On October 28, 2020, Yohan answered questions from the community about the hacking of DeFi projects, the new partnership, and central bank digital currencies.
Admin: Ladies and gentlemen, AMA with Yohan Graterol, Callisto Network’s Co-Founder START NOW!
We will reward the 3 best questions with 1000 $CLO each ⭐️
Please be respectful, give Yohan the time to respond, and do not repeat questions. Thank you 🙏
Yohan Graterol: Hello!
Hello . First of all I want to ask, when will be release of new smart contract of cold staking.
Yohan: There was planned by late in the last year; however, upgrading smart contract has two significant issues.
- People will lose in some moment part of new staking while migrating to a new smart contract.
- The market was terrible, and released a ton of CLO could kill the market.
So, the current smart contract is working well and has +55% of total supply locked, so, until we don’t have a healthy market I don’t see prudent to release a new smart contract.
Maybe you will make a voting of community? Do they need in new smart contract or not?
This is fair, do you want to give the option to trolls to vote on it? Right now a lot of people are disgusted with CLO, and they probably will vote to release new SC and flood the market. I don’t have problem, I am not focused on market right now, so, if you want it, ok.
@yograterol Your project has one mission, to do audits, now DeFi hype, a lot of contracts, how many audits of contracts have you signed for the developers and how many feedbacks from them?
It’s not the only mission, but you are right. We didn’t perform audits for DeFi project for that many hacks 🙂 So, I would like to wait for an AMA with Dexaran; he could go deep on that to talk more about audits.
@yograterol Do you plan to remove treasury?
Eventually, it will be removed. Right now treasury is receiving a small amount of CLO.
@yograterol Thank you for taking the time, do you have anything new about the anonymous transactions? Did the testing go well?
It’s already. I didn’t release it because there are not enough txs to take advantage of it right now. 3-4k txs daily are not enough to justify eclipse. It requires more on-chain activity, or you will be identified.
I refocused myself on negotiations with the three projects interested in to put their projects in CLO.
Hi, good evening Yohan, good to make an AMA while many DeFi projects were hacked, what is your feeling about that situation? How could we change things to make audits the norm before a contract to be launched?
Well, talk about DeFi is so generalist.
Let’s talk about yield farming. If you look at how Yield Farming has evolved, you can realize that security is the last thing that they were thinking. A lot of big projects were released without security audit, and they were ok with that. People were ok depositing there.
So… I am not a fan of yield farming, and they didn’t want audit until they got hacked.
What other missions do you have that we can see today besides the old cold staking contract?
I’m on the proposal to split Callisto Network into two branches:
- Security audits.
That’s my mission right now, keeping the same coin with two businesses. It will be a requirement to get some deals, but what does have more weight in a balance? Keep ourselves in the 2018 mission or evolve to 2021 rules?
Do you have a plan to extend Callisto’s audits to all cryptos?
Audits are not simple processes. Auditing a mobile app is different from auditing a website or a smart contract. We will not be able to expand to many auditing fields if we don’t have yet a good position in the auditing smart contract space.
What a general plan/way of future development of project Callisto?
CLO 1.0 will remain like the current.
I am looking funding for CLO 2.0. We must stop playing the same game of the last four years of crypto waiting for the market reaction, that’s not economically viable. You can see >5000 tokens in CMC and the game of the last years doesn’t work. For that CLO 2.0 must born around clients (companies or governments) and no only thinking in market cycles or whatever mystic stuffs.
It is look very interesting, but could you take some details? A lot of people waiting some info, which will disappear the wall of understanding for what CLO is needed, and why it needed.
Wait for the first announcements next week, Yes, it’s hard to believe again, I understood it.
Is the recent volume increase related to a possible partnership?
Yes, there someone cleaned half of sell order book in Stex. I like that, let’s move to Bitfinex 🙂
This is ridiculous, the market is not bad, the market is stable, you just abandoned the development of a project, abandoned the mainstream and now blame all your failures on the market.
Sell in the market to pay two devs of 3k USD monthly each one, and check if the market will remain “stable”.
Is it mean, that Blockchain of Callisto will be upgraded? In what direction?
Commercial. The upgrade will keep the current CLO holders. Coin will be remain.
Are you going to attract investors to develop the project?
Hello thank you for your time. Are there other activities for cross chain transfers?
Right now no, I prefer to increase the current transfers on chain.
What can we see today, the result of work in 3 years, only the old smart contact cold staking?
I paste here a part of a secret document:
The idea behind Callisto was conceived in September 2017, Dexaran and Yohan were working on the ETC project within the Ethereum Commonwealth group. The initial idea was to develop solutions that the ETC project could eventually adopt, however, the reaction of the ETC community was the same as today, namely the rejection of any idea.
