CALLISTO NETWORK AND ITS BLOCKCHAIN TECHNOLOGY
WHAT IS CALLISTO NETWORK
Callisto Network is a decentralized open source crypto platform based on the go-Ethereum source code with its own cryptocurrency ‘CLO’.WHO IS BEHIND ?
Lead by well known Dexeran (Dex), the leader of the Ethereum Commonwealth (one of the three development teams of ETC), is the developer of Callisto as well as notable Yohan Graterol and Carlos Sampol.MAIN GOALS
The main goal of Callisto Network is to research and develop a reference implementation of a self-sustaining, self-governed and self-funded blockchain ecosystem and development environment.- Improve the security level of crypto industry and smart-contract development platforms with an official auditing team and secure contracts registry.
- Research, define and develop reference implementation of cold staking protocol, built-in governance system, and self-funding mechanism.
- Research experimental possibilities of scaling and cross-chain interaction.
CRYPTOCURRENCY
First, let us shift our attention on what a crytopcurrency is.A cryptocurrency is something we call a digital asset which is mainly designed to work as a medium of exchange with the help of strong cryptography to secure financial transactions, control the creation of additional units and as well verify the transfer of assets.
Cryptocurrencies style of operating differ from our well know central banking systems which is known as decentralized control which works through a technology called distribute ledger thus BLOCKCHAIN.
Most popular cryptocurrencies
BITCOIN
ETHEREUM
Callisto Network as stated earlier is based on the go-Ethereum source code developed by Ethereum(A decentralized platform that runs smart contracts, applications that run exactly as programmed without possibility of downtime, censorship, fraud or third party interference.)
WHAT IS SO SPECIAL ABOUT THE CALLISTO NETWORK
A project of the Ethereum Commonwealth, Callisto Network has been well researched and designed, making implementation of a self-sustained, self-governed, self-funded blockchain ecosystem.By so doing, Callisto Network has amazing goals to help the entire crypto industry and smart-contract development platforms.
Let us ones more highlight their key goals as stated in their WHITE PAPER:
- Improve the security level of crypto industry and smart-contract development platforms with an official auditing team and secure contracts registry.
- Research, define and develop reference implementation of cold staking protocol, built-in governance system, and self-funding mechanism.
- Research experimental possibilities of scaling and cross-chain interaction.
SECURITY
For the security of the ecosystem of crypto industry, Callisto Network has improve smart-contract development methods and environment.How is this possible? Well, since the Ethereum smart-contracts lack tools to make them secure, millions of dollars of revenue for the whole ecosystem are lost in smart-contract hacking which is a major problem, that is where Callisto Network brings in Smart-contract Auditing Department by the Callisto Network Security Department.
Callisto Network is intended to solve this problem for CLO and ETC(Ethereum Classic) ecosystems with their Official Smart-contract Auditing Department of CLO and ETC. As at now, Auditing a smart-contract is not limited to the CLO and ETC ecosystems but represents a completely free opportunity for a professional smart-contract developer to audit their smart-contract.
As at time of writing this article, the Callisto Security Department has completed 168 smart-contract security audits and 33 in progress.
Checkout updated audits
A tweet by @CallistoSupport on their twitter page reads "During the last week, #Callisto Audit Team completed the audit of 7 smart contracts: @zilliqa Token, Immiris, MagicChain Token, Euro Token (#SREUR), #ChainLink Token, 0x (#ZRX) Token, John Orion Young (#JOY)"
also includes BINANCE, BASIC ATTENTION TOKEN, OMISE GO, NEMO LAB, MAKER DAO, CRYPTOCOM CHAIN and many other crypto tokens in which critical low severity issues were found including medium issues as reports were sent to their respective developers, all these for free.
Not long ago, Callisto Network introduced the TronFoundation Blockchain (TRX) smart-contracts as part of their ecosystem for free security audits and now joins ETHEREUM, ETHEREUM CLASSIC, CALLISTO NETWORK AND EOS smart-contracts.
SCALABILITY
When we talk of scalability in the crypto industy, it has been another major issue, taking Bitcoin as an example has been impossible to surmount confirmation time and transaction fee. Same implies to ETC where as scalabily has also been a topic.What is the way forward? The introduction of Bitcoin Cash seems to get away with scalability by storing asserts on-chain with bigger blocks and ETC developers by so doing are rather tackling this issue by integrating a blockchain technology known as SIDECHAIN.
This technology(sidechain) which is CALLISTO, frees up bandwidth on the main ETC chain and will be used to research and provide a reference implementation of future protocol changes.
Callisto comes in to serve as a sort of testnet for ETC and improves the scalability of both ETC and CLO and implements cross-chain service improvements.
This will therefore become possible for Callisto smart contracts to be used on Ethereum classic blockchains and also for ETC smart contracts to run on Callisto blockchain effectively as described on its ROADMAP.
COLD STAKING
Now let us look at this awesome technology and first of it kind in the crypto industry implemented by Callisto Network.Cold staking is a smart contract-based process protocal that allows CLO holders to earn interest on any amount of CLO coin balance they hold for enough period and claimable every 28 days.
Cold staking is developed for holders to hang onto their CLO for an extended period of time, and leads to an increase in its store of value
Paraphrasing Callisto Network "Cold Staking is not related to Proof of Stake or a consensus mechanism. Cold stakers have no rights in generating blocks or confirming transactions. They receive interest for holding their coins. Think about cold staking as a form of passive income on your investment."
