Callisto or Callisto Network Project is an Air Drop of Ethereum Classic with its own blockchain based on Ethereum protocol and own crypto coins, called Callisto or CLO. The main enhancement that Callisto is looking to bring in comparison with Ethereum Classic is its so-called Cold stacking protocol.
Simply said, those who hold CLO coins on their accounts long enough (at least 1 month), earn interest from Callisto emission over time.
Here is a quick explanation of how cold staking reward would work with Callisto:
Staking reward depends on the amount of stakers in the network. If you are the only staker then you will grab 20% of all CLO emission even if you are staking with 1 CLO at stake. If there are two stakers with 500 and 1,000 CLO then the first one will grab 33% of the total CLO emission and another will receive the rest. Even if it is more than 10000% ROI. So this coin basically rewards “strong hands” and does not reward the “weak hands” who are unable to hold the coins for long term.
How was Callisto awarded initially?
The snapshot of the ETC blockchain was taken at the block 5500000. So whatever amount of ETC you owned at the time of the snapshot you will receive the exact same amount of Callisto – CLO coins.
Bare in mind that you will not be able to move out your Callisto coins until the main net has been released, which is scheduled to be released on the 15th of April.
What Does Callisto want to Achieve?
Callisto wants to address the security platform side of things ” The main problem of Ethereum is that even a single mistake in a certain smart-contract can lead to disastrous consequences for the whole ecosystem”.
Callisto will address this problem by introducing an “Official Smart-contract auditing department of Ethereum Commonwealth”.
Callisto also aims to improve the Scalability of ETC and CLO with crosschain-relation mechanisms of 3d generation blockchains.
Mining Callisto initially will be very rewarding. It is using the same ethash as Ethereum and Ethereum Classic. We have written more about callisto mining in a previous post which you can read HERE.