Bitcoin stock price OR why $ETC is jumping

This afternoon the price of Bitcoin hovering in at right around $8500 (or thereabouts) while the price of Ethereum Classic ($ETC) jolts upward. Why would this classic version of Ethereum move at such a pace here near the middle of February, 2018, while Bitcoin jumps around a price point it’s hovered near the last week? There’s an airdrop coming – that’s why. An airdrop is headed toward ETC at an alarming pace, and quite a few users aren’t about to miss it, regardless of the price.

The price of a single $ETC coin rolled up from .003682 Bitcoin to .003821 from the crack of dawn till this afternoon. That’s just part of the day. Over the course of the past 24 hours, the price of Ethereum Classic went up nearly 18%. This is all because of an announcement made last month.

Ethereum Classic Commonwealth announcements for January (for developers) included a message about the Callisto Network Project. Callisto network exists to create a field for crosschain service improvements for both Callisto and ETC. Currently, DexNS, Address-To-Address message system, Token swap channels and ECNS are crosschain services that are deployed on ETC chain simultaneously. With Callisto there exists the possibility to use Callisto smart-contracts state on ETC chain to facilitate bandwidth needs – the opposite works as well, should one need the other more.

Callisto network exists to “research and provide a reference implementation of an experimental protocol changes that aim to establish a smart-contract based on-chain governance system, completely financially transparent built-in development funding mechanism and balance the interest in the network between the miners and coin holders (ordinary network users).” So say the leaders at Ethereum Classic forums.

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The distribution of CLO coins will take place at ETC blockchain block 5500000. That will happen at right around the 4th or 5th of March, 2018. The timing depends on how the ETC hashrate changes – that is, based on how much is traded, how fast, and how well the ETC blockchain is handled between now and then. “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 they had at block 5500000.”

For now the one place where Ethereum Classic will spawn Callisto coin is the ClassicEtherWallet as found at GitHub. There the first tests for this coin are done. It’s likely other wallets and/or exchanges will announce support for CLO soon, but ClassicEtherWallet is the place to go, for now.