On October 29, 2018, Dexaran, security expert and Callisto Network’s co-founder, answered questions from the community about $CLO mining, 51% attacks, and Callisto’s ecosystem.
@Dexaran: Hello, CLO Community!
Why did you transfer CLO coins (7.5 millions, 81 day ago) from the cold staking wallet: 0x3c06f218ce6dd8e2c535a8925a2edf81674984d9 to the STEX exchange one. Why was the transit wallet used for this transaction?
At the very beginning of CLO project (even when CLO was not traded anywhere), I’ve paid ~27 BTC of my personal funds for listing fees, services, and other expenses.
It was agreed that the whole amount of 27BTC would be compensated with treasury funds, which is part of the compensation payment. Transit account was used because I do not keep both Treasury keys in one place, and I had no access to the main Treasury at that time.
But more recently, 11.4 million were written off from the treasury wallet, which the chat administration called ~27 bitcoins to you as compensation 0xe66cf94f39a4f02f9d35d74b8d413c819b9e2ca63a5a648535f0f72d9f7c2259
As I said earlier, I’ve contributed 27 BTC of my personal funds to pay for everything during the launch stage.
The 11,4M CLO transaction is compensation of 11 BTC only (at 1 CLO = 94 sat price at that moment – I can forward an explanation after the end of AMA). Callisto still owes me slightly less than half of my initial contribution.
Hello Dex, is it planned to reduce the reward after hardfork #1?
Is a transition to a new platform planned(for example, EOSIO)?
What are you so busy at the moment?
- No.
- Not yet.
- Cold Staking. UI, security audit, bug bounty, and other HF1-related issues.
Hi Dexaran. I am a big fan of yours! How is your health now?
Well, I’m better than it was previously but still not the best, unfortunately.
Hello! What coin price are you waiting for after Cold Staking?
I don’t expect a significant price growth right after the implementation of the Cold Staking or HF1. The effect will show up later, maybe in the next market cycle.
Do you plan to reduce the reward for the block than previously planned?
It is planned to reduce block rewards by 32% at each 5,000,000th block.
I am glad to hear you are a bit better now. I hope you get 100% very soon. My question for you is: I had (and others as well) contributed to the DEX ICO last year. Your original ICO page had something about along the lines of “revenue distribution”. I never received any “revenue. Then I found out about CLO, and I thought contributors would receive revenue distribution in CLO. But that never happened. Can I please know why you didn’t consider giving contributors CLO?
The projects that I labeled with “revenue” during the Dex ICO were not that successful. I keep the DexNS revenues at a special account, but the whole amount is ~14 ETC.
As for distributing CLO for Dex token holders – it is under consideration. I know that many ETC community members are strictly against Callisto, and they are saying that CLO has nothing to do with ETC. There was not that much support from the ETC side during the launch and post-launch stages. It is necessary to take this into account.
Hi Dex, will the Cold Staking be implemented (11.11) in Coinomi wallet, do you have some exact date from their side?
I don’t know the exact date yet.
What about addresses abstraction shall we see them to the end of the year?
I don’t think so. I guess that it will be implemented at HF2 or even removed from the roadmap at all. I’m in favor of staying as close to ETC as possible because this opens some opportunities for crosschain services.
Hi Dexaran sir, the decentralized storage system only for storing the audits report? Or CLO will also provide decentralized storage to people for all kinds of file like STORJ or SIA?
It is currently planned to implement fully decentralized storage that will allow storing any type of files.
There could be some problems because there is no successful implementation of any smart-contract platform storage system yet. SWARM is not implemented. IPFS-based storage of EOS is not implemented and delayed as well.
Main question. 1. Why did you leave the CEO position? 2. Is there an internal management conflict?
I’ve never wanted to be a CEO, but someone should at the beginning of this project while there were only 3 of us: me, Yohan and Carlos Sampol. I’m a developer and I prefer focusing on technical aspects.
It is too hard to have an anonymous CEO at the project. I’m anonymous, while Yohan is not – thats why we decided to switch our roles.
Technology-wise, do you think CLO can overtake Ethereum? Does it have what it takes?
If CLO is a security platform, don’t you think this would significantly deter its value? Why would anyone want to invest in a security platform? Most people are investing in projects hoping they would become the next big thing. If CLO isn’t going to compete with Ethereum, I am afraid I don’t see it. Your comments, please.
I don’t think that being a security platform is any worse than being a useless development platform that is not suitable for development.
