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Callisto Offers Free Audits of Smart Contracts to Prevent a DAO Hack Repeat

Callisto Offers Free Audits of Smart Contracts to Prevent a DAO Hack Repeat

Reading Time: 3 minutes by on June 29, 2018 Blockchain, Ethereum, News, Tech
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Security of smart contracts built on the Ethereum blockchain have been a critical talking point for quite some time now. The DAO hack, for instance, ultimately resulted in losses of over $50 million. At the time, the hack left almost 14 percent of Ethereum in the hands of the attackers. To combat an encore of this, Callisto is building a smart contract platform which is more secure and reliable than any other blockchain platform.

It also has a review feature for developers to get their smart contracts verified before they go live on the network. The platform also allows Callisto coin holders to stake their digital tokens and earn interest (After Hardfork no 1, ETA November 2018).

Smart Contract Auditing

The platform will develop an ecosystem to audit all smart contracts for ETC, ETH, EOS, and CLO based smart Contract. In the future, Callisto Smart Contract Audit Department will accept other than Solidity (Ethereum Based) smart contract, like ADA (Haskell) and EOS (C++). Developers generally neglect auditing a newly developed smart contract because of the high costs for smart contract audit. However, if smart contracts are compulsorily reviewed before being uploaded on the blockchain, any security vulnerability can be patched before launch.

Callisto will establish a free system for smart contract auditing. Developers can request an audit of their dapp/Smart Contract through Github. The entire process, including filing an audit request and allocating an auditor for the review, will be transparent and can be viewed in github.

The dapp/smart contract will then be assigned randomly  by Security Manager to any smart contract auditor from the team. Once an auditor has been assigned for a dapp/smart contract, the developer will be notified to send any relevant details pertaining to the project to the auditor.

A thorough review of the smart contract will be undertaken to analyse potential weak spots which could be exploited by attackers. Auditing a smart contract is a time consuming process but will ensure that investors do not lose their digital coins to any attack in the future.

These smart contract auditors will be paid from Castillo’s treasury and development fund in the form of CLO. The platform will accept requests for auditing smart contracts built to function on either the Callisto, Ethereum Classic, or Ethereum blockchains. The work of any auditor will be subject to scrutiny by a security manager.

Cold stakers will vote (Vote will be enabled after Hardfork no.2, ETA November 2019) to review rewards for managers who will be compensated regardless of the work they do. However, they can fire any security manager if they are not performing their duties. In that case, another security manager will be elected/hired.

Cold Staking

Investors can cold stake their CLO coins to the Callisto treasury, which will allow them to earn interest. The hard fork to enable support for this feature is scheduled to roll out on November 11, 2018. Another hard fork (Planned Hardfork no 2) is planned for November 11, 2019 and will let cold stakers participate in voting on proposals for the Callisto platform. Coins have to be staked for a minimum period of one month.

The interest is directly proportional to the number of coins staked by an investor and is also dependant on the total percent of coins staked during the time period. Any investor holding CLO coins is eligible to become a cold staker and vote in the future development of the platform.

They will be able to vote either ‘For’ or ‘Against’ any proposal. The rewards will be disbursed at the end of each staking period. 

At this point in time, a cold staker has two options. They can either withdraw their CLO coins and the rewards from their account or stake the entire quantity of digital coins back again. The investor will keep earning interest on their coins as long as they are staked. Once the coins have been withdrawn from the wallet, the account will cease to be a cold staker. Although Callisto offers investors a chance to earn interest by staking their coins, it does not do so by employing the Proof of Stake consensus algorithm.

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