This was a problem ETC has faced earlier as there were no mechanism for holders to retain their coins, a critical feature for a store-of-value token. The introduction of Callisto is a way for ETC to experiment with the “cold staking technology” which has been rewarding holders for being part of the network as stated above.
-The following set of rules determines the workflow of the cold staking contract:
-The contract allows any CLO address to become a cold staker by depositing CLO.
-After the Callisto owner has deposited their coins into the staking contract, the funds are locked for a certain period of time (approximately 27 days).
-The cold staker cannot access their funds during the locking period.
-After the locking period expires, there are three options for the cold staker:
(1) claim the reward and continue staking, thus locking their funds for another month.
(2) claim the reward and withdraw their entire stake, or
(3) Do nothing.
-When a staker does nothing for a certain amount of time (2 years) after the locking period has ended, then they are considered inactive and are removed from the staking contract. The inactive stake is returned to the stakers address. No reward shall be paid to inactive stakers.
-Each staker can independently claim their reward at any time after the locking period. The staking reward depends on the total amount of CLO that is currently in the cold staking contract. As a result, each staker's reward depends on other stakers' stakes.
-There is no minimum staking amount.
-A cold staker can only stake with their own deposit address. It is not possible to send rewards to someone else's address, or grant someone permission to claim the reward on your behalf.
-A cold staker does not need to run a node to stake. They only need to invoke the staking contract twice: once to make a deposit and again to claim the reward. The ClassicEtherWallet is sufficient for this procedure.
MOBILE SUPPORTED COLD STAKING WALLETS
COINOMI and TRUSTWALLET supports Callisto Cold Staking on both Android and Apple IOS devices.
WEB SUPPORTED COLD STAKING WALLETS
Official Callisto Wallet
GUARDA and MAGNUM Wallets are all web based in support of Callisto Cold Staking.
MINING
Callisto (CLO) is a minable coin with a PoW algorithm(Ethash/Dagger Hashimoto algorithm) and they offer two options of mining the CLO coin.1)Using a GPU mining rig
As a GPU mining coin, using a GPU with at least 2GB of memory will put you on the go in which the difficulty might increase in time.
There are many mining pools available for mining CLO and available to make a start by using any of them provided on the Callisto Network website
The Callisto Network generates mining block in approximately 15 seconds by which a new block is created.
Miners benefit on each block with a reward of 600 CLO coins in which 70% of CLO block reward goes to the miner, 20% goes to the Cold Staking Fund and the remaining 10% goes to the Callisto's Treasury Fund.
A 32% reduction in block reward after block 5 Million is hit and making miners earn about 408 CLO coins per block.
2)Cold staking , as we mentioned above
CALLISTO HUB
The Callisto Hub, another technology developed by the Callisto Network developers as a browser based extension which Callisto holders will be able to use in other to manage their funds.Callisto Hub is almost ready for public release a tweet by the @CallistoSupport confirms
ON-CHAIN GOVERNANCE
This feature marks another major goal of the Callisto Network which is yet to be implemented during the Hard Fork 2.One-chain governance will allow the Callisto Network community have their say on any decision making proposal moving on in the Callisto ecosystem be it hiring or firing a security manager by which a proposal should be submitted and the outcome decided by the community not limited to cold stakers via voting.
AND TO CONCLUDE,
Callisto Network has really improved as a project being free security auditor of the cryto ecosystem and good option for holders and miners in general to earn rewards via the cold staking technology and mining.This project is for the community as well by which our views will be taken into consideration after the implementation of On-chain governance.
More promising technology features to be implemented as Callisto Network developers are not failing to work. ROADMAP proofs.
CLO, i recommend as a coin with their mind blowing technological features to stick to as cryptocurrencies take over in this modern ecosystem.
Take a look at the ROADMAP of Callisto Network and also the white paper below
WHITE PAPER
OFFICIAL CALLISTO NETWORK COMMUNITIES
GITHUB https://github.com/EthereumCommonwealthTWITTER https://twitter.com/CallistoSupporthttps://t.co/DAWunSR1tm
FACEBOOK https://www.facebook.com/callistonetwork/
REDDIT http://reddit.com/r/CallistoCrypto
DISCORD https://discord.gg/fGdPSA2
TELEGRAM CHAT https://t.me/CallistoNet
TELEGRAM CHANNEL https://t.me/CallistoNetNews
YOUTUBE https://www.youtube.com/channel/UC1WMae32v_eJ8qOtLQqM26Q
INSTAGRAM https://www.instagram.com/callisto.network/
LINKEDIN https://www.linkedin.com/company/callisto-network/
BITCOIN TALK https://t.co/DAWunSR1tm
BUY CALLISTO CLO AT BELOW EXCHANGES
BITFINEX https://www.bitfinex.com/SISTEM KOIN https://sistemkoin.com/
SIMPLE SWAP http://simpleswap.io/
STEX https://app.stex.com?ref=29814721
HITBTC https://hitbtc.com/exchange/CLO-to-BTC
DOBI https://www.dobiexchange.com/en/trade/clo_btc
ALSO FIND CALLISTO NETWORK ON COINMARKET CAP
If you like this article and would like to support with CLO, feel free by sending CLO to below address.
0x70d8BC11F06Cc82B34809Ea02edd1e1f7e309Fae