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Ethereum Classic Planning A Hard Fork
Major Upgrades Planned by Development Team
Ethereum Classic (ETC) started its journey as a cryptocurrency after a disagreement within the Ethereum community following a hack. The core community supported a fork to a new upgraded blockchain to remedy the hack, while Ethereum Classic developers disagreed. This led to the creation of Ethereum Classic which is seen to some as "the real Ethereum". Currently it is 19th cryptocurrency in terms of market capitalization on Coinmarketcap.
The Ethereum Classic team is implementing many new upgrades to the network called the Atlantis hard fork. This hard fork will add new code on top of the existing protocol. It is unlikely that this fork will end with the creation of a new currency, as there seems to be agreement within the community.
It seems that the Ethereum Classic community has also taken note of Ethereum's recent Constantinople fork, which could have been better.
As per the announcement:
"In implementing Atlantis, we intend to fulfill two key priorities: (1) develop high-quality blockchain software that preserves the security of the network; and (2) consider the opinions and concerns of the community. With these priorities in mind, we hereby propose to adjust the block height of Atlantis to #8,772,000 (around September 17) in the upcoming ECIP finalization call.
We look forward to our continued cooperation with the ETC community. ETC Labs will work jointly with all developers and teams to successfully complete the hard fork, making ETC stronger."
The upgrade if successful will likely have positive repercussions on Ethereum Classics value. Should this succeed, we might see ETC jump up a rank or 2 on Coinmarketcap.