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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 in-depth

Callisto Network in-depth

On April 15, 2018 Callisto mainnet was succesfully launched. We have made significant progress during the first year of development. Now I would like to highlight the goals of this project and its general ideology, because there are many members of the community who do not fully understand the purpose and the role of this project.

For better understanding of my point of view, I recommend to read this article.

The reasons why Callisto is a blockchain.

First of all, Callisto was never intended to be a new blockchain with consensus features. We are here to improve the security of other smart-contract development platforms such are EOS, Ethereum, ADA and others. We are not aiming to buid our own smart-contract development platform which will be better than already existing ones.

Some could ask why CLO is based on Ethereum protocol then? — Yes, CLO is based on Ethereum protocol and there are two reasons:

  1. Ethereum smart-contracts are sufficient to implement our own unique features (smart-contract auditing department, cold staking and decentralized governance system).
  2. It is planned to propose (and copy&paste) our unique features in Ethereum CLassic. ETC protocol is almost identical to Ethereum from technical point of viewm that’s why CLO is not a ERC20 or ERC223 token, but a network with its own blockchain.

Callisto as a security platform

Callisto implements a Treasury system, which is used to pay our security auditors for their tasks. Thus, security audits performed by Callisto auditing team are free-of-charge for end users (those who develop smart-contracts being audited).

Security issues are essential in crypto space and smart-contract development. Professional audits of smart contracts are expensive, and there will always be irresponsible developers who sacrifice security to save their money. A good example is ERC20 token standard and ICO developers, who made their customers lose millions of dollars.

Callisto is not intended to become a “one more security auditing company”. Callisto is intended to become a de facto security standard or independent 3d party expert for the whole industry of smart-contract development.

Imagine an investor who intends to invest in a smart-contract project, but he does not have the knowledge of developing smart contracts and programming. We designed Callisto to give this kind of investors the opportunity to submit an auditing request and get the feedback about whether the reviewed project is secure or not. This system allows any user to request a security audit of any project and receive the report for free. This system will make smart-contract developers to be aware of the fact that every redditor, every twitter follower, every community member can request a review of their project and there is an independant expert in the industry who can highlight and announce the flaws.

This system is designed not only to help developers who care about their users to develop secure solutions, but also to force all developers to offer high-quality solutions before customers lose money there.

Use case is abstracted from price driving forces

Some could ask: “How the system should survive until the auditors are paid from the Treasury, but nothing generates income, and the main goal of Callisto does not bring any profit?”

It should be noted that most of crypto projects do not have any use cases or working product at all. However, this does not prevent them from having a high price and market capitalization.

Callisto definitely has a working product already. The main idea behind this system is that the price driving forces are abstracted from the main goal of the project. Cold Staking, marketing, advertising and the mass adoption of crypto are intended to be the driving force of Callisto price and the viability of the system while security is one of the main goals.

Does this look crazy? I don’t think it looks crazier than today’s Bitcoin price looked on the day Laszlo Hanez ordered his pizza.

On-chain governance system.

Callisto was never intended to be an eternal source of income for Callisto Team. Initially, Callisto was intended to become a self-sustaining self-governed project and we planned to abstract its workflow from any centralized authorities and from ourselves at some point.

Thats why security auditing department is working through github where everyone can participate in the workflow. Cold Staking and other features are implemented in smart-contracts. Callisto is designed to ensure independent operability, even without Callisto team.

Unfortunately, there are some problems in this area. The main problem is exchange listings. Most exchanges require KYC which requires a legal entity. Legal entity requires the project to have some trusted authorities and enforces centralization.

Currently, I’m looking for a compromise solution.

Original source: https://medium.com/@dexaran820/callisto-network-in-depth-df394ef81bfb

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