What is Callisto Network Project?

The first ETC sidechain launch and side-coin distribution project from Ethereum Classic Team
19 February 2018   535

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

Zero-confirmation BCH transactions to be kept in China

The Chinese exchange Bitasia declared about the start of supporting 0-confirmation transactions for BCH
23 March 2018   225

The trading platform Bitasia is one among the first exchanges to provide zero-confirmation transactions. Due to this fact the traders can use the platform as speedily as possible.

Bitasia is a platform which allows the traders to exchange a diversity of cryptocurrencies (ETH, ETC, LTC, BTC, BCH ect.). This week the exchange claimed that after some consideration the trading platform would hold 0-confirmation transactions for the Bitcoin Cash retail chain. For merchants and other businesses such kind of transactions suggests the possibility to accept a digital currency before the first web confirmation. Nevertheless, according to the common position within the BTC community, at least one confirmation is necessary in order to preclude double spends.

Lately the developers Gavin Andresen and Tom Harding made specific patches to prevent forgeries from happening while 0-confirmation transactions are held. But then they have removed those patches from the codebase of the core. Today the BCH programmers and the community in the whole believe that zero-confirmation transactions are safe and have begun testing 0-confirms during the past few weeks. The BCH supporters were excited to find out that Bitasia had been going to keep  zero-confirmations.

Doublespend.cash, a new website, has recently posted a list of all the double spends` attempts against zero-confirmation BCH transactions. Those who support Bitcoin Cash are rather sceptical of the website`s data because the most part of the transactions have a cost set lower than the network relay minimum requirement. That can be explained by the fact that transactions under 1 satoshi per byte are usually never promoted among the BCH clients. Due to this, many BCH upholders regard the Doublespend.cash website as an effort to spread FUD (fear, uncertainty and doubt).