Ethereum Classic hardfork implemented

Ethereum Classic hard fork implemented

At 11th of December, the Ethereum classic hard fork implemented at block 5 000 000.

thanks to the implementation of the ECIP 1017 proposal, the expected total supply of cryptocurrency will be restrained to 210 million coins (and not 230 million, as it was before). a decrease in delivery might be accomplished through the implementation of the deflationary version of the financial policy. The latter implies a 20% reduction in the reward for the block now, and then each next 5,000,000 units extracted.

currently, the production price of 250,000 blocks is about 40 days. for this reason, with the identical degree of network complexity, the subsequent reduction of the award by 20% will be approximately in two years.

according to the developers of Ethereum classic, this type of monetary model is optimal, because it excludes uncertainty related to “halves” and makes coin emission more stable. This, in their opinion, in the future have to favorably have an effect on the alternate price of the currency.

As we have reported earlier Ethereum classic could have a protocol level upgrade ECIP-2017 that's designed to the stabilize the coin supply. at the start, the new monetary policy was scheduled for December 12, however, it'll actually be released on December 11, 2017.

the new economic policy will set a limit for the total issuance of Ethereum classic. The block reward could be decreased by 20% at block number 5,000,000, and any other 20% every 5,000,000 blocks thereafter, and uncle block rewards will also be reduced. the entire supply is predicted to be approximately 210 million of and so forth.

ETHEREUM CLASSIC PRICE EXPLODES OVERNIGHT