On September 4, 2020, Dexaran and Yohan met the Trust Wallet Vietnam community and answered questions about smart contract audits, cold staking, and the challenge of security in DeFi.
Bonita from Trust Wallet: Welcome @yograterol @Dexaran 🙂
Dexaran: Hello everyone.
Yohan Graterol: Hi guys, how are you going?
Bonita from Trust Wallet: Hey Yohan, great having you here! Welcome our very own Dexaran!
Bonita from Trust Wallet: How are you doing? Could you introduce about yourself and tell us the story how the team build Callisto Network to our audience?
Yohan: I’m Yohan Graterol, +10 years as a software engineer. Working in Callisto from the beginning.
Callisto was born as a project to offer mainly security audits to the Ethereum ecosystem, following a self-sustained model with a project treasury.
Having a full Blockchain has allowed us to launch services like Cold Staking, stake CLO to earn CLO from each block.
Yield farming since 2018 😼
Dexaran: Somewhat busy with the recent 51% attacks on ETC and numerous hacks.
However I’m happy to participate in today’s AMA and share my insights with the community.
Callisto Network was started with multiple goals:
1. Support and facilitate the development of Ethereum Classic.
2. Define security standards and establish a market for security audits in smart-contract development area.
3. Develop reference modifications of a governance system and basic Ethereum protocol.
I would say that we have successfully achieved most of our goals defined by the initial roadmap and we are moving forward.
Bonita from Trust Wallet: That’s the cool job I must say, how is everything now?
Dexaran: Well, we are proposing solutions.
You can track ECIP 1092 – the solution to 51% attacks for example:
Bonita from Trust Wallet: Yeah, I can tell that 51% attacks are a hot topic with the recent events on the ETC network.
Dexaran: We have the solution implemented in Callisto Network. I can say that CLO is resistant to the current 51% attack scenarios already. Hope we can secure ETC network.
Bonita from Trust Wallet: Cool, a lot of people are getting into that space and trying to understand Callisto Network better, so we are super lucky to have your team here today taking time joining the AMA! So from the message, I guess Dexaran is really techie. No doubt for Yohan!
Won’t let our community wait for long. Let’s get started with the flow of our AMA. We will have 3 parts in this AMA.
Part 1: Q&A with our admin.
Part 2: Quizzz
Part 3: Free Q&A with community.
Are you ready? @Dexaran @yograterol
Bonita from Trust Wallet: Great. I got an interesting question from our user @bestyasuovn:
Some DeFi projects were recently “hacked” as per their explanations. How do you think these recent events on other DeFi products affects the trust by users? What can Callisto do in order to ensure crypto enthusiasts that #DeFi is safe and reliable?
Dexaran: DeFi is a hot topic in crypto industry now. Just like ICOs were in 2017. I would say that most of “DeFi” projects rely on smart-contracts but smart-contracts are not secure by default. We aim to provide the security auditing market where auditors can find work and DAPP (DeFi) developers can request security audits at affordable costs through our platform.
Bonita from Trust Wallet: Can’t agree more, I am not too techie but I’ve read about some hacks on Defi back some time ago. So security is always the key thing. Can you explain in details how the security auditing market will be like?
Dexaran: We already have the implementation and the workflow is described here: https://github.com/EthereumCommonwealth/Auditing
Our workflow is transparently handled through Github and we have performed more than 300 security audits already.
We plan to automate the process by introducing the Security DAO in the near future. As for now – the process is governed by the rules described at our github repo (too long to copy&paste them here so please, navigate to the github if you’re interested).
Every smart-contract is reviewed by 3 security auditors.
Then security manager comapares their security reports and assigns scores.
Auditors are getting paid based on the results of their work – the higher the quality of one auditor compared to others the higher the rewards he(she) get.
Bonita from Trust Wallet: I’ve came through this: https://callisto.network/smart-contract-audit/
Where users can read more about smart contract audit. And users can become an auditor by applying here, right?
Dexaran: Correct. Anyone can become a security auditor by just following our rules (given that this user has sufficient knowledge). However we do not allow more than one “unapproved” auditor to participate in a security audit alongside approved auditors until the unapproved auditor’s qualification is established.
