What is Ethereum Classic?
Ethereum Classic is a hard fork of Ethereum. It is a fully decentralized, peer-to-peer, open source, blockchain based cryptocurrency. Ethereum Classic is also referred to as the Classic Ether. The Ethereum Classic blockchain adapts all features of Ethereum which includes Smart Contracts and Ethereum Virtual Machine (EVM).
What is Callisto?
Callisto is a blockchain technology which runs on the Ethereum Classic protocol. Callisto introduces a cold staking protocol which rewards token holders for being participants.
Cold staking is a way of giving CLO token holders incentives for holding for a specific period of time, allowing them to earn interests without validating transactions as transactions will be achieved by the Proof-of-Work algorithm.
The Callisto Network announced in recent as seen here that Callisco will launch soon. At launch, accounts that had Ethereum Classic balances at block 5500000 will receive an equivalent amount of Callisto tokens in the ration of 1:1. Meaning ETC token holders will get 1 Callisto (CLO) token for Every Ethereum Classic (ETH) held. A snapshot of the ETC token would be taken at block 5500000 and will input all account balances to the Callisto block.
Callisto is to help improve the scalability of the Ethereum Classic and Callisto blockchains at the same time. It also plans to implement a cross-chain service as described on its roadmap. It will, therefore, become possible for Callisto smart contracts to be used on Ethereum classic blockchains and also ETC smart contracts run on Callisto blockchain effectively.
How To Receive Callisto (CLO) Tokens
Every Ethereum Classic account which has ETC balance on it will receive the equivalent amount of CLO immediately at Callisto platform launch.
Wallets That Would Be Supported by the airdrop include:
Note: Whether MyEtherWallet would support Callisto or not depends on MEW developers. If they do not, MyEtherWallet accounts can be recovered on the ClassicEtherWallet platform – they are compatible.
Will Exchanges Support The Airdrop?
Cryptocurrency exchanges will definitely receive the CLO tokens for sure at the time of the airdrop, but whether they will distribute it to their users is up to them to decide. Exchanges that will support the airdrop will be published on this page.
The Effect Of The Airdrop On ETC Price
The Ethereum Classic has seen a surge in price from under $40 to a high of $46 before it corrected. There should be a move to the upside for the Ethereum Classic as so many won’t want to miss out on the airdrop Callisto offers. Ethereum Classic, however, seems to be a lot stable than other cryptocurrencies as we see a dip in the market. Many would probably want to exchange their coins/tokens for ETC before the airdrop as well. Traders should also have in mind that price of ETC may drop after the airdrop as profits would be taken almost immediately.
Whatever your trading plan is, it’s important to trade with funds you can afford to lose always as the cryptocurrency market is highly volatile huge profits or losses can be made in minutes.