The future of programmable blockchains, smart-contract systems and the role of Callisto Network.
Currently, there are many smart-contract development platforms. Many of them are based on the Ethereum code. Being a developer of Ethereum smart-contract and a security auditor, I can say that there are many limitations of Ethereum smart-contracts. Therefore, several newer and more advanced smart-contract platforms are being developed. For example Cardano and EOS.io.
EOS has significantly better performance and provides much more efficient functionality for the development of decentralized applications. I think that EOS will beat Ethereum in the near future.
I don’t see any value in Callisto as in decentralized applications (smart-contracts) development platform.I don’t see any value in Ethereum, ETC or any blockchain2.0 as in the development platform of smart contracts. We should consider Ethereum-based currencies to be deprecated. Ethereum is blockchain 2.0. Now the era of blockchain 3.0 comes.
The main problem of each smart-contract development platform
I would say that it is impossible to create an absolutely error-free program with the first attempt. This also applies to smart-contracts. For each smart-contract development platform, the problem of code security is critical, because this code will ultimately manage millions of dollars of customers investments.
As a security engineer, I can say that no automatic methods can provide sufficient security improvements. Neither formal verification nor development of new programming languages can solve this problem. The problem of smart-contracts security is of decisive importance for every smart-contract development platform. At the moment, no platform has a solution to this problem.
It does not matter how much blockchains progress. This problem will always be relevant as long as new smart contracts are being developed.
The solution — Callisto
Callisto Network is our attempt to solve the security problem of smart contracts for the entire blockchain industry. Not for Callisto itself. Callisto introduces the Security Auditing DAO which will provide free smart-contract audit services for smart-contract developers. This can not guarantee absolute security of smart-contracts, however this can significantly improve it and prevent such accidents as Parity multisig hack.
Callisto is scalable in this aspect. Security Auditing DAO is abstracted from Callisto core features. Security auditors could be hired and paid depending on demand. When the demand for auditing EOS smart contracts is high, auditors can be paid to verify these contracts. Thus, Callisto can serve other blockchain platforms to solve security problems. Currently, Callisto has no competitors in this space, and I have not seen any attempts to solve the security problem of smart-contract development.
Ethereum is solely a development platform, so it will certainly lose its utility when the EOS comes to existence, because EOS is technically better in all aspects and has much higher performance. Unlike Ethereum, Callisto will not lose its real utility because it solves the eternal problem of programming. Smart-contracts security will always be relevant regardless of how the blockchains will evolve.
As a “security chain”, Callisto can coexist with smart-contract development platforms and increase its utility with increasing demand for contract security audits.
Scalability of Callisto
Callisto scalability depends on price level. The more the price of $CLO is, the more auditors could be hired. Securing the Callisto’s smart contracts makes sense as long as Callisto is seen as a development platform. This could definitely increase the value of Callisto platform, but it will not be worth it in long term.
Providing security audits for newly developed and wider used smart-contract platforms is a good solution for the whole industry in the long term. However, this does not directly increase a value of Callisto.
Therefore, I proposed to consider the model with a collateral. In this model, if a developer wants to request an audit of your smart contract that will be deployed on any other network, he must buy a certain amount of CLO as a collateral and hold it until the end of the audit. Then the developer can sell CLO and earn his funds back.