Callisto is a sidechain that primarily aims to help ETC scale and introduce a “cold staking” protocol. In the paper “Enabling Blockchain Innovations with Pegged Sidechains”, circa 2014 by Adam Back et al, where we first heard about sidechains, according to the article the main goal of this kind of networks is to allow offloading of computation from another chain, this will allow the sidechain follow their own rules and also have capabilities to intergrate with the mainchain.

Image source: https://blockgeeks.com/guides/blockchain-wiki/

Callisto announcement is big news for Ethereum classic fans and developers, the network will run parallel to the Ethereum classic main-chain with its own ruleset and its security maintained by the Ethereum classic consensus algorithm. The main goal of Callisto is to solve Ethereum classic scaling problems by offloading its mainchain’s computations to its network, freeing up bandwidth on the Ethereum Classic Main network.

Callisto will have its own native CLO Coin that will fuel Callisto ecosystem.

Callisto Main Advantages

👉 Smart-contract ecosystem security

Through cross-chain service improvement on both networks we will be able to see Callisto smart contracts on the ETC chain and vice versa. This is potentially groundbreaking stuff, Callisto will be able to improve the networks security through smart-contract auditing by the Ethereum Community who will be paid at protocol level (analogue of smart-contract treasury).

👉 Scalability of ETC & CLO networks

The blockchain development community has been looking for new implementations of solutions to solve the scalability issue and sidechains will solve this problem by offloading mainchain computation, scalability problems have been brought about by block confirmation on the blockchain, with the adoption of blockchain technology more block transaction are requested every day and sidechains will help offload this computation processes through cross-chain service improvement.

👉 New protocol-level enhancements

Callisto will allow CLO holders to stake their tokens on their wallets through cold staking, to enable this to happen Callisto will modify the Ethereum classic protocol through the moonlight protocol where addresses are required to lock their coins at a "stake pool" smart contract that will receive 10% of the total coin emission and distributes it between addresses involved in the cold staking in proportion to their stake weight.

Callisto sidechain will also make on-chain governance system for managing and implementing changes on the blockchain where changes are encoded into the blockchain protocol, adoption of on-chain governance will bring several benefits including decentralizing form of governance on the ecosystem and quick turnaround time for consensus regarding proposed changes on the network.

CLO Initial Distribution

Ethereum classic holders will be able to get CLO Tokens which will be distributed after a snapshot of the Ethereum classic mainchain snapshot that will happen when the Ethereum classic blockchain is at block 5500000 and every holder of Ethereum classic tokens will be allocated CLO Tokens at a ratio of 1:1.

Ethereum Commonwealth

Callisto team is headed by Dexaran and Yohan Graterol who are the co-founders. Dexeran is the leader of the Ethereum Commonwealth (one of ETC’s 3 development teams) a financially transparent development team that helps solve Ethereum classic infrastructure and problems on the mainchain ecosystem.

References

FORBES. 2018. Explaining Side Chains, The Next Breakthrough In Blockchain. [ONLINE] Available at: https://www.forbes.com/sites/shermanlee/2018/02/07/explaining-side-chains-the-next-breakthrough-in-blockchain/. [Accessed 19 June 2018].

Adam Back et al. 2014. Enabling Blockchain Innovations with Pegged Sidechains. [ONLINE] Available at: https://blockstream.com/sidechains.pdf. [Accessed 19 June 2018].

Bitcoin Magazine. 2018. Sidechains: Why These Researchers Think They Solved a Key Piece of the Puzzle. [ONLINE] Available at: https://bitcoinmagazine.com/articles/sidechains-why-these-researchers-think-they-solved-key-piece-puzzle/. [Accessed 19 June 2018].

For more information about the project, please visit this links

👉 GITHUB: https://github.com/EthereumCommonwealth

👉 TWITTER: https://twitter.com/CallistoSupport

👉 TELEGRAM: https://t.me/CallistoNet

👉 FACEBOOK: https://www.facebook.com/callistonetwork/

👉 REDDIT: http://reddit.com/r/CallistoCrypto

👉 DISCORD: https://discord.gg/fGdPSA2

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Author: jamesndungu1

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Ether Address: 0x8E8A5B6e2ABF1Bb64759bDd4DBe788F45B1D4f54