CALLISTO NETWORK: A Reward for Hodlers
Gtbabe
Introduction
Since the advent of blockchain and cryptocurrency, a lot of good things has happened to the market and the cryptocurrencies. Bitcoin cash has been forked out of Bitcoin and other beautiful things has happened which I won’t want to bore you with.
Bounties and airdrops are ways by which project developer or managers reward the community for their support for their project. Something big happened in the Ethereum Classic (ETC) community March 2018 when the Callisto Network airdrop was announced. Supporters, investors and sympathizers were all agog when the announcement was made. The Callisto Network project was tagged to be one of the moons of the Jupiter.
What is Callisto Network
Callisto Network (CLO) is the latest project based on Ethereum Classic network and aims to reward HOLDers of ETC in a ratio 1:1. the Ethereum Commonwealth team (a part of ETC’s three development team) is behind this project and the Dagger Hasimoto is used, a proof of work mining algorithm. CLO has a fixed supply of 6.5 billion tokens after launch.
CLO is an open source decentralized platform which is based on go-Ethereum source code and has CLO has its base cryptocurrency. It will be a sidechain whose primary aim is to help ETC scalability, introduce a cold staking protocol, implementation of a self-governed, self-sustaining, and a self-funded blockchain ecosystem. The system will use a separate which is integrated with the ETC blockchain.
Callisto Network has a lot of benefit which includes;
Boosting the adoption and growth of Ethereum ClassicHelp ETC scalabilityIntroduce a cold staking protocol.
Benefits
Cold Staking
One of the problems that a lot of coins/projects are facing is that they lack hodlers to protect the value of their coins. The ETC network has not been left out of this problem as the network lack hodlers. Callisto Network is tackling this by giving incentive to ETC hodlers using the cold staking protocol. The coin hodlers receive a reward on CLO if they hodl their coin balance for a specific numbers of days.
Cold staking is smart contract based. It allows CLO hodlers to earn interest on the number of CLO coins they hodl for a specified number of days.
In a nutshell, anyone that has CLO can be a cold staker. All that is required to do is to lock a specific number in a treasury smart contract for at least a month. The reward or interest depends on the numbers of users that are staking at a given time. The more stakers there is, the less the reward.
A Proof-of Work (PoW) system is used so there is no need for stakers to run a node or solve any problem and each cold staker can be part of the blockchain governance by submitting a proposal and voting on already submitted proposals.
Scalability
One of the problems that blockchains face is issue of scalability. ETC has a network is facing this challenge too. Bitcoin was able to solve this problem with BitcoinCash. However, ETC developers are solving this problem with a side chain network by increasing the block size.
A side chain separate blockchain but attached to the parent blockchain through a two-way peg. This allows the asset to be easily interchanged and move from one chain to the other. In short, the sidechain carries their own data and function independently from the parent chain. This sidechain helps to free up some bandwidth or space on the main ETC chain.
The sidechain will be used as a research tool for future protocol changes. That is, CLO will stand as a testnet for ETC but with monetary value as it has its own coin.
Roadmap
Q3 2018callisto protocol supported by DexNSLaunch of Testnet 2.0Creation of the marketing teamExplorer launchQ4 2018Mobile app wallet launch for Ethereum, Ethereum Classic and Callisto which is compatible with custom Ethereum node.Implementation of CLO-ETC swap channel.Planned Hardfork.
Conclusion
Callisto Network looks like a very serious and big project as they aim to make ETC bigger while also rewarding believers.
If they can pull of their plans by improving the scalability of both ETC and CLO and also provide a cross chain improvement, then Callisto Network will be bigger and the CLO token more valuable.
More Resources;
Website
Whitepaper
Telegram