Taking into account the reaction of the ETC community, we have redefined the concept to focus on two points:
- Cold staking based on the theory described in the following document : https://docs.google.com/document/d/1LpRHzW7gGV1JfiXUQOmW-UEVF9TCNNWrYiItDuLgiGA/edit
- Smart contracts security audits.
Upon successful launch of the Callisto Network mainnet on April 15, 2018, we distributed CLO coins to ETC holders, it is the largest crypto airdrop to date.
We developed and deployed cold staking (end 2018), which rely on a smart contract where 58% of CLO coins’ supply is locked in. In 2019, cold stackers realized a 25% ROI.
We have audited +320 smart contracts, making us the leading security expert in the smart contracting industry.
The current reward is 129.6 CLO (600 CLO at the start) which will be reduced 2 times by 40% during the next 3 million blocks. From the block N° 8 900 001, the block reward will then be set at 50 CLO.
Your list of smart contract audit companies is a great initiative, but an audit team is missing… so we decided to update it 😉
— Yohan Graterol (@yograterol) October 23, 2020
Being fair the audits have not been capitalized yet, so, we will apply to add our audits +300 audits in etherscan.
Do you expect this position to appear by itself? What have you done in order to be a leader, a symbol of audit?
No, I don’t expect it of that way 🙂 well, we have a lot of audits, check it out my latest answers.
How many of these audits had to somehow influence the price of the coin and, accordingly, benefit the community callisto?
All audits has influenced negatively in the price, auditors sold immediately after payment. That’s not a secret.
Benefit for the community, well, the audits were not oriented to CLO community. It’s more oriented to the project audited community. I don’t see a capitalization of the audits until now, no big impact in CLO.
What reasons for the rise in the value of the coin do you see besides the general rise of the market?
There are people believing in the project.
From an investors standpoint I don’t see any benefit in this last 3 years.
Yes our wallet increase thanks to cold staking, but value continue to drop and interest in this projects lost a part every day.
What team do for this two points?
Lottery and Twitter giveaway?
Be serious please.
Ok, you could have right for the last three years.
It’s not fair that you feel bad for this. In any case if you want to sell there an option: https://twitter.com/yograterol/status/1320728889375772673.
This is all that has been done in 3 years, from what we can see?
I don’t get your question exactly. In any case, if you have a big pain, remember Invictus is buying CLO. Check my twitter.
The market is stable, many have grown in pair to usdt over the past year, but not clo, apparently the problem is not in the market?
I’ve not said that the market was the problem, and by that, we have the current exchange rate.
It’s clear that we’ve had many problems, firing, cut off payments, cut of infrastructure, projects canceled, etc. However, I will not anchor myself in those problems.
Yohan, what is your point of view on the crypto market? Central Bank are creating their own crypto, it’s like we are changing of paradigm, what futur do you see for actual cryptocurrencies?
There are 7,535 coins-tokens, so the current cryptocurrency market is satured. There no enough BTC to provide liquidity to all markets.
Now, I think that project in CMC position 3000 or more will die the next years.
Central Banks projects will help to trade crypto, but the money will not be always in the trading for all projects. We (everyone) must build things on blockchain or crypto and provide services around it without sell blockchain as the awesome feature, 99% of people there don’t care crypto.
People are not using blockchains, there a lot of people talking about decentralization and blablabla, but “22k users” in uniswap is nothing, With that amount of users I can fill 1/4 of Bernabeu stadium.
So, for that I said in the beginning of the AMA that I will not play the same game for me doesn’t work anymore.
How it works security audit team comes from ETC which has so big hacking problem. Can you help ETC to solve 51% issue?
Admin: If it could help, there some posts from Dexaran about it:
Hey. Didn’t consider floating interest? For example, who decides to freeze coins for half a year or a year, a higher percentage?
This is a good point, the thing is that the amount of CLO deposited in CS smart contract. So, increase percentage must reduce the reward from stakers with less time.
Any cross chain activities planned? Why ETC has a higher price then CLO? Although problem. Solved. Thank for answer in advance.
Yes, however right now on chain activity is the focus with partnerships.
ETC has a higher price I think by tradition, because if people blame to Callisto for “do nothing”, ETC development is almost nothing with 100x more budget.
Maybe we must turn ourselves in toxic people to attract ETC’s whales.
What is the current payout percentage for someone who has encountered $CLO in 27 days staking?
Admin: Thank you for attending this AMA Callistonians, unfortunately, time is over.
Thank you @yograterol for your time!
Previous Ask Me Anything sessions with Callisto team:
Trust the Blockchain, Audit the Smart Contracts.
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