Callisto Network and Its Cold Staking, Security Audit Feature

Guest Author | July 6, 2018 | 10:07 am
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Callisto Network and Its Cold Staking, Security Audit Feature

Guest Author | July 6, 2018 | 10:07 am

The rising awareness and adoption of the innovative Blockchain technology and associated tokens have opened up a whole new world of opportunities for the users, who can put their money into a range of crypto-assets and make profits by trading them or holding them for long enough before exchanging to other forms of currency.  The market opportunity just became even bigger with Callisto Network.

Callisto Network is a whole new breed of blockchain platform developed by one of the three core teams behind Ethereum Classic. Even though the network derives significant inputs from the Ethereum protocol, it incorporates some special features like cold staking and official smart contract security ecosystem. These features play a crucial role in offering better returns to both investors and dApps developers respectively.

What is Cold Staking?

Cold Staking is a protocol put in place by Callisto team to reward coin holders with interest for holding the coins for a specified period. The cold staker does not have any rights whatsoever over any processes that take place in the network, be it in confirmation of transaction or block generation. All they have to do is maintain a balance in a specific address and earn interest at regular intervals.

In order to become a cold staker on the Callisto Network, the user will have to click Start Stake in ClassicEtherWallet (Other wallet support will follow), which will, in turn, activate the cold staking contract. The coins will be in the account for a specific lock-in period, ~ a month, thereby enabling the staker to earn interest.

Once the lock-in period is over, the staker can claim the rewards or continue staking to earn more. The bonus is calculated according to the amount locked in the smart staking contract. This particular feature places everybody on the same level, giving them a chance to earn more reward by placing more CLOs in the contract. Similarly, stakers can also earn more by locking the tokens for an extended period.

Smart Contracts on Callisto Network

The other celebrated feature on Callisto Network, Smart contract security ecosystem enables free smart contract audits to ensure its integrity and security.  The option is available under the contract and the entire auditing process is conducted in a transparent manner. The official auditing department of Callisto Network employs full-time auditors, whose job is to audit every smart contract. In a conventional blockchain ecosystem, auditing is an expensive process that requires the developers to allocate a significant amount of finances for the exercise. But with Callisto Network, it is part of the standard ecosystem offering which ensures the reliability of all the applications built on the protocol. The auditors who are part of the Callisto Network are remunerated based on the number of security reviews conducted, and the funds for which is drawn from the platform’s treasury fund.

To initiate an audit, developers will have to register the smart contract for auditing and the auditor will take care of the whole process. Otherwise, without registering the contract for auditing, it will remain unaudited.

The unique features of Callisto Network help the platform to take the cryptocurrency revolution to the next level by creating a model that ensures profitability as well as security for all the users.

Learn more about Callisto Network at –  https://callisto.network/

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