Ethereum Classic (ETC) Fork Snapshot – Callisto (CLO) Coming Next Week

Get Ethereum Classic out of Exchanges &  into YOUR Wallet. Snapshot Fork Time! FREE CLO!

What is Callisto and why are they forking our beautiful Ethereum Classic?  Some of you may say “Who Cares? Who doesn’t like FREE, Right?”

First of all, I want to remind you that Ethereum (ETH) is NOT Ethereum Classic (ETC). Ethereum was a hardfork and  Ethereum Classic is actually the original chain. The fork occurred as a result of the Decentralized Autonomous Organization (DAO) hack.

Now, being the technologist and a rather inquisitive one, I had to read what Callisto is all about and why they deemed it necessary to do the fork dance.

It isn’t actually a ‘Hard Fork’ as we have reported. Callisto will be a separate SIDE CHAIN.

Callisto Network wrote about “cold staking”:

Cold staking is a smart-contract based process that allows CLO holders to earn interest in a total CLO emission when they hold CLO coins at their balances for long enough period of staking time (1 month by default). Cold stakers are not required to run a node to participate in cold staking process. Cold stakers are not validating transactions and the whole system can remain fully PoW (Proof of Work) which is important since ETC adheres to POW consensys.

Time for me to study their proposal in order to understand how the “whole system can remain fully POW” when they are implementing POS. I have seen hybrid POW/POS coins. I own some of these altcoins. I am not required to run a node.  I keep my wallet open on my Virtual Machine, I receive rewards for contributing to the validation of transactions and securing the network.  So that means POS is just a different way to validate transactions and achieve the distributed consensus.

Proof of stake (PoS) “is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus.”

Proof of Stake (PoS) concept states that a person can mine or validate block transactions (staking) according to how many coins she holds. This means that the more altcoins owned by a staker, the more staking power she has.

So shucks! What do they mean that stakers are not validating transactions? Why gosh darn! Are we getting paid just for hodling our altcoins? That means I shouldn’t have to open my wallet since I am not contributing to the network cause. <chuckle>

It appears that every time I think I have learned a lot about cryptocurrencies and blockchains, something else smacks me in the head! I thought Proof of Stake (POS) did indeed secure the network and confirm transactions through staking.  I know … I enjoy it…

I read the whitepaper one more time and yes indeed. Cold Staking will reward holders of CLO and the holders do NOT have to participate in the validation of transactions. Cold Stakers simply get rewarded for HODLing! The miners perform all of the heavy lifting via the POW algorithm.

Callisto Network’s charge is to help improve the scalability of the both the Ethereum Classic and the Callisto blockchains simultaneously. According to their roadmap, they plan to implement a cross-chain service . This is where you can send me CLO and I can send you ETC without blinking an eye! Cool, eh?

It will, therefore, become possible for Callisto smart contracts to be used on Ethereum classic blockchains and also ETC smart contracts run on Callisto blockchain effectively.

Read the White Paper!

Okay.enough about the techie stuff… What about the AirDrop, Queen?

Moving right along… I got distracted…

Next week around 02March2018, Ethereum Classic (ETC) holders will receive coins from a ‘snapshot’ fork called Callisto (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000. ETC holders will receive a 1:1 ratio of CLO coins. YES!

Right now as I write this article, the Ethereum Classic Blockchain last block is 5440719. In addition, the present price of $36.94 is relatively inexpensive due to the moderately bearish market. I am not giving you financial advice, but if you want to participate, then this may be the prime time to purchase a bag of ETC.

How To Claim Callisto from your Ethereum Classic Wallet  (Continue Here)

 

Until Next Time…

Faith Sloan “QueenWiki” 
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Queen Wiki

Faith Sloan also known as "Queen Wiki" is a cryptocurrency advocate, evangelist and educator. She has been a software engineer for 40 years and builds Decentralized Apps (DApps) on the Ethereum blockchain and plays with Tech toys. When she is not teaching, researching and writing about Cryptocurrencies and the Blockchain, she's advising companies and traveling the world while feeding her eating hobby.