Ethereum Classic rose by almost 40%

Cryptocurrency Ethereum Classic showed a notable price jump by 39,86% within past week
09 November 2017   649

Ethereum Classic (ETC), a cryptocurrency which currently takes 11th place in top coins list ranked by market capitalisation was moving in a positive direction during last 7 days, rising by almost 40%. At the moment of press, the coin has a market capitalisation of $1,3 billion and is traded at $14 price, although the beginning of week was marked by not very high price of less than $10.

Ethereum Classic Charts November 2017Ethereum Classic Charts

Ethereum Classic faced some ups and downs during past several month, for instance in July 2017 it marked an all-time-high of about $23 and jumped by 25% in the end of August, nevertheless September was not so successful for the currency as its price fell down to $10.

The recent growth of the coin might be connected to the upcoming Ethereum Classic Summit which is due to occur on November 13 and 14 of 2017 in Hong Kong where a huge amount of ETC developers, stakeholders and partners will appear.

In October, a multi-currency wallet Exodus added Ethereum Classic support in its new version. Moreover, November 2 was marked by the announcement of a new version of Emerald Wallet, which is a major project designed to enable building of decentralized apps on Ethereum Classic blockchain without reinventing the whole architecture.

Also, at the same day, some security improvements were claimed to be made via Ethereum Commonwealth development update.

What might have also influenced the ETC price jump, is that OKEx, a popular Chinese exhange, announced the launch of ETH and ETC Futures on November 6.

What is more, the announcement that ETC has not been affected by the recent Parity multisig hack, has appeared in the official twitter of Ethereum Classic, which also brings positive news to the coin holders.

Thuswise, it is encouraging to see Ethereum Classic moving upwards and it is possible to assume that it might keep its positions high in the future.

What is Callisto Network Project?

The first ETC sidechain launch and side-coin distribution project from Ethereum Classic Team
19 February 2018   157

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