There are some major changes coming for Ethereum Classic camp. For all involved parties, like investors and supporters – the announcement that Callisto Network is launching was major news. The platform is named after one of the moons of Jupiter. And Callisto is newly developed side chain that has the goal of helping ETC scale and introduce the process of Cold Staking.
The system will use a separate blockchain that integrates with the main blockchain of ETC. They will also be using their own token called the CLO. There will be a fixed cap like with ETC and the main incentive comes in the form of using CLO as a store for digital value. A lot of people are very excited about the program, because of the possibility of it launching ETC far above where it is now.
What Is Callisto?
This is a decentralized network that is open-source and based on Ethereum’s source code with cryptocurrency CLO. It was unveiled by the leader of the Ethereum commonwealth. And had the main goal of boosting the growth of ETC in terms of platform and community. Some have labeled it as a hard fork, but in reality, it’s actually a side-chain that has a number of benefits to it.
How Callisto Ether Classic Cold-Staking Blockchain Network Works
One of the most challenging issues in the cryptocurrency world is that of scaling. And like any other cryptocurrencies, ETC had its own challenges. The developers of the token are attempting to tackle issues right now, by increasing the size of the blocks. This is how Bitcoin Cash effectively solved the problem for their platform.
For those who don’t know, a sidechain is a blockchain that is separate from the parent but attached via a two way peg. It gives assets the ability to be interchangeable and easily moved across the chain. What this means, is that each sidechain has their own sets of data that function independently of the parent chain.
The side chain will help with future protocol changes. And it will also serve as a testnet of sorts for Ethereum Classic. Only the testnet will be live and have monetary value within it. If it goes as planned, ETC and CLO smart contracts will be interchangeable. This is pretty major stuff but has still yet to be seen.
Cold staking is another issue that ETC has faced. There is no real incentive for holders to keep their coins. CLO is attempting to change that through the testing of cold staking. It’s a smart contract-based procedure that gives interest to CLO holders for the total amount of CLO emissions they release.
Also, as the airdrop draws near, the hype for the Callisto project is getting bigger on the different social sites like Reddit and Chatter. It’s important to note however, that all the ideas needing implantation are still far away from being functional or real.
Callisto CLO Conclusion
With that said, Callisto looks to be a serious project that could help elevate the value of Ethereum Classic to new heights. If you want more information, you can find it on Github or in the whitepaper that is downloadable on the website.