Callisto Network was founded as a public blockchain protocol with the original goal of researching and developing experimental features. These features aim to enhance and strengthen the long-term sustainability of the network and its components, including third-party decentralized applications (DAPPs).
Callisto Network is an EVM-based chain, implying that it supports the execution of smart contracts written in Solidity, making it fully compatible with Ethereum, the leading smart contract platform. Hence, it is also compatible with any EVM-based chain, with the most known being Binance Smart Chain, Polygon, and Avalanche. Therefore, all smart contracts and DAPPs developed for these chains can easily migrate to Callisto Network – without code changes – to take advantage of the significantly lower transaction fees and the higher security standards.
Callisto Network relies on the Proof of Work (PoW) consensus mechanism, which is widely considered the most secure solution. Although many alternatives have been proposed during the last decade, such as the Proof of Stake (PoS) consensus, PoW remains the most reliable solution thanks to proven technology.
With this in mind, we are dedicated to improving the PoW consensus mechanism by designing and implementing unique features, including the Nakamoto Consensus Amendment and the Dynamic Gas Price. In addition, a dynamic monetary policy approach means the Callisto Network platform will offer the industry's lowest transaction cost and, coupled with the Cold Staking, will enable the Callisto Network coin (CLO) to be a store of value.
In this direction, we are conducting extensive research to further reduce the protocol's energy consumption while also increasing network speed without any security compromises.
A cryptocurrency is a digital currency in a decentralized system using cryptography rather than a centralized authority to verify and record transactions. In such a system, the creation of additional units is controlled at the protocol level. In contrast to fiat money, cryptocurrency is monitored and controlled by a peer-to-peer network, with all transactions recorded in a secure transactions ledger known as the Blockchain.
The first decentralized cryptocurrency created was Bitcoin in 2009. Since then, the crypto world has grown exponentially. A few years later, in July 2015, Ethereum was launched as a decentralized application execution environment capable of storing programs on the Blockchain and executing them whenever the predetermined criteria are met. This innovation made Ethereum one of the most-used crypto projects, and it has grown into the second-largest cryptocurrency in market capitalization. Smart contracts have become the industry standard, and almost all blockchain projects developed after 2018 support smart contracts in one way or another.
Ethereum adoption has surged and has been accompanied by a significant increase in the number of DAPPs, or decentralized apps. Since their introduction, interest in DAPPs has been growing steadily, showing the interest of developers and users. From less than 100 DAPPs in 2015 to nearly 3000 today, while another 4,000 Dapps are in development at the time of writing. The demand for Dapps, regardless of market cycles, tends to reach new heights during market growth periods and remain stable.
