Callisto Monthly - January 2023
Welcome to your February issue of Callisto Monthly, a look at what has been happening behind the curtain over the last month with the wizards running the Callisto Network.
Callisto is nearing completion of its Monetary Policy Hard Fork, codename Skuld—one of the most significant components of Callisto Network’s strategic plan.
Skuld’s purpose, besides limiting inflation (the first step toward stopping it in the long run) is to provide a higher incentive for miners and maximize the APR of Cold Stakers. As well, Skuld offers dAPP users an improved experience by further decreasing latency.
Thus, Skuld is a foundational building block for upcoming upgrades, including ZPoW and the DAG size reduction, all of which are key components in the longer-term plan toward achieving transaction speeds of 100,000 per second.
Skuld brings four major upgrades to the network:
- 1.A burning mechanism designed to ensure the highest security and long-term network viability, and paired with the introduction of fixed block rewards to provide strong incentives to Cold Stakers.
- 2.Variable block size that adjusts to network utilization rates. Fixed-size blocks lead to increased latency as validation demand spikes. With variable-sized blocks, transaction spikes cause the gas of the blocks to increase from 8 million to 15 million to include more transactions.
- 3.Minimum gas fee designed to combat spamming transactions. By doubling the transaction cost to 0.02 CLO, Callisto Network can improve network usability yet still maintain its edge as one of the lowest-cost and most secure Layer 1 blockchain.
- 4.Block time reduction by about 20% to enhance the dApp user experience. This occurs by way of difficulty calculation changes. As more blocks are minted daily, more rewards will go to miners who support the Network.
Originally, the strategic plan foresaw the Skuld Hard Fork occurring in the last quarter of 2022. But in light of the results of the tests, it was decided to extend the testing period by a few weeks to fine-tune every parameter. Now, we can say that Skuld is approaching … be prepared!
Oh, and if you’re curious about the name “Skuld” … well, in Norse mythology, three goddesses weave the threads of destiny: Urd symbolizes the past. Verdande represents the present. And Skuld, the youngest goddess, is heir to the future. Seems apropos for a network aiming to be a bigger part of the future of blockchain technology.
At any given moment, the Callisto team is at work on a host of improvements, new products, and various innovations. But the community isn’t always looped in as clearly as they should be. So, to rectify that, Callisto Networks aims to provide deeper insights into the inner workings of what we're up to.
For instance, the new CallistoNFT Standard. NFTs are clearly the future of everything from personal identification to collectibles to tokenized finance and more. However, the current Ethereum standard, ERC721, has known flaws and weaknesses.
Enter Dexaran, the pseudonymous programmer and founder of Callisto Network, and an improved NFT standard that works across the EthereumVM ecosystem. In recent issues, we’ve detailed the many ways that CallistoNFT Standard improves upon the status quo and why it has the potential to become standard operating procedure for the entire Ethereum-based NFT structure.
Instead, we want to point out that we are now reworking the CLO website to better highlight all that’s happening these days. NFTs were just the first of what’s to come, including ERC 223 (an upgrade to the ERC 20 token transfer protocol), improvements to Cold Staking, the DexNS project, and changes in the audit department.
In short, stay tuned.
Moving on to…
Just a little teaser to wet your appetite: Callisto Network’s Web Wallet is evolving and will soon become the Callisto Hub – a one-stop destination for mainnet and testnet support, wallet functions, cold staking, and more.
The beta release is coming in the next few weeks, so watch for updates on the Callisto Network Twitter feed.
Now, moving crypto around between various networks is even more convenient, with users able to bridge between Callisto Network, Polygon, Ethereum, BNB Smart Chain, BitTorrent, and Ethereum Classic.
At the moment, bridging to and from Polygon is only available through Absolute Wallet but will soon be integrated into the Soy Finance Bridge (devs are currently prioritizing Binance Smart Chain and Ethereum).
The purpose here is to expand the Callisto Network ecosystem and to position Callisto as not just the most secure and inexpensive blockchain for consumers and businesses to operate on but to make it increasingly convenient to move crypto around as necessary in a world where demand for various blockchain services is exploding exponentially.
In a great example of just how easy it is to build your own NFT collection, a Callisto Network community member has launched the new Callosha NFT collection – 10,000 generative art pieces that play of the Callistonian mascot.
The community member who designed Callosha NFTs is neither an artist nor a blockchain dev but took on the project to show support for the network. It’s basically a project for the community, created by the community.
If you want to mint your own Callosha NFT, the link is here. The cost is 200 $CLO plus gas, and Absolute Wallet has already integrated them for your convenience!
Finally, this month…
After having integrated Wallet Connect to Absolute Wallet and therefore allowing Wallet connect users to leverage the Absolute ecosystem capabilities, it is now possible to connect to the Dapp supporting Wallet Connect with Absolute Wallet!
Another feature that has been unveiled is Referral Programs Management, an interface allowing you to set up and manage your crypto referral programs in a few clicks.
And with that, we wrap up the February Callisto update. Spring is on the way, and the seeds we’re planting at Callisto Network are going to begin blooming very soon.
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