Now, this is huge and exciting for ETC holders - Ethereum Classic development team recently announced the Callisto Network Project which will result in a 1:1 CLO airdrop for ETC holders.
As a holder of ETC, and in fact as a miner of ETC (How To Mine ETC (Ethereum Classic) with SimpleMining OS) I find this very exciting and decided to look - how to prepare for this upcoming "fork" to get most out of it. But before digging into technical details on how to profit from this Callistio Airdrop, let's familiarize with this project a little better.
According to the update:
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 period 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 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.
How to get free CLO
As I've experienced a quite few hard and soft forks in the past, there is one valuable lesson I've learned - don't store your coins on exchanges. For this upcoming airdrop, I've decided to go with MyWtherWallet
In general, you could choose among:
As I've been using MyEtherWallet in the past, I decided to stick with it for this "fork" as well. Here is a simple guide on how to transfer ETC to MyEtherWallet: How to Send Ethereum Classic (ETC) via MyEtherWallet
In order to see your ETC and interact with the ETC chain, you must first be on an ETC node.
- Select "ETC (Epool.io)" in the node-switcher in the top-right corner of https://www.myetherwallet.com/
- Unlock your wallet to send ETC to interact with the ETC chain.
- You can see your ETC balance by clicking the "View Wallet Info" page in the navigation and selected -> "View with Address Only". You can also check your balance on a blockchain explorer.
In order to switch back to ETH, simply change the node back to an ETH node in the upper right corner.
To test this setup I transferred a bit of ETC from Poloniex, and once I saw it's working I directed my GPU mining rig to mine ETC with following MyEtherWallet address (why not mine some,to get more free coins?!)
How To Add a Custom Token Balance in MyEtherWallet.com
Recommended reading: Ethereum Classic (ETC) Callisto (CLO) Airdrop Announcement Leads to Price Surge and Stability