CALLISTO NETWORK - Haven for smart contracts security

toluene (47)in #crypto • 6 years ago (edited)

The Blockchain innovation alongside the first cryptocurrency (Bitcoin) was created in 2008 by Satoshi Nakamoto. It was the very beginning of the decentralization era, one which expects to free individuals from the shackles of governments and unified organizations, offering control to the community and enabling them to collaborate, transact among themselves and address certain issues without the obstruction of concentrated bodies, and with better proficiency.

This innovation has, nevertheless, increased more considerably in the course of the most recent couple of years and has seen the creation of many decentralized platforms made to give the answer for various genuine issues we face in our every day lives.

In this substance, I will be presenting an innovative project that looks to build up a protected and contribution friendly environment for further protocol advancement and enhancements. This project is known as Callisto

Introducing Callisto Network

Callisto-network is a project on the ethereum distributed ledger platform with its very own cryptocurrency (CLO) that goes for improving the smart contracts utilized inside the ethereum blockchain and eventually improving the security of the cryptocurrency ecosystem. Callisto-network (CLO) aims at taking care of the security issues related with cryptocurrency among a few different issues.

Existing challenges

Smart Contracts Hacking

One of the major challenges faced by cryptocurrencies in the crypto space is the security of smart contracts. These smart contracts are not immune to hack and when they get attacked, it results to huge loss of millions of dollars. The ethereum smart contracts are not exempted from this security problem as they lack the necessary tools to make immune them from hacks.

Callisto Network innovative solutions

In order to solve the security issues associated with ethereum smart contracts and cryptocurrencies in general, callisto network developed a network that will offer free security through a smart contract auditing department to that is responsible for reviewing and evaluating the issues with smart contracts utilized on the ethereum platform. Most developers in the past often avoid auditing of smart contracts prior to the launch because of the high cost and lengthy time associated with auditing processes, but with Callisto network free for all auditing system, developers can now audit their smart contracts successful at no cost and avoid the possibility of losing millions of dollars to hack in the long run.

There are two entities involved in the review of smart contracts on the Callisto network, which are the auditors and the managing directors. The auditors are responsible for the reports and auditing of smart contracts codes in the Callisto network. Their duties are very critical and should not be prone to mistakes because their mistakes could be very costly for the platform. While the duties of the managers are to go through the audit on with the GitHub network for transparency and efficiency reasons. The managers and auditors earn from the Callisto network based on their contributions.

Another amazing feature of the Callisto network is the cold staking program

Cold staking is a center component of Callisto protocol that is proposed to reward coin owners for holding CLO coins for a significant timeframe, thereby increasing the value of Callisto coins (CLO).

Technical Information

TECHNICAL DETAILS

Coin Tciker: CLO

Minable

Proof of work Algorithm: Dagger Hashimoto (Ethash)

Block interval: 15 seconds

Block Reward:600 CLO

Maximum coin supply: 6,500,000,000

100% compatibility with Ethereum Virtual Machine

Block Reward Reduction: 32% each 5,000,000 blocks

Conclusion

The objective of Callisto network is to bring stable security to the cryptocurrency space. And with the valid technology and a very hard working team commitment to the course of the project, they are not far from accomplishing the main objective. Watch out for Callisto network and you can acquire the coins (CLO) by buying on any of the following exchanges: