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Inside Callisto: What’s the vision for Ethereum Classic’s new snapshot fork?

Ethereum Classic is set to benefit from Callisto – a new snapshot fork arriving with the intention of redesigned the cryptocurrency’s smart contract design.

Written by Bryan Smith Published on

Ethereum Classic, like Bitcoin Cash, might be one of cryptocurrency’s more prominent user-activated hard forks. Formed in the aftermath of the Ethereum network’s decision to reimburse funds lost in the fires of the DAO, Ethereum Classic remains a robust contender – and is now set to benefit from its own snapshot fork in the form of Callisto.

What is Callisto?

When Ethereum ruptured into two strains, the primary Ethereum network (ETH) benefitted from smart contract improvements that have ultimately resulted in a growing fury around proposals that either support the reimbursement of lost funds in the event of misfortune, or conversely back an agnostic platform under the premise that the Ethereum blockchain should be immutable.

Ethereum Classic, then, having remained a stony-faced reminder of what the Ethereum network was, has never benefitted from the same security upgrades its primary counterpart has in the wake of the attack on the DAO.

Callisto, then, is a new ‘snapshot fork’ which will offer existing Ethereum Classic token holders with new coins via an airdrop.

The project, which was unveiled by the leader of the Ethereum Commonwealth and is named after one of Jupiter’s moons, would see Callisto act as an extension – or ‘sidechain’ – of the Ethereum Classic platform.

 

What is the aim of Callisto?

Callisto would essentially serve as a sidechain which carries its own data set or functionality that would be tied into a parent chain. Callisto specifically adopts a new smart contract system as well as new security improvements and incentives for coin holders.

Callisto is perhaps most noteworthy for the fact that users would be able to use Callisto smart contracts on the Ethereum Classic chain, and vice-versa, if succesfully implemented.

As Callisto’s white paper explains it, “the main goal of Callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment… Callisto aims to establish a secure and contribution-friendly environment for further protocol development and improvements. It will rely on a built-in system of smart-contracts to achieve this goal.”

Callisto debuts with several key intentions; chief among which will see the development of an “official smart-contract auditing department of CLO & ETC”.

While the platform’s first mission is to redesign Ethereum Classic’s smart contract protocols, the Callisto network will further introduce a new ‘cold staking’ mechanism.

Callisto’s  cold staking mechanic will act as ‘proof of stake’ consensus system to reward currency holders similarly to how miners are rewarded for verifying transactions where Callisto’s  treasury balance is a 10% fee from each Callisto block

The move comes as part of a bid to mitigate the influence of miners, which only grows as the Ethereum or Ethereum Classic platform develops, and is further designed to incentivize investors to retain their CLO tokens.

Where can I get Callisto (CLO) tokens?

Callisto is a new snapshot fork that will occur 5500000th block on the Ethereum Classic platform, where token holders will recieve an ‘airdrop’ of coins at a 1 ETC : 1 CLO ratio.

ETC token holders in posession of their private keys through wallet platforms such as ClassicEtherWallet will recieve their tokens at their designated public address.

At the time of writing, only HitBTC has announced its intention to support CLO trades.

What else should I know about Callisto?

Callisto brings with it a busy timetable, and the new cryptocurrency has cemented its plans to launch a second-generation testnet as well as found a marketing team and mobile app before the close of 2018.

Despite the fact that only one prominent exchange has announced its support of the project, Callisto maintains a list of supportive cryptocurrency exchanges (as well as a broader roadmap) here.

Have your say!

What are your thoughts? How do you feel the arrival of Callisto will impact on the future price and development of Ethereum Classic? Be sure to let us know your opinion on Twitter – join the conversation @coininsidercom!

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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