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Cold staking is a protocol that rewards long-term coin holders for staking their Callisto coins.
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Callisto Network cold staking v2 & governance system upgrade delay

Callisto Network cold staking v2 & governance system upgrade delay

In view of the last circumstances, Callisto Network team decided to delay the Cold Staking v2 and governance system protocol modification. This is a temporary delay, and the aforementioned updates will be implemented as soon as all the necessary measures are taken to ensure the smooth updating procedure and the sustainability of the modified protocol.

Rationale

1. Security measures

Cold Staking v2 and Governance System are critically important modifications of the Callisto Network protocol. You need to make sure that the protocol will work as intended without any errors and vulnerabilities. The following security measures must be taken:

  • Testnet launch of cold staking v2 & governance system contracts
  • Public testing and bug bounty
  • Security audit of the working prototype system launched at testnet

However, a fully operational testnet prototype was not launched due to lack of funding and reduced costs for maintaining non-core features of Callisto Network. The previous security audit was interrupted as it revealed the need to amend the governance system contract. With that being said a new security audit without a working testnet prototype is not a sufficient measure to ensure protocol security.

2. UI & governance system operability

In order to allow CLO stakeholders to participate in governance system it is required to provide a comprehensive UI for the smart-contract. The absence of the smart-contract UI will only allow technically educated users with decent experience in smart-contracts to participate in proposal submission and voting process. We do not want some part of the token holders in the distribution of voting power to lack their voices just because the absence of technical knowledges as this may cause the disbalance of funding distribution and hurt the further project development. This also introduces a new attack vector to intervene the workflow of funding distribution contract.

The implementation of the interface has been delayed since it is not a critical feature of the current Callisto Network protocol and we will allocate funding for the UI implementation as soon as it will not be hurting the core features funding.

3. General market expectations

We take into account the current situation on the market and believe that the implementation of major updates at the moment will not have a significant effect on the development of the project.

Development state

Governance system smart-contract source codes: https://github.com/EthereumCommonwealth/Governance-System

Cold Staking v2 smart-contract source codes: https://github.com/EthereumCommonwealth/Governance-System/blob/master/staking_contract/ColdStaking_v2.sol

The first security audit of CSv2 & governance system contracts: https://github.com/EthereumCommonwealth/Auditing/issues/388

Notes regarding the Callist protocol upgrading procedure: https://medium.com/@dexaran820/callisto-treasury-governance-system-and-cold-staking-update-2dc1b13f5ad5

Explanation of the governance contract implementation: https://medium.com/@dexaran820/callisto-governance-system-contract-guide-8887b2425f8b

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