After the hard fork of Ethereum (ETH) from Ethereum Classic (ETC) due to the loss of millions of funds by a hacker, Ethereum (ETH) network has since solved most of the issues that raised form the hacking while Ethereum Classic (ETC) seems to still be struggling. Although Ethereum Classic (ETC) users are those users who felt that Ethereum (ETH) developers were not justified breaking off from the original Ethereum blockchain, they now feel that Ethereum Classic (ETC) can do better.
The main focus of the Callisto (CLO) Airdrop is to improve the usage of the Smart contracts on the Ethereum Classic network.
When is this scheduled to take place?
The cloning of Ethereum Classic (ETC) with Callisto (CLO) Airdrop was initially scheduled to occur between 2nd and 5th May this year although it was still not very clear.
The Airdrop is scheduled to take place at the 5500000th block and by Yesterday, 5th, there was still 600 blocks to go. So it would be any time from now.
How is the Callisto (CLO) Airdrop going to work?
After the Airdrop, all the ETC holders will acquire an equal amount of Callisto (CLO) Tokens. The ratio will be 1:1. This means that if a user had 1,000 ETC tokens, he/she would get 1,000 CLO tokens.
And you have to keep in mind that this is not like a hard fork but rather a snapshot. It is more like “cloning” the Ethereum Classic network. When we talk of cloning, am sure you remember about the various Bitcoin clones that have been developed over the past.
After the snapshot, Callisto will take Ethereum Classic’s previous records that were made before the 5500000th block. This record will be put in line with the new record that Callisto will be keeping as from the 5500000th block (this will be Callisto’s own record now).
Callisto will go ahead and try to solve the issue of Ethereum Classic smart contract being underutilized and also solve the unsolved problems that raised from the DAO hacking that caused the hard fork of Ethereum (ETH). ETC users are still not at peace with the current Ethereum Classic security. They are betting on Callisto to solve the issue of security especially from hackers.
Once the CLO cloning fully takes shape, Callisto wants to come up with a smart contract department that will be signed by both Callisto and Ethereum Classic.
What effect will this Airdrop have on the ETC markets?
When this airdrop was announced back in February this year, the price of a single ETC token rose instantly by more than $6 USD. Actually it was trading at the price of Bitcoin at that moment.
Therefore, the Airdrop is expected to drive the prices past the roof when it takes place. If you are holding Ethereum Classic (ETC) currently this is your time!
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.