Blockchain technology is still at the center of every discussion. This is mostly due to the fact it's the engine behind all cryptocurrencies. Blockchain technology and cryptocurrency can't be compared to the Internet and emails. Mind you, cryptocurrencies are just an applications of the blockchain. In fact, blockchain technology is versatile, and another interesting application of this technology is smart contracts. The smart contract is perceived as an incorruptible system since it adds an extra layer of security and openness. Smart contracts are computerized which are stored within the blockchain platform, and can be activated when certain conditions are met. It can be accessed by all parties through a decentralized system, and any attempt to change it will be broadcasted to all stakeholders. The smart contract has found a lot of applications in different industries from banking to logistics to transportation to finance to medical services and so much more. However, smart contracts are only as secure ad the developers that designed them. A recent example is the hacking of Parity, a company that supplies smart contracts to Ethereum. About 31 million dollars of Ethereum were wiped off the main platform. This security issue spells doom for most industries using this system,m. Furthermore, smart contract security is extremely vital for most decentralized app development. To curb these occurrences, Callisto aims to provide a free audit for smart contract developers.
Why Callisto Ecosystem
Ethereum smart contracts are plagued by a different set of problems that limits them from achieving their targeted prospects. Callisto aims to solve this problem by allowing professional smart contract developers to audit their own smart contract at little to no cost. This network is a product of Ethereum Commonwealth that had undergone extensive research and design and has created a reference implementation method that's self-sustaining, self-funded, and self-governed blockchain platform. Another strong point of this network is the ability ii integrate vital platform features via built-in mechanisms such as smart contracts.
Structure of Callisto Network
Auditing a smart contract is usually expensive, and most developers tend to bypass this process. Callisto aims to provide free audit a free for all smart contract auditing mechanism. Let's take a look on how Callisto aims to achieve this.
Every user will be allowed to submit auditing requests, and this absolutely free for smart contract developers. Mind you, Callisto's algorithms can differentiate between bogus requests and real ones.
A registration platform for audited smart contracts will be created. Once a smart contract successfully passes through the security audit, then it will receive an official audit status. If not, then the contract will remain non-audited automatically.
In order to differentiate between spam requests and real ones, a team of smart contracts auditors will be review each request submitted for a smart contract. Although this might take a while, it is preferable to launching a vulnerable smart contract that might incur loss through hacking.
Furthermore, smart contract auditors will be paid in CLO, which is the main cryptocurrency of exchange on this platform. The tokens will be paid out from the Callisto Network treasury funds.
For more information about calisto visits;
Website:https://callisto.network/
Whitepaper: https://drive.google.com/file/d/18NsazbbcMwmas7TIZRbDslIfNCVeLgBY/view
Ann thread: https://bitcointalk.org/index.php?topic=3380156.0
Twitter: https://twitter.com/CallistoSupport
Facebook: https://www.facebook.com/callistonetwork/
Telegram: https://t.me/CallistoNet
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