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Callisto Network launches Cold Staking Protocol

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Developed by a group of programmers known for their Ethereum Classic contributions and launched in April this year, Callisto solves the lack of security in Ethereum smart contracts. On the Callisto Network, developers can request free-of-charge audits of Ethereum, Ethereum Classic, and Callisto smart contracts.

Today, Nov. 12th, Callisto launched their new Cold Staking Protocol which will provide network contributors with a new way of earning CLO. Essentially, cold staking is like depositing money into a bank and receiving an interest for it over time. In this case, instead of lending money to the bank, you lock your CLO coins to the Staking Contract for a much shorter period and with no minimum deposit requirement.

Callisto’s Smart Contract Audit Department

The Calisto Network offers free of charge smart contract security audits on the Ethereum, Ethereum Classic, and Calisto Blockchains (Solidity language and EVM). Customers can get an audit by submitting a request to the Network.

Auditors will perform a check on the overall Smart Contract (SC) architecture, do a technical analysis of the interaction amongst the SC and the blockchain, identify possible security vulnerabilities or bugs and their severity, and provide feedback for possible optimization of the SC. Auditors are rewarded from the Calisto Treasury Fund with the goal of reducing the risk/flaw in SC and encouraging the adoption of programmable blockchains for the crypto industry.

Once a customer audit request is submitted, and a security manager verifies it, multiple auditors start checking the SC code. Once completed, the security manager collects, verifies and summarizes the data from the reports, after which the client is notified of the results. Fifteen days after the customer is notified of the results, they are disclosed to the public. If an urgent audit is requested, the developer will be required to deposit a certain amount of CLO that will be released after the process has completed.

More information about the Calisto Network can be found on the their website and white paper.

What is Cold Staking?

Cold Staking should not be mistaken for Proof of Stake nor any consensus mechanism. The Cold Staking Protocol represents a smart contract that rewards CLO owners with an interest on their holdings after a certain period. The rewards are funded by the Staking Contract, which collects 20% of mined CLO block rewards. Blocks’ interval is about every 15 seconds, with an initial reward of 600 CLO per block. Each 5 million blocks, that amount is reduced by 32% until the maximum supply of 6.5 billion CLO is reached.

The assets must be held in a cold storage wallet for at least 27 days, after which you can either withdraw the interest and the CLO that has been staked or keep generating rewards. Alternatively, you can withdraw just the interest that you’ve collected so far and, if desired, stake it to start accumulating more CLO coins. If the holder is inactive for over a year, the smart contract will consider them as inactive, returning their staked CLO and withholding the staking reward.

On Oct. 28th, Calisto released a security audit report of their Cold Staking contract. The review found no critical vulnerabilities and can be read here. For more information about the cold staking process and its rules, check out Calisto’s blog post with everything you need to know about Cold Staking.

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