Must-Read: Upcoming Shifts in Cold Staking and Proof of Stake Transition

Key Changes and Timelines You Need to Know

We want to bring to your attention crucial changes concerning the future of Callisto Network. As part of our ongoing commitment to innovation and improvement, we plan a significant update through upcoming Hard Forks. These developments aim to introduce new features and optimizations to enhance Callisto Network’s capabilities and sustainability.

We originally planned the Proof of Stake Hard Fork for the fourth quarter of 2023. However, in the spirit of transparency, we are moving this timeline. Involving the community in crucial decisions is paramount for Callisto Network’s future. 

To enable community collaboration, we have created a specific CLOIP (Callisto Network Improvement Proposal) on GitHub, called ‘CLOIP #2 – Proof of Stake Monetary Policy,’ where anyone can comment and participate. Given that Callisto Network aims to be an open, decentralized network, it’s essential to implement this participative process starting now.

It’s important to note that the upcoming Proof of Stake Hard Fork will affect the current Cold Staking mechanism, effectively ending it. We understand that many members of the Callisto Network community are staking their CLO coins, and we want to provide you with as much information as possible to prepare.

Given that the exact date of the Proof Of Stake Hard Fork is not yet determined, we provide the following guidance for those who are currently staking or planning to stake their CLO coins:

We recommend not setting staking periods that extend beyond August 1, 2024. Staking rewards beyond this date cannot be guaranteed due to the planned changes to the network.

It’s crucial to understand that the Cold Staking contract is decentralized and cannot be stopped. While the ability to stake CLO coins will remain available, no additional coins will be added to the reward pool after August 1, 2024.

The purpose of this recommendation is to provide you with ample time to make informed decisions and adjustments to your staking strategies. Our team is available to address any questions or concerns you may have.

By |2023-09-05T21:13:17+00:00August 31, 2023|Updates & Announcements|0 Comments
Go to Top