ETC 1:1 CLO fork/snapshot on 5th March 2018

#Callisto

Callisto initial distribution

It was decided to distribute the initial stake of CLO between current ETC holders. We will make a snapshot of ETC blockchain at block 5500000 (approximately 5 March, 2018. This depends on ETC block time and ETC hashrate changes). Then we implement the initial balance of each ETC holder in the Callisto network genesis block, so each ETC owner will receive CLO coins automatically in a 1:1 ratio to the amount of ETC that he had at block 5500000.

Callisto is a separate blockchain that is based on Ethereum protocol with its own cryptocurrency (CLO). Callisto has a fixed cap monetary policy similar to ETC. Unlike ETH, ETC is posing itself as a value storage. 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 a 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 preiod 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 which is important since ETC adheres to POW consensys. It is only necessary to call the “Staking contract” to become a cold staker.

Cold staking is a step towards the goal of turning the desired cryptocurrency into a value storage currency because this significantly increases a total demand to hold for stake holders. Further protocol improvements would be described at this open document. It may take years to propose any changes to ETC protocol and achieve a consensys on whether we need to implement it or not. As the result it was decided to launch a separate network to implement the protocol. If the reference implementation will succeed then we can implement the protocol changes on ETC as well.

Cold staking protocol could be an intermediate step of automated on-chain governance system implementation.
Callisto whitepaper will be released soon.

Callisto network, a $ETC parallel chain, aims to establish a smart-contract based on-chain governance system, complete financial transparent built-in development funding mechanism & balance the interest in the network between miners & coin holders. Cold staking earns interest!

https://forum.ethereumclassic.org/t/january-dev-update-commonwealth/404
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