{"id":1643,"date":"2018-02-27T05:19:02","date_gmt":"2018-02-27T05:19:02","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1643"},"modified":"2018-02-27T05:19:02","modified_gmt":"2018-02-27T05:19:02","slug":"an-ethereum-classic-fork-snapshot-is-coming-next-week","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/an-ethereum-classic-fork-snapshot-is-coming-next-week\/","title":{"rendered":"An Ethereum Classic Fork Snapshot Is Coming Next Week"},"content":{"rendered":"

Next week the ethereum classic (ETC) community is expecting to receive coins from a \u2018snapshot\u2019 fork called \u2018callisto\u2019 (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins.<\/b><\/p>\n

The First High Profile Hard Fork Is About to Get Forked<\/h2>\n

\"\"<\/p>\n

The funny thing about\u00a0ethereum classic<\/a>\u00a0is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to \u2018bail out\u2019 the\u00a0DAO<\/a>, an ETH applicat<\/p>\n

ion that lost $150Mn that year. Some individuals firmly believe that ETC is the \u2018one true\u2019 Ethereum network. Callisto, however, is not quite like the ETC hard fork as it\u2019s a snapshot much like bitcoin gold, bitcoin d<\/p>\n

iamond, and the other clones that appeared over the past year.<\/p>\n

Callisto Developers Believe CLO Will Have Better Smart Contract Security<\/h2>\n

Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC\u2019s smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a \u201cOfficial Smart-contract Auditing Department of CLO & ETC,\u201d so one could assume the snapshot may be considered an extension of the ETC community.<\/p>\n

\u201cThe main goal of callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment,\u201d explains the\u00a0CLO white paper<\/a>.<\/p>\n

“Callisto aims to establish a secure and contribution-friendly environment for further protocol development and improvements. It will rely on a built-in system of smart-contracts to achieve this goal.”<\/i><\/b><\/p>\n

\"\"
ETC holders will receive a 1:1 ratio of CLO coins after ETC reaches block 5500000.<\/figcaption><\/figure>\n

Cold Staking and a Developer Called Dexaran<\/h2>\n

There\u2019s little information on the creators of the ETC clone other than the Github page that describes the\u00a0callisto network project<\/a>\u00a0in more detail. The developer working on the project goes by the name\u00a0Dexaran<\/a>, and he also has worked on an ICO called \u2018DEX.\u2019 Another aspect of the project is the introduction of \u2018Cold Staking\u2019 which acts similarly to the Proof of Stake consensus system that rewards currency holders.<\/p>\n

\u201cIt should be noted that the ETC does not have any incentives for coin holders \u2014 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 network participants,\u201d explains the callisto team.<\/p>\n

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 (Proof of Work) which is important since ETC adheres to POW consensys.<\/i><\/b><\/p>\n

The ETC Snapshot Follows the Recent Birth of the Litecoin Cash Network<\/h2>\n

The upcoming ethereum classic snapshot has boosted the price of ETC quite a bit, and the currency had reached a high of $45 two days ago. It also follows the recent litecoin (LTC) snapshot called litecoin cash (LCC) which came to life on February 20. Before the LCC fork, the price of LTC spiked considerably as well but has since lost those gains. The clone has minimal infrastructure and is only worth 2 percent of LTC\u2019s price at\u00a0$4-5 per LCC<\/a>.<\/p>\n

What do you think about the upcoming ETC snapshot called callisto? Let us know what you think in the comments below. \u00a0<\/i><\/b><\/p>\n

Images via Shutterstock, and Pixabay.<\/i><\/p>\n

Source: Bitcoin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Next week the ethereum classic (ETC) community is expecting to receive coins from a \u2018snapshot\u2019 fork called \u2018callisto\u2019 (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins. The First High Profile Hard Fork Is About to Get …<\/p>\n","protected":false},"author":1,"featured_media":1644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15],"tags":[],"aioseo_notices":[],"yoast_head":"\nAn Ethereum Classic Fork Snapshot Is Coming Next Week - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/an-ethereum-classic-fork-snapshot-is-coming-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An Ethereum Classic Fork Snapshot Is Coming Next Week - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"Next week the ethereum classic (ETC) community is expecting to receive coins from a \u2018snapshot\u2019 fork called \u2018callisto\u2019 (CLO). 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