Coinbase doesn't plan to support Ethereum Classic now

According to Coinbase statement, company doesn't plan to integrade Ethereum Classic at this stage
24 July 2017   626
Ethereum Classic

Is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions.

Coinbase, biggest Bitcoin wallet and trading platform, isn't ready to intergrate Ethereum Classic yet. This is reported by the Ethereum World News.

Last week, a lot of Ethereum Classic fans and analysts suggested that Coinbase will start to support the Ethereum Classic in the near future. These talks were caused by the user's found of an API link to Ethereum Classic on Coinbase platform. Even Barry Silbert, the founder and CEO of Digital Currency Group, a Bitcoin and Blockchain-focused investment firm, thought this way. 

However, almost immediately after Silbert shared the API link of Ethereum Classic on the Coinbase platform in online communities and social media, the Coinbase development team clarified that the API link is simply a relic from the previous Ethereum Classic payout. Coinbase announced that they have no plans to support ETC at this stage and that this API call is a relic of the ETC withdrawals.

Launch of the Ethereum Classic Investment Trust, that allows investors of public market to invest in Ethereum Classic, this cryptocurrency continued its growth.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks.

Ethereum Classic is the sixth largest cryptocurrency in the market, with around $1.5 bln market cap. Although Coinbase representatives stated that they cannot provide any more information in regard to the cryptocurrencies the platform intends to support, analysts and experts have been encouraging Brian Armstrong, the CEO of Coinbase, to consider integrating Ethereum Classic.

What is Callisto Network Project?

The first ETC sidechain launch and side-coin distribution project from Ethereum Classic Team
19 February 2018   226

Ethereum Classic team shared information on the first ETC sidechain launch and side-coin distribution project - Callisto.

The main goal of Callisto network is to research and provide a reference implementation of an experimental protocol changes that aim to establish a smart-contract based on-chain governance system, completely financially transparent built-in development funding mechanism and balance the interest in the network between the miners and coin holders (ordinary network users).
 

Ethereum Classic Team

Despitee the fact that Callisto is not a hardfork, it has one of the main features of hardfork -  the initial stake of CLO coins will be distributed 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.
 

Ethereum Classic Team

These are the issues, that will be solved by this project:

  • 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.
  • Lack of a specialized testnet for Callisto and ETC chains. If Ethereum will introduce any breaking changes then there will be no viable testnet for ETC chain. Morden testnet is very old and require syncing and mining a test block to start testing contracts on it which is not suitable in most cases.

As mentioned above, release is planned to be approx. 5 March 2018