The cryptocurrency industry is full of interesting, unique, and truly game-changing products that intend to revolutionize legacy systems.
The Callisto Network
Enter the Callisto Network, an up and coming, promising project that aims to offer what other blockchain projects cannot.
For those who aren’t in the loop, Callisto is a recently-established project that hosts CLO, its in-house cryptocurrency that operates on a PoW (Ethash) independent, yet Ethereum-inspired blockchain. The project’s team holds a focus on the scalability of its network, the establishment of an on-chain governance system, and the implementation of smart contract tools, but more on that later. As the project’s website explains:
“Callisto Network is a decentralized open source crypto platform based on the go-Ethereum source code with its own cryptocurrency ‘CLO’. The main goal of Callisto is to research and develop a reference implementation of a self-sustaining, self-governed and self-funded blockchain ecosystem and development environment.”
Callisto was founded earlier in 2018, by Ethereum Commonwealth, one of the core teams that were responsible for the Ethereum Classic project, which is likely why certain connections can be drawn between the two projects. While Callisto, Ethereum Classic and Ethereum evidently share some similarities, Callisto’s development team has implemented some unique and ground-shifting features that make the project stand out in an often overly-competitive market.
Cold staking, as its name suggests, is a system that will exist on the Callisto network that will allow CLO holders to receive rewards for locking up their tokens for a set period of time, which will likely be one month at the minimum. Unlike normal staking, however, cold stakers will be unable to process blocks or confirms transactions, but it’s still a rewarding experience nonetheless. As the project’s website puts it, “think about cold staking as a form of passive income on your investment.”
Activating a cold stake is as simple as utilizing ClassicEtherWallet, the primary wallet of the ecosystem, to click “start stake,” which will boot up the cold staking contract that was built in Solidity, a smart contract programing language. Once the one month has elapsed, stakers can claim a reward and continue generating “passive income,” or he/she/they can withdraw the funds deposited into the aforementioned smart contract. As with investment that yields a dividend (CLO in this case), the return compounds over time, so it is in the best interest of a prospective CLO investor to keep their funds in a cold staking smart contract.
Cold staking will go live on the Callisto Network on November 11th, 2018, which will come alongside the project’s first mainnet hardfork event.
“Free” Smart Contract Audits
Callisto’s second claim to fame is its offering of free smart contract audits, which has become a key feature for prospective blockchain-based projects that intends to offer DApps and smart contract-focused systems. So over the short course of crypto’s history, the hacking of smart contracts have become infamous events, with the hacking of Ethereum’s original DAO and Parity, which crippled this nascent industry to its core at the time. The issue was (and still is) that smart contract developers, while they may be skilled, fail to put in certain fail-safes that protect the contract from external manipulation.
As such, Callisto’s “Smart Contract Audit And Security Department” has decided to offer “smart contract audits free of charge,” including contracts that are compatible with the Ethereum and Ethereum Classic chains (ex. Solidity Language and EVM).
So why are these audits free? You may ask.
Well, it’s in the best interest of the project’s team to keep its brainchild secure and safe in a bid to prove that Callisto’s blockchain is a reliable smart contract medium. Taking the aforementioned two features into account, it is easy to see why Callisto is quickly gaining traction and attention in the cryptosphere, even amid a bear market.
If you owned Ethereum Classic on March 5th, 2018, there’s likely some CLO tokens waiting for you somewhere, so what are you waiting for, get your hands on some CLO today and start participating in the relatively small, yet dedicated Callisto community.
Check out the specifics of this project at https://callisto.network/
This article is sponsored by the Callisto Project. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Live Coin Watch is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.