is pretty limited. According to a Github page, Dexaran is the name of the project on which the CLO developers have worked in the past. Apart from that, not a lot of information is available about these developers.

Recent forks:

Ethereum Classic fork just comes weeks after the fork in Litecoin. Currently, Litecoin Cash is just trading around $ 4-$ 5. However, investors are bullish on Litecoin Cash. It remains to be seen what value is imparted to CLO once the hard fork actually occurs. Till then, many investors believe that in anticipation, Ethereum Classic would rise further. This can lead to higher number of transactions in Ethereum Classic. This would create momentum for the new cryptocurrency once the hard fork occurs.

Many of the investors believe that significant value can be created with the help of this hard fork. It remains to be seen how much of returns can this hard fork provide to Ethereum Classic investors.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.

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