Bonita from Trust Wallet: Good point! A smart contract must be carefully planned, taking into account all logical permutations, accommodating all possible exceptions, and rigorously implementation. Thank you for your answer!
The next question I’d like to bring up is from @naughtyloli
What are the 2–3 major points you want to highlight to us about Callisto through this AMA? @Dexaran @yograterol
Dexaran: Callisto Network is not just a network with its token that can be held and transferred.
We aim to establish a network of services that would benefit the whole industry including:
- The market for security auditing.
- The market for DAPP transition services.
- Interblockchain operability implementation.
We are pioneering the development of smart-contract based governance system. The governance system is an important part of any crypto project but there is no successful implementation examples in the whole industy.
Yohan: The project has followed well the whitepaper, and the community has seen it.
- We have a strong community, and it’s something to highlight in my humble opinions.
- We are offering right now complete smart contracts services (auditing, coding), and no a lot of projects are offering the same, we want to push it with everyone.
- Callisto started in the bear market, and we are not here for the Lambo.
We started this to work for the ecosystem, and right now, we’re still for you! Let’s push CLO!
Bonita from Trust Wallet: You recently launched a migration service to port Ethereum DApps to EOS. Can you tell us more about it? And why choose the EOS platform?
Dexaran: I’m familiar with both Ethereum and EOS protocols and I can conclude that EOS has a number of decisive advantages. Now GAS prices are so high at Ethereum that its scalability is arguable. At the other hand EOS has free transactions.
Also EOS has a number of security advantages i.e. it solves problems of:
- Communication model of ERC20 tokens.
- Non-existing addresses and human mistakes.
- Collision of addresses between chains.
It is properly described in the recent announcement (great thanks to EOS_GO for their help): https://www.eosgo.io/news/callisto-network-migration-service-eth-to-eos
Our main goal is to help the DAPP ecosystem to grow. We are not tied to any platform so we are going to help with the adoption of the best options at the market.
Bonita from Trust Wallet: Yup, ETH has also been discussed recently with the topic of its high fee.
It seems that you have a good relationship with EOS, and especially with EOSGO, in fact you have written several articles related to EOS. Can you tell us why cooperation between projects is essential?
Dexaran: Our industry is evolving quickly. It is really important not to get stick with widely adopted solutions but also research newer options.
Callisto Network is closely working with smart-contracts and we are actively researching all the available options at the market. We aim to expand our system to adopt newer and better solutions.
I can conclude that EOS is the most advanced smart-contract development platforms at the market at the moment.
Bonita from Trust Wallet: Following the smart contract audit and migration services, you are considering providing smart contract insurance.
What would be the benefits for the users and the developers?
Dexaran: DAPP developers are responsible for the security of their DAPP themselves at the moment. This system is inefficient because it involves a lot of double work. All the DAPP development teams have to pay for their security and hire security experts themselves.
The insurance system will allow DAPP developers to get rid of security concerns at all by just delegating them to the security organization.
Bonita from Trust Wallet: In a couple of weeks, the CLO block reward will be reduced by 40%, which is an important milestone for the project as the number of CLO coins issued will be lower. So what effect do you think this will have?
Dexaran: The mining rewards will be lower, as will the staking rewards. This should create a certain degree of scarcity compared to the current balance of supply and demand from a logical point of view.
Yohan: This monetary policy helps the project to reduce considerably and constantly the inflation on Callisto Network. We started with a block reward of 600 CLO, and we are reducing it by 40% each 1.5 million blocks (~ 6 months). It helps to slow down the new emission like Bitcoin with the halving.
The effect could be an impact on the price (this is not financial advice), and maybe the mining hash rate will be affected too, taking into account the price level of ETH.
Bonita from Trust Wallet: Great. Thank you for walk me through all the details about your project!
So we have staking in Callisto. Could you tell us more about Staking?
Dexaran: Callisto implements “cold staking” feature which is not related to the consensus model. This means that you don’t need to run a masternode in order to “cold stake” your CLO. You are just earning rewards for holding your coins at your wallet registered through the special smart-contract.
