AMA recap with Callisto

Written by Elizabeth Saul

03 Aug 2020

Callisto $CLO

Hello everyone! This is yet another AMA that we have held in our community. If you missed it here’s a recap for you.

Question: What is the business model of Callisto Network? How many revenue sources do you have? Is it enough for the project to survive if the crypto winter lasts longer than expected?

Answer: For now we receive two income:

– Block dev fee
– Smart contract audit fees

So, the smart contract audit fees are share between all auditors in 100%. So, Callisto doesn’t receive a lot of income from there.

We’ve not worked directly on this issue yet.

Question: Experts has warned of dangers of ‘Smart Contract Risks’ in DeFi protocols. Callisto has audited a lot of smart contracts, none of which have been hacked. What do you think makes these Defi smart contract (e.g. Balancer Pool) vulnerable for hackers and how can security be beefed up?

Answer: What makes contracts vulnerable is mostly the inattentiveness of the developer. In most cases, developers sacrifice security audits/testing/bugbounties for the sake of faster launch which is the most harmful strategy. Following the best security practices greatly reduces the risks of implementing a function that can be exploited by hackers. If there is nothing to exploit then hackers can not hack the contract.
We’ve not worked directly on this issue yet.

Question: – Smart contracts are already coded and cannot be theoretically modified. If Callisto finds an error when auditing them, what does it do next?
– How can I get a passive income with Callisto? Exactly what is Cold Staking? Is it the same thing that happens in PoS projects?

Answer: 1. The dev must (or should) deploy a new smart contract having an upgrade way to move the txs from the first contract to the second, if they do it in an early stage it’s easy to modify because the dev only requires to deploy a new smart contract and done.

2. It’s not the same as PoS, Cold stake doesn’t work like PoS, Callisto is still 100% POW, so. The income for Cold Staking comes from block reward, 30% of the block reward go to the Cold Staking smart contract and the reward is shared between all stakers.

Question: What problems do you want to solve actually through Callisto blockchain? What new solutions are you bringing to us in blockchain and Crypto?

Answer: With our security auditing department, we aim to solve the problem of improper development strategies leading to hackable smart-contracts. Our main goal is not to save developers from making mistakes because it is impossible. Our main goal is to save DAPP customers from trusting developers who don’t even bother performing a security audit and sacrifice their customers’ security and make DAPP developers pay attention to the security concerns.

Question: How can Community participate in Callisto Network? As an auditor? Miner? Validator?
What is the benefit of being an auditor in the Callisto Network ecosystem?
Also, what is the important community for The Force Protocol?

Answer: You could participate as a miner, no problem, it’s the same process that mining ETH, no additional hardware or software required.

If you want to be an auditor, you could send an email to [email protected] and apply as an auditor; you will require to pass a test.

The benefits are some money, new learnings, and satisfaction to keep this ecosystem safe.

Question: Callisto is Blockchain developed by Ethereum Commonwealth, so how are you better than Ethereum and what’s the difference between Callisto and Ethereum

Answer: Callisto Network is not really “better” or “worse” than Ethereum. We all are part of the Ethereum-based ecosystem (which includes Ethereum, ETC, UBQ, QTUM and many other projects that have similar virtual machine).

Most of these projects introduce their own features and have their own focus. The main focus of CLO is smart-contract security.

We don’t look to be better than Ethereum; it’s not the real fight, our goals are to keep safe the ecosystem and use the Callisto blockchain like Ethereum use, you could develop and implement smart contracts paying less fees than Ethereum right now, so, it’s like multiple Linux distros, don’t exist the “best” Linux distro, everything is Linux, in theory, you could run the same in each distro without a problem, however, you can choose the flavor that you want to support

Question: What are the tasks of smart contracts auditors? Will only auditors review the smart contract?

Answer: A smart-contract security auditor must:

1. review the source code of submitted DAPP
2. secretly write an “audit report” (in a secret gist) and deliver the secret report to the head of the security department

The Head of the security department will collect at least 3 secret security reports from three independent auditors and compare them. Then he will evaluate the score of each auditor and assign their rewards.

Auditors are competing with each other so they are not interested in sharing their findings. In most cases, a smart-contract is reviewed by four security team members: 3 auditors and head of the security department

Question: Why did you decide Callisto to be not financed by pre-mined coins or an ICO?

