The ETC hardfork is planned on the block of 5,500,000, or March 5. All owners of Ethereum classic will automatically be credited with Callisto (CLO) tokens in a 1 to 1 ratio.
The new Callisto Blockchain is built on the Ethereum protocol and will be aimed at testing experimental protocols, new scaling solutions and a management system that provides additional incentives for miners and holders.
Callisto is the Cold staking protocol, which rewards coin holders for being members of the network. The Blockchain will work on the consensus of Proof-of-Work (POW).
The developers of Ethereum Classic could not make ETC a full-fledged competitor to ETH. With a new project, they returned interest to their cryptocurrency. Quotes of ETC are going up in anticipation of the hardfork