As many recent hacks have made painfully obvious, the (or the lack of) security of smart contracts is still a pressing issue in the world of Blockchain. After Mark Cuban lost thousands in an algorithmic stablecoin protocol promising a very high yield, he cried out for regulation.
Sure, indeed, customer protection in DeFi doesn’t exist as it does in traditional finance, but it’s also on investors to do their own research, and often when something is too good to be true, it’s worth digging a little deeper.
Instead of stifling innovation with regulation, another approach is to increase the security of existing networks and smart contracts. While there are many renowned security auditing firms, most of those are run by centralized teams and charge projects, hiring them at quite a high fee. Therefore, for smaller developers, it’s simply not feasible to upfront such a cost.
Another challenge in the blockchain is scalability. Ethereum Classic, just like its originator chain, is still figuring out how to increase scalability without sacrificing security or decentralization.
Callisto Network aims to solve both challenges with its open-source, decentralized platform. It’s essentially a sidechain that will help scale and introduce the process of cold staking. The platform’s native coin, CLO, if the main purpose is to pay for the blockchain’s gas fees. It also allows investors to earn passive income when placed Cold Staking, and it is planned to give holders voting rights in governance decisions.
Proposed by the leaders of the Ethereum Commonwealth, Callisto was introduced as a way to boost the platform and community growth of the Ethereum Classic blockchain.
Over time Callisto Network evolved to become a project in its own right and is now a reference in smart contract security.
As the team believes that security is the true catalyst for the adoption of any technology, they have created Callisto’s Security Department, a team of decentralized auditors, and a trusted audit process.
Everyone can submit an auditing request that a full-time team of smart-contract auditors will then review.
It’s interesting to note that the team relies on real auditors to conduct their audits. In fact, they believe that automated tools and formal verification cannot provide sufficient security for mission-critical systems and DApps.
Since 2018, Callisto Network’s security experts have made numerous contributions to improve, Ethereum, Ethereum Classic, EOS and have audited more than 350 smart contracts.
Cold staking is a feature that encourages users to hold their coins for a longer period of time to enhance the store of the value property of CLO. It’s implemented through solidity smart contracts and enables holders to receive a percentage of mining rewards constantly.
The RoI is dynamic and depends on the amount of CLO engaged in cold staking, but there is no minimum amount for stakers. As real-time on-chain computations are impossible, staking rewards are only calculated when stakers claim them.
Cold stakers can participate in governance. The treasury governance system will allow community members to manage the distribution of treasury funds. The community will go through various stages to get initiatives funded, including an initial proposal with a request for funding and voting. Each holder has a vote with a weight equal to their cold staking deposits. They can only cast for, against, or abstain.
Callisto is providing much-needed security for the blockchain space. With increasing awareness of security breaches, such networks might just become more important in the future.
CLO is now trading with BTC, ETH, and USDT pairs on our exchange.