The development team of ETC announced the Ethereum classic hard fork called Callisto (CLO) that will be available to the ETC holders in the ratio of 1:1 of CLO coins. Callisto will have an exact copy as of ETC chain but only until 5,50,000 blocks, that are expected to be launched approximately 5 March 2018.
Story behind Hard Forked Callisto (CLO) Coin
Ethereum classic is an Ethereum hard fork that was not only the first one but also a high profile blockchain split. This hard fork was of 1,920,000 blocks that were distributed in the ratio of 1:1. The fork was the result of Ethereum community’s rejection to take out an ETH application, DAO.
Now, a snapshot fork called Callisto is going to be the latest one. Callisto is a blockchain technology that runs on Ethereum classic protocol. The Callisto fork is not going to be like the ETH hard fork, rather would be similar to the bitcoin gold and bitcoin diamond.
Callisto is going to be a new blockchain with its own native currency called CLO whose purpose is to test the experimental protocols, solve blockchain scaling problems and setting up a governance system. This Callisto Network Project will have an airdrop in the ratio of 1:1 that most likely will also result in a good surge in the Ethereum prices.
Free Callisto coins for ETC coin holders
The CLO coin will have the same history as of the ETC chain but from the 5,500,000 block, the network will start creating its own. This fork is expected somewhere around March 5, 2018. The accounts with balances of Ethereum classic at block 5,500,000 at the time of launch will receive 1 Callisto token (CLO) for every ETC they hold.
Due to the reason that CLO developers believe there are certain issues with the smart contract design of ETC, there would be a snapshot of CLO. As per the whitepaper of CLO, because of the sustainability of ETC’s smart contract to hacks, the CLO developers are planning to create an official smart contract auditing department of CLO and ETC.
The CLO white paper explains that:
“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.”
Will the hard fork affect ETC price?
As for the exchanges where it will be listed, there is no official word on it yet. When it comes to the prices of ETC, this cryptocurrency has been stable than the others and it is expected that this fork will bring a good news for Ethereum classic holders.
What are your views on Callisto Hard Fork and what do you think will be its effect on the ETC Price? Let us know your thoughts in the comment section below!
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.