Welcome to a double-issue of Callisto Monthly, a look at what has been happening recently inside Callisto Network. This month, we’re looking back over the last two months since so much has been going on.
Callisto Enterprise Goes to Parliament
In mid-September, Callisto COO Vladimir Vencalek and Callisto CFO Lukas Pokorny stormed the Czech Parliament to address the globally pressing issues of cryptocurrency and cybersecurity.
“Stormed” might be an over-the-top description of the pair casually walking into the Czech Parliament building. Still, their message was urgent: The government needs a better understanding of cryptocurrency and the security issues surrounding crypto.
The technology is not going away and, in fact, is expanding exponentially as businesses race to build blockchain-based opportunities into their operations, marketing, and sales efforts.
The Callisto duo’s effort was an attempt to bring awareness to the Callisto name and to ensure that Callisto, a global leader in blockchain security, is part of the dialogue and the range of solutions that are necessary to ensuring the safety and security of blockchain transactions as mass adoption looms.
The Skuld Hard Fork has been successfully implemented.
The fork introduced profound changes to the way the Callisto Network operates. Primarily, it introduces a new Dynamic Monetary Policy that will enable the burning of Callisto coins at rates higher than the minting rate, leading to deflation—a decrease in the number of coins in circulation.
Our very own Dr. Zs designed the burning mechanism. It was strategically built to smooth our upcoming transition to Proof of Stake. For Callisto, the decrease in CLO will amount to about 370 million coins over time, a reduction of about 11% overall.
Along with CLO burning, Skuld also introduces:
- Variable Block Sizes: Enable the Callisto Network to handle more transactions per second. The network will be able to scale blocks to between 8 million and 15 million, as needed, to meet ramping demand for validation in high-traffic moments.
- Minimum Gas Fees: Will rise to 0.02 CLO per transaction to thwart spamming problems. These spamming transactions suck up network resources and increase the size of the blocks on the blockchain, thereby decreasing transaction speed and efficiency.
Callisto’s gas fee will remain among the lowest and most competitive in the market, but raising the minimum will increase costs for those spamming the network, which should help keep them on the sidelines.
In all, the Skuld Hard Fork paves the way for a future that promises enhanced performance, economic stability, and a better user experience.
Keeping with Proof of State for a moment…
Proof of Stake Monetary Policy
Back in August, we launched the new Callisto Network Improvement Proposal#2 (CLOIP#2). This marks a significant milestone in evolving the Callisto Network blockchain and is part of our recently launched Callisto Network Improvement Protocol initiative.
CLOIP#2 centers on “Proof of Stake Monetary Policy,” which explores the implications for Callisto Network monetary policy when the blockchain migrates to a Proof of State consensus mechanism.
We want the community involved in this and hope you will share your thoughts in contributing to this seminal moment in Callisto’s development.
To review CLOIP #2:
- “Proof of Stake Monetary Policy,” and share your insights.
- Provide your feedback and offer contributions.
- Click here.
Speaking of monetary policy…
Burn, Baby, Burn…
Callisto has burned another 762,000 CLO coins as part of our Buy Back & Burn initiative.
The burn stemmed from Callisto Network’s Security Department completing two smart-contract security audits—Enduracoin and Live4well. As part of our Security Department services, we’ve committed to allocating 20% of the revenue earned to buy-back and burn CLO coins.
We’re doing so because we see buy-and-burn as a direct way to tie Callisto’s Audit Services to the value of $CLO coin. Our commitment to the community is to find ways to drive CLO’s intrinsic value.
Separately, Callisto’s Security Department audited the BRICS Token. This new crypto aims to act as a reserve currency backed by physical commodities, including oil, gold, corn, and wheat. You can read that audit here.
Next up, more on security…
Dexaran Deconstructs the Curve Hack
You might know that Curve Finance was recently hacked for an estimated $62 million. It’s just another sad example of hackers exploiting code to rob ordinary people and institutions. It’s a financially sobering reminder that blockchain security is paramount as the industry seeks to onboard the next billion users.
In this autopsy, Dexaran, Callisto’s security guru and a Vyper IDE Developer, dissects the Curve hack, looking specifically at Vyper, a smart contract programming language built for the Ethereum Virtual Machine.
In short, Dexaran concludes that the hack was preventable. In essence, he notes that Vyper’s creation was totally pointless and that the developers responsible for it and the Vyper compiler did not have the right skillsets or any security expertise.
Indeed, Dexaran wrote an article three years ago that spelled out exactly what the problems were with Vyper—the very problems the hacker exploited.
Moving on to…
Improving Upon ERC 20 With ERC 223
Based on the efforts of Dexaran, Callisto has been building the ERC 223 standard to improve upon the security flaws inherent in the widely used ERC 20 standard.
ERC 223 aims to create a safer user experience, which you can read about here. It’s Callisto’s answer to building a safer, more efficient, and user-friendly blockchain as mass adoption of crypto approaches.
Along those lines, we have some news to share about ERC 223:
- Thanks to the effort of the Callisto Network community member LeLe, Callisto’s ERC 223 development was highlighted recently in Cryptonomist. The article provides a deep-dive look at the importance of the ERC 223 standard and its implications for the blockchain space.
- The Dexaran participated in a recent Ask Me Anything session and delved into the ERC 223 issue.
- Dexaran is launching the Dex223, a DEX for ERC 20 and ERC 223 tokens across multiple blockchains. Callisto Community members can participate in the ICO at a 60% discount. (Note: Dex223 is unaffiliated with Callisto Network or the Callisto team).
You can find all that information here to learn more about Dex223 and the ICO.
Callisto’s Call-To-Impact Campaign
We want to point out several stories from Callistonians that we think community members should read for enlightenment on key issues:
- Crypto Miners vs. Hackers: A must-read on why Callisto’s Yuriy Kharytoshyn has emerged as a modern-day hero for finding a way to convert his mining rig into a machine for decrypting ransomware threats. The ingenious move even landed Yuriy a mention in Forbes magazine.
- Beyond Worldcoin’s Eyes: Real AI-Powered Blockchain Solution: From Iris Scans to Smart Contract Scans: As the crypto world gets enthralled with iris-scanning orbs, Callisto Network leaps genuine innovation, bringing AI to smart contract security. With a wealth of experience from auditing 335 smart contracts, Callisto Network’s AI-powered solution offers a glance into the future of crypto — prioritizing enduring challenges over passing trends.
- Catapulting Your Crypto Wealth: Quite an insightful story about the “3 Keys to Winning in Crypto.” This one is a must-read as we move toward what feels like a new bull market that is now quietly emerging. The writer explains what to look for in coins and tokens that have the potential to run sharply higher when the bull market arrives.
- Crypto Desperados in the Storm: A story detailing how Callistonians are turning adversity into opportunity by embracing technology to stay ahead in the crypto storm.
- Buying What Can’t Be $old: If you think the value in blockchain & crypto is just about price and market hype, you’re missing out on the bigger picture—scarcity and deflationary pressures. In this article, the author explains why those two factors play such a defining role in crypto valuations.
- The Biggest Crypto Airdrop That (Almost) Everyone Forgot: Back in 2018, the crypto world was so abuzz about an airdrop that even CNBC ran a segment on the coin being airdropped. That coin: Callisto and its airdrop to holders of ETH Classic. Today, five years later, the world has seemingly forgotten about CLO. This article dives into that history and details how CLO is overcoming the odds and gaining new relevance.
With that, we wrap up our double issue.