Callisto Monthly - July 2022
Last updated
Last updated
Summer is supposed to be a time for relaxing. Slowing down amid the grinding heat. Vacations at the beach. Maybe chilling with an Aperol Spritz at a breezy outdoor café on a warm afternoon. But here at Callisto, summer activities have been hotter than the weather.
July was an exceptionally busy month, which gives us a lot to recap for this month’s Callisto Network newsletter, starting with:
The Callisto Network whitepaper is now available in Telugu, one of the many languages in India, and spoken by an estimated 75 million people.
It’s part of an ongoing effort to translate Callisto’s whitepaper into languages widely used by our community members. And a great deal of thanks for this goes to Callisto Ambassadors for helping with the translation into their native tongue.
Along with Telugu, we’ve recently added traditional and simplified Chinese, Italian, Hindi, French, and Tagalog (the Philippines). As Callisto grows in popularity globally, we will continue to add languages that meet our community members’ needs.
By the way, this is “Callisto Network” in Telugu: కాలిస్టో నెట్వర్క్
From Telugu we head to… the moon!
Callisto, as you know, is a moon of Jupiter. And so it is that our blockchain, named for a moon, had its Moon Day gathering on June 21, the same day Neil Armstrong first walked on Earth’s moon in 1969.
This year’s Moon Day brought forth a strategy consisting of seven major mile stones the Callisto team will be working on over the second half of 2022 and the early months of next year.
Those strategies:
This is Callisto introduce for the first time a dynamic rate of inflation/deflation for the CLO coin based on blockchain usage. The aim: To ensure the security and stability of the network.
Callisto has an unparalleled reputation in cybersecurity, yet Callisto Network’s Security Department lacks visibility in this area because we’ve been so focused on the growth of our ecosystem. That, in turn, has monopolized resources and communication efforts.
Well, no more!
We’re going to be taking several actions over the next few months that will focus on improvements, innovations, and communications as we lay the groundwork for a fully decentralized auditing protocol that will operate on top of the Callisto Network.
More to come as we roll this out.
We know our network has undeniable advantages, but not everyone else does. Yet. To the end, we’re putting together efforts to help developers migrating their skills over the Callisto Network from Ethereum, Binance Smart Chain, Polygon, Avalance, and others that are compatible with the Ethereum Virtual Machine (EVM).
The migration service will assist developers with moving Solidity contracts to the Callisto Network. Callisto security experts will read, understand, audit, and improve every line of code to ensure that the existing smart contract is secure, while preserving all original functionalities.
These are two related efforts. The Callisto Bridge and Soy Bridge aim to make it easier for user of decentralized finance applications to move their crypto across networks to Callisto’s Soy Finance protocol, one of the safest and more fairly priced DeFi destinations in the crypto-economy.
As for the masternodes, right now the cross-chain bridges are semi-centralized so we are developing a masternode-based cross-chain bridge the will be decentralized and, thus, more secure. In time, Callisto Network users will be able to participate in the network by creating a collateralized masternode. In doing so, they will receive rewards for effectively helping secure the network with their resources.
Callisto is establishing a new department comprised of smart-contract security experts who will be responsible for investigating hacks at the community’s request.
The group’s purpose is to identify the exact features of a compromised smart contract that led to the hack. The department will then create a hack investigation report and make it publicly available.
We all know one of the most challenging issues with proof-of-work blockchains is their transactional speed … or lack thereof.
But PoW blockchains are arguably the most secure.
Through the Veralden-radien Hard Fork, Callisto is targeting that transactional lethargy by deconstructing the Nakamoto consensus mechanism into its component blocks—voting, proposing, transacting—to create three types of blocks corresponding to each of those.
Thus, instead of having one chain, several voting chains can be used with voting blocks that point to the proposing blocks … which refer to the transaction blocks … which point to a set of transactions not yet confirmed. Many transaction blocks can be present based on the transactions waiting to be confirmed.
This solution leverages the multiple chain width and decreases confirmation latency. So, instead of requiring a certain number of blocks to confirm a transaction, a minimum number of votes is needed to achieve the same or even better security (error probability) compared to traditional PoW.
The result: Transaction speeds of up to 100,000 per second is expected, with security virtually identical to that of bitcoin.
As we have seen too many times in crypto, even the best security practices are not enough to stop the hacks. Meaning, there’s no provable way to ensure that a DApp is safe.
Callisto’s proposed solution is “Distributed Insurance” – a new organization that will offer insurance services for DApp development teams covering the funds the DApp is expected to operate. The process will operate much like insurance in the real world: 1) Insurance providers deposit insurance funds to insure a smart contract; and 2) insurance customers pay a specific amount to obtain coverage.
With hacks and wallet drains increasingly common in the crypto space, distributed insurance is obvious next step in crypto-based finance.
If this were the 1980s or `90s, you’d assume that headline was a play on a Finnish vodka campaign. But this is the age of crypto, and the Absolute in question is a crypto wallet—the Absolute Wallet.
You might know Absolute by its former name: Cryptobot, which, since its launch in 2019, has become the most-used crypto-wallet on Telegram. Today, it’s Absolute and it’s more than wallet. It’s an entire ecosystem.
The new Absolute Wallet launched on July 1, and envisions an ecosystem combining the benefits of crypto with community at the center.
With an Absolute Wallet, crypto users will be able to access their crypto from inside Telegram or Discord, or from the web or through a smartphone app. Through its own bridge, Absolute will provide users a way to move crypto across chains easily. Through its own DEX, meanwhile, users will be able to easily swap one currency for another.
Absolute will soon introduce the FUN token through an ICO that will give individuals the opportunity to invest in a project this giving power back to the crypto community. The FUN token will offer multiple benefits, whether you’re a user, a crypto trader, or a community manager.
The ICO is expected to begin later this quarter and last through the end of the year.
Callisto Network has partnered with Minted Vodka to bring a new NFT technology to digital artists.
Now, artists can mint an entire series of NFTs for less than $1, and they can do so in just five simple steps.
The partnership with Minted Vodka is Callisto’s next step forward in the NFT space. Through Artefin, a Prague art gallery, Callisto is already active in promoting the artwork of established artists who are now moving from the real world into the digital, and it’s running a digital marketplace where art collectors and NFT collectors can buy NFTs.
As for Minted Vodka, it’s a multi-chain NFT marketplace that is the centerpiece of the GAT Network, a web of interconnected NFT trading and gaming projects. GAT is a Binance Labs incubator project and first-prize winner of Callisto Network’s We Fund You! program.
The final version of Minted Vodka is expected to feature the new CallistoNFT standard, which includes a number of improvements that make owing and trading NFTs safer.
Finally…
We have a few odds and ends to point to this month as well:
The Callisto community Twitter account just recently turned three years old. To celebrate, three lucky Callistonians will each receive 33,333 $CLO tokens.
The security department under Dexaran is growing as we look to hire junior, intermediate, and senior Solidity smart-contract security auditors.
And that’s all for this month. Back to you again in September. Until then, enjoy these last days of an extremely hot summer.
