ETC Developers Revealed Callisto Network Project Details

Ethereum Classic developers announced the Callisto Network Project which is a separate blockchain and is NOT the ETC hard fork; the project will result in a 1:1 CLO airdrop for ETC holders
15 January 2018   4496

The development team of Ethereum Classic has reported about developing the Callisto Network Project, the main goal of which 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.

It is possible to establish a core of any crosschain service at the Callisto network and use Callisto smart-contracts state on ETC chain and visa versa which allows to facilitate the bandwidth of ETC chain.

ETC January Dev Update

Moreover, it was reported that it would be possible to improve the scalability of both ETC and Callisto networks by using one as a sidechain.

Advantages of Callisto-TEST network

  • Proof of Authority consensys. High DDOS resistance
  • Zero install requirements to test your contracts at this testnet
  • No need to sync your node to test contracts at this testnet
  • Reduced block time for testing reasons which allows to execute contract calls and normal transactions faster

Ethereum Classic Charts January 2018Ethereum Classic Charts 

The price of Ethereum Classic surged following the news, having risen from $40 to $46, and the market capitalization of the coin increased from $4 billion to $4,6 within short period of time.

At the moment of press, these are main market parameters of Ethereum Classic:

  • Average price: $42,65
  • Marketcap: $4 227 916 555
  • 24h volume: $853 022 000

Ethereum Classic to perform a hard fork

ECIP 1041 will be implemented in the coming ETC hard fork on May 29 to remove the Difficulty Bomb
24 May 2018   184

Ethereum Classic has announced to perform a hard fork on May 29. Difficulty Bomb is going to be addressed with the fork. The Difficulty Bomb is an artificial increase of mining difficulty of Ethereum blockchain. It was introduced to incentivize developers to migrate to Proof-of-Stake consensus algorithm. Initially, EIP-2 introduced it into Ethereum Homestead.

As Ethereum Classic Mainnet is not going to migrate to PoS in the near future, it was decided to remove the feature for good. The actual removal is a simple task, but being a part of consensus rules makes it to be a Hard Fork. All the existing ETC peer implementations need to be updated along with providing time to allow miners, exchanges and the likes to upgrade.

Thus the Hard Fork boundaries are as follows:

  • earliest block is 5,700,000 in April, 2018;
  • latest block is 6,100,000 in June, 2018.

Block 5,900,000 shall mark the start of the Hard Fork. At the moment of publication, Ethereum Classic market characteristics are as follows:

Average price 15.14 USD
Market cap 1,541,672,706 USD
Volume (24H) 188,177,000 USD