“Why would anyone want to invest in a security platform?”
This is not how crypto market works. Why would anyone want to invest in DOGE? – There are absolutely no reasons. However, DOGE is giving you 300% profits easily even without fundamental benefits at all.
When Idax? When Hitbtc? When Coinomi? Soon already 11.11.18, was promised to list on exchanges HitBTC and Idax. Do you have time to 11.11? What is the status of the listing?
I’m not involved in exchange-related activity at the moment. I’m coordinating the implementation of Cold Staking and HF1-related issues.
Are there any delays in HF1? Is it on schedule?
HF1 will not be delayed; it will happen as it was planned – 11th November or even earlier (depend on average block time which is <15 sec right now).
Hi Dexaran, one of the auditors has created a game (see at callisto.games) based on the smart contract. Would you support such games to be adopted on the Callisto platform. Do you believe it is a good idea? Please advise.
I would say no.
I don’t believe in CLO as a development platform. I think that Ethereum, ETC, CLO, QTUM, ADA, or any other development platforms are now deprecated, and EOS is the only viable one.
We are a decentralized community, and everyone is free to use the blockchain at his own decision. However, I’ve transparently described CLO as a security-platform, not a development platform/ Ethereum competitor.
CLO has its unique purpose and niche – security enhancements.
Hi Dex, do you have any news from a partnership with RSK community? I think it’s an excellent opportunity for CLO.
As for RSK, I don’t have any news, and we are not looking for a partnership with them at the moment. Honestly, I don’t have a clear vision of how we could benefit from each other.
Hi Dex, I want to know when Clo will be anti asic miner ?
I don’t know the exact date, but we will definitely change the mining algo if Ethash ASICs come to existence.
The asics miner are existing Dex, and they take a big part of the whole Dagger Hashimoto hashrate
Do you have any proof? I would like to dive deeper into this after the HF1.
Did you see how Bitmain sold all its asics Ethash miner?
They sold a lot of them and for your information every miner has a mining calculator and we switch for the profitable coin and for your information 1gh now gives between 16 to 17 $
So everyone has a hashrate will drive it to the profitable coin but if we will implement an anti asic miner we will see the real hashrate.
As far as I know, these “Ethash ASICs” are just simplified versions of old GPUs (RX4xx maybe). They are 20-30% cheaper than a standard GPU but still not really “ASICs”. I don’t think that they affect the current mining situation a lot.
Do you planning any new bounty campaigns for the community?
I would say that it is a good idea, but I don’t have any details at the moment. Subscribe to our media resources and keep an eye on our twitter announcements.
Do you maintain a relationship with Eos developers?
Yes.
Hi Dex. Only one question. If a smart contract in which all the CLO will be deposit after HF1 will be hacked do we have insurance to recover them?
No, you don’t have any insurance. CLO Treasury does not have enough funds to compensate everyone (if the total deposits will be stolen with 90% of total CLO being at staking).
That’s why we have (1) official security audit, (2) bug bounty with $12,000 reward for any critical bug, and (3) published source codes.
I want to learn solidity, private blockchain, etc. Then I want to develop my individual project. How to be my roadmap?
I would recommend you to read whitepapers of well-known projects (such are Ethereum, ADA, EOS) and earn some experience to develop your own.
It turns out that CLO is a means of earning for you to continue new developments.
So the Callisto project is just a testing ground for your ideas?
Then the community vainly hopes for the project’s prospects, as you put it, only 10% of the deposit would be placed in it, 30% in EOSIO.
I would say no.
Callisto is a “must-have” project for the whole crypto industry. However, diversification of your investments is essential as well.
Do you think other developers (community) Etc will support Clo in the future?
I think yes.
If cold stacking will show itself positively, whether this feature is applied in the Ethereum Classic network?
I’m planning to propose Cold Staking for ETC right after the successful implementation at Callisto.
Do you plan to launch PoS in the future? If so, when will it happen?
We are planning to research PoS/PoW hybrids, but I don’t have any accurate dates at the moment.
My last question is that audits are useful in terms of the purity of the code, but not parts of the ICO scam and tokens; in my opinion, there is no single useful product on the smart contract!
What prospects do you consider in audits, and what is the real implementation?
Nothing can prevent errors in the code. However, security audits can significantly improve the situation and help avoid many problems such as smart-contract hacks and multiple mistakes that hurt UX.
