It’s time to scoop up some more ETC.
I feel like the ETC devs are building something with Callisto that could be a future game changer for ETC and smart contracts…
It appears that long-time ETC holders may be looking at a price surge after the development team announced the Callisto Network project, which will result in a 1:1 airdrop.
While some are mistakenly terming it an ETC hard fork, Callisto is actually going to be a new blockchain (with CLO as its native currency), developed in order to test experimental protocols, possible scaling solutions and set up a governance system which incentivizes both miners and coin holders.
According to the update:
“Callisto is a separate blockchain that is based on Ethereum protocol with its own cryptocurrency (CLO)…Callisto introduces a Cold staking protocol that rewards coin holders for being network participants.”
Cold staking is defined as a way to incentivize CLO coin holders by allowing them to stake their coins and earn interest, without having to validate transactions, since consensus will continue to be achieved via Proof-of-Work (POW).
Essentially, the problems to be solved with the Callisto project are outlined as under:
- There is no incentive for coin holders to continue to own coins which is important for “store of value” currencies.
- Interest and influence in the network are not balanced. -
- The balance is strongly biased towards the miners.
- Lack of governance system. Cold staking protocol could serve as an intermediate step for governance system implementation.
The update also discusses Callisto’s initial distribution, announcing the airdrop for ETC holders:
“It was decided to distribute the initial stake of CLO between current ETC holders. We will make a snapshot of ETC blockchain at block 5500000 (approximately 5 March, 2018. This depends on ETC block time and ETC hashrate changes). Then we implement the initial balance of each ETC holder in the Callisto network genesis block, so each ETC owner will receive CLO coins automatically in a 1:1 ratio to the amount of ETC that he had at block 5500000.”
I’ll throw it back to you guys…