Answer: It’s not fair, 99% of ICOs are only a 2017 schema to be productive quickly (1% like Ethereum, Maker, Tron are ok), you don’t receive equity.

So, in theory, you are buying a utility token, and you don’t have the right of anything; it’s 100% different to an IPO where you could get rights covered by laws.

And pre-mined, it’s other 2017 schema where a lot of people forked Bitcoin (Bitcoin diamond, gold, a lot of metals xD) and they pre-mined to sell it in the market opening.

Dexaran and I don’t share that philosophy.

Question: Metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period

Answer: It’s a hard process, we don’t do this by money (our salaries are less of 500 USD monthly). We like the project and we are supporting this to survive the bear market.

Basically investing our time to keep on going the project without think that we want a Lambo tomorrow because it’s not part of the project for us, we’ve covered 90% of the whitepaper in production, it’s a good motive to continue and move things to CLO.

Personally I have projects on development using CLO, so, it’s like to use a big blank decentralized server

Question: Users with the “Cold Staking” feature receive interest just for maintaining their $CLO crypto-currency, but what benefits does that bring to #Callisto?

Answer: Cold Staking is a financial feature. Callisto does not benefit from stakers in a direct way unlike POS chains where “stakers” are actually producing blocks and maintaining the network operability.

However, our current Cold Staking is just a first step in the implementation of the governance system so Callisto needs Cold Stakers for its future decision-making mechanism.

Question: What is the structure of the company, is it a decentralized, open-sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Answer: well, the company is only a legal entity to sign some bureaucratic things, like a legal opinion.

However, the company right now doesn’t have any right over CLO.

About governance ->

Question: What industries and user groups is the Yohan Graterol project mainly aimed at? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of Yohan Graterol more global?

Good question, the emerging markets are a good target right now.

All projects want to enter in Asia (mainly China) but the funnel is not good there for us.

So, our target at this moment:

– Africa (Mainly French speakers)
– Latin America (I’m investing from my money in this market)
– Vietnam-Indonesia, both are good targets however we should look establish well first in Africa or Latin America before going there.

Question: What are the steps to follow to become an auditor? What are the requirements that must be met?

You can become an “unapproved” security auditor anytime. Then you will become an “approved” security auditor once you perform three or more security audits at our platform. I will recommend you to send an email first: [email protected] / [email protected]

Due to the recent updates in our audit request submission methods, there can be fewer audit requests in the queue.

Question: First time of hearing about Callisto blockchain, and I must say I love your project. How will you let more people know about this your good project?

We have a group of good supporters, they are doing a good job in Twitter and social media->

So, for that side, we are reaching new people.

Recently I entered in Youtube world, mainly to reach people in Latin America.

Question: How did the community bring you new opportunities as a business and how did you utilize these opportunities to build Callisto?

We’re always available in Telegram, It’s my second app after the browser. So, anyone could write to me by private message or send an email to [email protected]

Question: Are the requirements to be both Managers and Auditors the same? Are the benefits they receive the same?

Auditing manager (i.e. the head of the security department) is a person who is mostly responsible for verifying and comparing security auditors reports.

Security auditing manager receives a fixed % of all the auditing revenues while security auditors receive the salary based on their score i.e. the more errors they report the higher the salary but security auditors are greatly penalized in case they missed an error reported by another auditor. In some cases, successful security auditors may receive a higher salary than the auditing manager.

Basically the requirements are the same but you will not become an auditing manager as long as there are more experienced team members at this position because this is a responsible role.

Question: Ерe COVID-19 epidemic was widespread in many places, causing heavy economic losses to many countries. What plans does Callisto have to stabilize its project? Is Callisto partnering with other projects in the near future?

Callisto has no competitors in its niche.

There are plenty of development platforms one better than another: Ethereum, TRX, EOS, etc.
Development platforms are quickly evolving – newer ones have better performance, better governance but there are a lot of aspects to improve. Unlike development platforms, Callisto is a security platform and its main utility is its structure and team. It doesn’t matter which platform is currently the most adopted one – we can work with anything on the market. We can perform security audits of TRX and Ethereum contracts now. We could expand and establish a new security department that will work with other platforms.

There is not even a single DAPP insurance company in the industry so if we will be the first one to establish an insurance department then we will be the only one there as well.

You Might Also Like