CALLISTO NETWORK
Callisto Network is an ethereum(cryptocurrency) Commonwealth project. This is to say, it is a decentralized open source crypto platform based on a go-ethereum source code, with its own cryptocurrency, “CLO” and with a built-in system of smart contracts to achieve certain goals. The network will not deploy treasury smart contracts at the initial launch stage and it is to establish an official auditing team and depend on audited contracts for further upgrades.
It is worthy of note that a Cryptocurrency is a digital medium of exchange which uses cryptography to verify transfer of assets, control the creation of additional units and secure financial transactions.
GOALS
This Network has set aside goals it wishes to attain in order to serve it’s customers better and they are:
- To research and develop a reference implementation of self sustaining, self governed and self funded block chain ecosystem and development environment.
- To establish a secure and contribution friendly environment for further protocol development and improvements.
- To enhance the security of the entire crypto industry and smart contract development platforms.
- To boost the growth and adoption of ethereum classic as a community and as a platform.
Now, let’s see how far they’ve gone in trying to reach this goals through the two stages in the Network.
STAGES
The planned Callisto hard forks has two stages:
The cold staking stage and the Final stage.
- Cold Staking Stage- This stage enables cold staking protocol where 10% of the total volume of CLO emissions for the entire time of the initial stage launch, will be deposited into the staking contract which will allow cold stalkers to receive initial reward.
- The Final Stage- This enables a governance system which allows cold stalkers to partake in submitting and voting for proposals that will receive funding once the cold stakers’ voting approves it through the Callisto treasury.
NB: Callisto treasury is a program written in solid programming language and is deployed within the Callisto network to help implement a governance system.
The benefits to enjoy from the Callisto Network abound. Let’s take a look at some of them…
BENEFITS
The Callisto network has a file system that solves problems of independent archive of security audit reports. The file system provides an opportunity to upload, store, and view security audit reports independently, from any third party services. At the same time, enabling users store custom files. In the auditing department, the manager controls and verifies the work of auditors while the auditors review the code of smart contracts and submit reports of which they are applauded for good works and penalized for mistakes.
The cold stakers are compensated for being CLO holders (holders of the Callisto coin) and the value they get will be determined by the number of cold stakers on the platform.
cold staking is a core feature of Callisto protocol that is intended to incentivize coin owners for holding CLO coins for a significant period of time, thus, increasing the ‘store of value' property of Callisto. From these benefits, you can see that the Callisto network is out to give the best auditing service for your cryptocurrency. Now, let’s look at the challenges to encounter, which they proffered possible solution! Yes, I know it’s amazing.
CHALLENGES AND SOLUTIONS
The major challenge is the hacking of smart contracts which is estimated to result in the loss of millions of dollars in all ecosystems. Even the ethereum tools are not secured and stands this risk too. But, the Callisto network offers a free opportunity for professional smart contract developers to audit their smart contracts with its official smart contract auditing department of CLO (Callisto network) and ETC (ethereum classic).