Ethereum Classic Fork Is Coming

Ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO).  

 The First High Profile Hard Fork Is About to Get Forked  it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to ‘bail out’ the DAO, an ETH application that lost $150Mn that year.  

 Callisto Developers Believe CLO Will Have Better Smart Contract Security. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC’s smart contract design.  

  CLO white paper explains :

 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 team explains further:

 It should be noted that the ETC does not have any incentives for coin holders — The whole emission is completely controlled by miners, and their influence grows with the growth of the network. Callisto introduces a Cold staking protocol that rewards coin holders for being network participants, 

 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. 

 Upcoming ethereum classic snapshot has boosted the price of ETC quite a bit,  read full news click here

 What do you think about the upcoming ETC snapshot called callisto? Let me know what you think in the comments below.  

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