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   2430

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

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