However, this time around ETC seems to be a lotsbestemming more stable, not ripping off spil much spil it usually does at the very first sign of a Bitcoin dip.
Ethereum Classic development team recently announced the Callisto Network Project which will result te a 1:1 CLO airdrop for ETC holders.
It emerges that long-time ETC holders may be looking at a price surge after the development team announced the Callisto Network project, which will result ter a 1:1 airdrop.
While some are mistakenly terming it an ETC hard fork, Callisto is actually going to be a fresh blockchain (with CLO spil its native currency), developed ter order to test empírico protocols, possible scaling solutions and set up a governance system which incentivizes both miners and coin holders.
According to the update:
&ldquo,Callisto is a separate blockchain that is based on Ethereum protocol with its own cryptocurrency (CLO). Callisto introduces a Cold werkstaking protocol that prizes coin holders for being network participants.&rdquo,
Cold werkonderbreking is defined spil a way to incentivize CLO coin holders by permitting them to stake their coins and earn rente, without having to validate transactions, since overeenstemming will proceed to be achieved via Proof-of-Work (POW).
Essentially, the problems to be solved with the Callisto project are outlined spil under:
- There is no incentive for coin holders to proceed to own coins which is significant for &ldquo,store of value&rdquo, currencies.
- Rente and influence ter the network are not balanced. The cómputo is strongly biased towards the miners.
- Lack of governance system. Cold werkstaking protocol could serve spil an intermediate step for governance system implementation.
The update also discusses Callisto&rsquo,s initial distribution, announcing the airdrop for ETC holders:
&ldquo,It wasgoed determined to distribute the initial stake of CLO inbetween current ETC holders. Wij will make a snapshot of ETC blockchain at block 5500000 (approximately Five March, . This depends on ETC block time and ETC hashrate switches). Then wij implement the initial recuento of each ETC holder te the Callisto network genesis block, so each ETC holder will receive CLO coins automatically te a 1:1 ratio to the amount of ETC that he had at block 5500000.&rdquo,
Following the announcement, ETC surged from under $40 to a high of $46, before correcting spil long-term holders possibly took profits and Bitcoin took a dive, initiating an overall market decline. However, this time around ETC seems to be a lotsbestemming more stable, not pulling down spil much spil it usually does at the very first sign of a Bitcoin dip.
Whether ETC will pull a NXT, remains to be seen, but given how the snapshot is expected ter early March, ETC&rsquo,s price may practice swings spil investors attempt to accumulate and traders seek effortless profits. That being said, it should be noted that ter terms of BTC price, ETC is still trading almost three times below its all-time-high of 919k Sats.
Wij will proceed to update this story spil wij learn more about wallets and exchanges (if any) which support the Callisto (CLO) airdrop.