This is a reference implementation that will be used for future governance system and voting system.
Bonita from Trust Wallet: Great, just HOLD your coin in wallet, and enjoy the rewards! Thank you for walking us through the main points of Callisto!
Let’s move to the next part, Quizz time!
@TontonBenz Are you ready to host this activity?
Tonton (Callisto Admin): Sure!
Hey everyone!! Hope you are doing well! Ready to start our Quizz session?✨
1- What is the duration of a Cold Staking round? 🤔
A- 25 days.
B- 27 days.
C- 29 days.
D- 30 days.
The right answer is B- 27 days (found by Yukinos).
2- What is the minimum CLO required for Cold Staking? 🤔
A- 5000 CLO.
B- 50000 CLO.
C- 100000 CLO.
D- There is no minimum CLO for Cold Staking ( found by Syrex 2.6).
The right answer is D- There is no minimum CLO for Cold Staking (found by Syrex 2.6).
3- How many smart contract audits have been processed by the Callisto Security Department? 🤔
D- 329 (found by Nakroth).
The right answer is D- 329 (found by Nakroth).
4- How many smart contract have been hacked after being audited by Callisto? 🤔
A- 0 ( found by Yak).
The right answer is A- 0 (found by Yak).
5- When performing a smart contract migration, we deliver:
A- The final source code (public or private).
B- The smart contract deployed.
C- The documentation of the new smart contract.
D- The guidance and technical support after the EOS contract is deployed.
E- All of the above ( found by Cool Hi).
The right answer is E- All of the above (found by Cool Hi).
Bonita from Trust Wallet: So, we have finished the Quiz, Thank you @TontonBenz for your exciting quiz! Let’s move on to the free Q&A.
Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
Yohan: Yes, actively we’re doing it in French and I started it Spanish.
If you want some proposal for your native language we could talk.
Now the market is flooded with many projects, extreme competition. How will you ensure your project always get users and stay above your competitors?
Dexaran: We are a niche project.
We focus on security and we have very few competitors in this area. Smart-contract development platforms can evolve, compete and replace each other. Callisto will stay as relevant as security is. We are abstracted from platforms we are working with.
What is your background and how did you come to the idea to create Callisto Network project?
Yohan: Dexaran has a lot of years working on the security field. I met him in ETC Community. He believed in ETC before a lot of current teams.
However, in ETC, move forward was a bit complicated, and we decided to launch a similar project supporting to ETC and supporting to CLO.
How do I know if your project is truly transparent? Currently, “hacker” situation steals user data a lot, so how is your security?
Dexaran: Callisto Network is an open source project. You can transparently verify any codes including the Cold Staking contract etc.
Also we adhere to the policy of financial transparency and you can review our financial report at any time.
What do you strategy to educate and raise awareness and adoption among the community to make more people understand about $CLO?
Yohan: We’ve applied content marketing for it. It’s not an easy task. If crypto is not entirely mainstream, the security field is less than crypto in popularity. But the technology spread is helping to put in the mind of the people the importance of security.
Vitalik Buterin said that the DeFi had high risks and that they were not recommended. What do you think about this? Is he right or really DeFi’s as Callisto are trustworthy?
Dexaran: This depends on DeFi developers.
In 2017 there were plenty of ICO contracts that got affected by different bugs and poor software implementations.
This is smart-contract developers responsibility at the moment. We aim to shift this towards the delegation of security concerns to a group of experts or an insurance organizations.
Bonita from Trust Wallet: Thank you @Dexaran @yograterol @TontonBenz for being here with our AMA today!
I think we can conclude the AMA with the last sharing, please.
Tonton (Callisto Admin): Thank you @Dexaran and @yograterol for your time.
Thank you, Trust Wallet Việt Nam team, for organizing this AMA 🙏
And the biggest thank goes to the community for making this AMA this good 🙌
End of the AMA
Previous Ask Me Anything sessions with Callisto team:
Trust the Blockchain, Audit the Smart Contracts.
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