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.
Ethereum Commonwealth | January Dev Update
— Ethereum Classic (@eth_classic) 12 January 2018
Callisto is NOT the fork of Ethereum Classic, it is going to be a separate blockchain based on Ethereum protocol with its own cryptocurrency CLO. Callisto has a fixed cap monetary policy similar to ETC, and Callisto introduces a
Cold staking protocol that rewards coin holders for being a network participants.
The team decided to distribute the initial stake of CLO between current ETC holders. The snapshot of ETC blockchain will be made at block 5500000 on approximately 5 March, 2018. Every ETC owner will receive CLO coins automatically in a 1:1 ratio to the amount of ETC that he had at block 5500000.
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
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