An airdrop is expected on the Ethereum blockchain this coming Monday, March 5 2018. This upcoming event will probably push the price of Ethereum Classic (ETC) to an all-time high of $50. The Callisto Network (CLO) is the new project based on the Ethereum Classic platform and aims at incentivizes HODLing coins as a store of value through the decentralized platform. It is developed by the Ethereum Commonwealth team and uses the Dagger Hasimoto, a Proof-of-work algorithm in mining. CLO will have a maximum supply of 6.5 billion tokens once it launches.
“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.” -Ethereum Classic Commonwealth team on Github
The airdrop is set for March 5 when the blockchain snapshot will be at block 5,500,000 and all Ethereum Classic (ETC) holders are set to receive the coin on a pro rata basis.
CLO is to be distributed to all the Ethereum Classic holders on a 1:1 ratio through direct deposits to their wallets once it is live. Experts predict the coin will reach the $300 mark soon giving even more reason to buy your ETC. This is set to increase the demand of ETC as more investors will be looking to getting the free coins.
Value of Callisto?
The current smart contracts system on the Ethereum blockchain is immutable- the transactions are not recorded and hence can’t be corrected even if a mistake is found within the system. You will start over again, through creating a fork on the original blockchain. This system requires high quality smart contracts auditors, but they are very hard to find and too expensive to hire. The Ethereum Classic Commonwealth team developed the Castillo sidechain to provide a reference implementation of an experimental protocol changes that aim to establish a smart-contract based on-chain governance system, completely financially transparent built-in development funding mechanism and balance the interest in the network between the miners and coin holders (ordinary network users).
Cold Staking Protocol
The ETC network currently has no incentives for its holders making it hard to hold. The CLO network aims at solving this by creating value from holding coins using the cold staking protocol. The protocol also will revolutionize the governance system within the blockchain while balancing out the incentives and influence, and distribute them from the miners. The holders earn an interest on their CLO if they hold the coins balance for over a month (default period).
How Ethereum Classic (ETC) Benefits;
Ethereum Classic stands a high chance of increasing its value following the cold staking protocol by Callisto Network. Initially the coin aimed at introducing a crypto that users can hold as a digital asset to store value.
ETC has a few characteristics that qualify it to be a digital asset store of value and these can be improved through the Callisto network;
- Scarce; ETC coins have projected existence in the market to as far as 2070 aiming to have reached a supply of 230 million tokens. This alone is not enough for the current 7 billion World populations.
- Portable; the portable nature of ETC coins is enabled by the strong foundation of smart contracts within the Ethereum network. Being the original version, Ethereum Classic is easily transferable across borders that peer altcoins like Bitcoin.
- Verifiable; An investor in digital assets like gold would definitely be looking for a high level of verifiability since they expect returns on the investment. ETC token is quickly verifiable through the Ethereum network anywhere in the world in real time.
Ethereum Classic ICO
This Mid Cap altcoin issued its ICO in March 2017 with current amount of ETC tokens in circulation at 100,129,757. As of press date Ethereum Classic (ETC) is trading on several popular exchanges such as Bittrex, Upbit and Binance. The ETC coin is currently ranked 13th by coinmarketcap and falls in the mineable coins category.
Volatility on ETC price is not news to the crypto lovers; this cryptocurrency has so far had a 133 %, 200 day volatility which still puts it at 9 out of 13 Mid Cap coins. Despite the continued sharp bullish and bearish movements in the crypto market, ETC has managed to maintain its price at above $17 for the most part of 2018. This is only half its current trading price of $35.06 in coinmarketcap.