For example, there is a Chintai project of EOS, and their contract had a bug after the launch. It did not cause a money loss for their users, but still, hurt UX and the adoption of crypto.
Hello Dex! I suppose that you are a millionaire. And you got enough money to not to work for the rest of your life ) but you work hard. What makes you keep on going? What inspires you?
Well. In our world, there are things that, I believe, should not be as they are now. I want to change it if whenever I can because no one else is even trying (example: free security auditing for smart-contracts).
So Dex my only question is about anti asic miner and i want you to do a good investigation about it please.
Noted.
As I’ve said already, I will dive deeper into it after HF1.
Hi @Dexaran! In your vision, is Callisto autonomous project or playground for ETC?
50/50.
This project is currently standalone. However, I’m still planning to implement all the good ideas of CLO in ETC. I do not plan to abandon ETC.
Hi @Dexaran, isn’t better to reduce CLO mining reward in order to reduce coin emission, this could drive the value gradually up a bit and it was suggested at some point by yograterol. Is team affiliated with mining activity, no offense. Thanks!
I would say no.
If you just reduce the block reward (change the monetary policy) then the effect will be opposite to what you expect.
It will lower mining rewards, thus drive miners and hashrate our of your network. This will cause a DECREASE of CLO price likely.
I have experience of changing the monetary policy in ETC.
Hi Dex, if we don’t reduce block reward, the network will stop producing Clo in next 7 years. The miner will get less benefit, they just earn tx fee but I know the fee is too small then they will leave Clo, and it leads Clo to less securely.
McAfee predicted that BTC will surpass $1M at that time… it is too early to say something about what will happen in 7 years.
If something will hurt CLO ecosystem – then we will develop a solution. The ecosystem will evolve.
Dex you need to communicate more often with the community, except you no one can answer some difficult questions.
Dex, please do another AMA after this one with the team who works on the exchanges and marketing, please.
@admin: We’ll consider your suggestion
Dexaran, when Callisto has a working explorer that shows all transactions?
I can only say “soon”. I know that block explorer is essential for us, as the Cold Staking is implemented as a smart-contract.
@admin: We are developing a new explorer. MVP is scheduled for December.
https://callisto.network/blog/post/introducing-galileo-new-blockchain-explorer/
Dex what are the things that will make CLO one of the top 50 coins?
- Unique goal.
- Specialized niche and lack of competitors.
- Market cycles.
- Staking and monetary policy.
Is there any investment fund interest in CLO project? Would you consider such propositions?
I don’t know any.
Dex, how do you see Clo in the cryptocurrency ecosystem in 1-2 years?
Hey DEX, how much time in percentage do you spend on CLO and ETC ?
- CLO 70%
- ETC 5%
- Researching and other projects 25%
However, I consider CLO to be part of ETC development.
Dex I have another question about the mining process, so please, why Eth will change to progpow in the next hard fork and for your info that progpow is an anti asic miner?
I can’t answer it now. Maybe a bit later.
Thank you for your answers! Only I would like to wish to carry out more qualitative and balanced work with exchanges, marketing, and further promotion of CLO, as all this has a great impact on increasing the reputation and attracting new investors to the project!
Thank you for the feedback. I agree completely.
I wish you health and discipline in the project you created!
I hope that you will develop the idea of an audit and turn it into a real and irreplaceable product in a crypto community.
Constant optimization and introduction of new ideas will help in achieving certain goals.
Yeah.
Another project that must exist is a decentralized computations market.
Golem (GNT), XEL and some others were trying to implement this idea, however there is no successful solution yet.
When the implementation of progressive block rewards reduced, how has announced Yohan?
This is only an idea for now. We will discuss it later, after HF1. It is not planned for HF2 at the moment.
Dex what cryptocurrencies do you see as promising at the moment ?
[CLO]
EOS.
IQ.
XRP.
AION.
Not sure about AION, though.
Dex, tell me, what do you think about automated auditing?
It is a myth.
Alright,
I think that it is time to finish today’s AMA.
Now I plan to return to the question about listing fees and CLO->BTC compensations.
I will answer the rest of your questions a bit later.
Appendix
Previous Ask Me Anything sessions with Callisto team:
Callisto Security Team’s Ask Me Anything on 01/10/2018.
Yohan Graterol’s Ask Me Anything on 21/09/2018.
Miscellaneous
Passive Income with Crypto: Masternodes vs Staking.
Trust the Blockchain, Audit the Smart Contracts.
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