Catch up on the latest news and developments from Callisto Network, including updates on CallisTalks videos, the SOY Finance revamp, and ERC-223 proposal.
Welcome to the April issue of Callisto Monthly, a look at what has been happening recently inside Callisto Network.
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A New Means of Communicating with the Community
Callisto Network has launched a new series of videos—called CallisTalks—aimed at serving as a better way to keep the community up to date on what's going on inside the company. It's always a way for you, the community, to interact with the team and to let us know if we're moving in the right direction relative to how the community wants Callisto Network to develop.
To that end, Callisto Network has released five videos in the last few weeks to offer insight into where we are on various projects:
1. ZPoW or Z-Consensus, which will enhance performance and boost transaction speeds on the network.
2. Boost Yield Farming through NFTs, or as Tonton calls it, "Sloth hibernation season is over." SOY Finance has taken the charity NFTs that were minted last year but which have no ongoing utility and given them utility. By combining a charity NFT with SOY Tokens, community members can create an entirely new Token that will offer a yield boost of as much as 25% on SOY Finance. SOY has also launched a Burn and Boost function, in which yield farmers can support the farm of their choice each week by sending any amount of soy to a dedicated wallet, where it will be burned and permanently removed from the circulating supply. The two farms that collect the most support will benefit from a one-week boost.
3. In edge computing for Web3 applications, Callisto aims to change the current cloud computing model by bringing it onto the blockchain. The current cloud model needs to be more robust to meet the needs of the vast number of emerging dApps. Callisto's Dr. ZS envisions the "world computer," basically decentralized compute power that relies on user infrastructure to provide real-time execution with radically reduced latency, increased bandwidth, and increased security. Callisto's effort will create an open and scalable blockchain-based infrastructure to support the explosive growth of Web3 dApps.
4. 125 million SOY token Burn begins with burning nearly half a million SOY tokens bought back using the proceeds from the sell-out of the final SOY Charity NFTs. Beyond that, SOY is righting a wrong originally put in place amid all the SOY airdrops that have occurred. As Tonton notes, "The number of airdrops was too high." To remedy that, 120 million tokens were removed from SOY token supply on March 24, plus another 5.7 million on March 31 that were going to be used to deploy onto other blockchains. In all, the SOY supply will shrink by 20%.
5. Distributed Insurance to Cover Crypto Hacks, in which SOY Finance will become the first DeFi platform to secure against hacks and smart-contract exploits by providing a new, Web3 version of insurance—the decentralized insurance pool. Anyone can participate by providing SOY tokens to the pool and then earning a reward—just like an insurance company collecting premiums. Projects and investors, in turn, can purchase coverage for any token on SOY Finance.
The team also posted a bonus video in which Tonton reconnects with an OG Callistonian, Lele, who he first met at the Malta Summit for crypto back in 2019, and who remains an active member of the Callisto community. Once a Callistonian, always a Callistonian.
Be on the lookout for more CallisTalk videos.
A New "Ask Me Anything"
Callisto Network recently hosted another AMA with Dexaran, our chief technology officer, and Laurent Riche, our new CEO, affectionately known as Tonton. The duo addressed numerous questions on the community's collective mind these days, from ZPoW to the Skuld Hardfork.
These AMAs are part of the ongoing effort by the Callisto team to be more open, transparent, and responsive to the community.
Perhaps the most significant news to emerge from this recent AMA was Tonton's and Dexaran's response to a question about the team's biggest strategic plan for the remainder of the year.
As Tonton noted, Callisto has downsized its expenses and plans to allocate a great deal of the savings to marketing in an effort build brand awareness for Callisto and the various benefits our blockchain offers.
Dexaran, meanwhile, noted that on the tech side, the main focus is improving the L1 architecture, pursuing more cross-chain opportunities, and submitting to the Ethereum network the ERC223 proposal (a new framework in which a receiving contract can reject a misdirected transaction, reducing the chance for token loss due to carelessness).
If you missed the AMA and want to read the transcript to catch up on all that's going on, you can find it here.
Sloth Hibernation Season is Over
As mentioned above, SOY Finance is actively engaged in revamping the tokenomics by reducing the supply of SOY, refocusing efforts on the most productive farms while axing unproductive farms, and by giving real utility to the Charity NFTs that SOY released a year ago,
As part of that effort, SOY Finance reduced the multiplier to 0 on all SOY token pairs on the BitTorrent and Ethereum Classic networks. And it adjusted multipliers—up or down—on the Callisto Network. In doing so, we effectively closed farms outside the Callisto Network to concentrate liquidity in token pairs where it makes the most sense for community members.
SOY will also revamp the SOY Finance Lottery—moving it from a daily draw to a weekly draw and lowering the cost of a lottery ticket to just 10 SOY from 250. The plan: To make the lottery more appealing to a broader collection of the community.
Finally, SOY is bringing utility to the Charity NFTs by allowing owners to burn their existing NFT and SOY tokens to create a new, art-based NFT. This new NFT will come with a yield boost that pumps up the income opportunity for SOY farmers.
Those boosts are 10% for Purple NFTs, 15% for Sapphire, and 25% for Emerald. When we announced the plan and opened the process to burning, less than 400 of the 1,500 maximum SOY Charity NFTs existed. That supply ran out in less than 40 minutes, underscoring the fact that the community sees exceptional value in the new utility.
All of these moves help us position SOY Finance and SOY token for a brighter future.
The Final Airdrop
The end of an era has arrived.
As of March 12, no more SOY tokens will ever be airdropped.
In all, six million SOY tokens were airdropped to the CLO coin Cold Stakers.
The team had plans to airdrop another 5.7 million across other blockchains, but as part of our re-think about what's best for SOY and the SOY community, we've killed those plans and decided to burn those 5.7 million tokens.
That just makes SOY an increasingly rare token.
Callisto Heads to CoinMarketCap
One of the most-visited cryptocurrency sites on the interwebs is CoinMarketCap, and as of mid-March Callisto Network has a home there.
All the news we share with the community is now available on the "News" tab for the CLO coin.
It is now up to the community to follow and ensure the trend! Time to mobilize Callistonians!
Taking on the Flaws of ERC-20
As we've pointed out before, and as many crypto users know, ERC-20 contains a significant logic flaw—namely, the lack of a communications module to help prevent missent tokens and coins.
Well, CoinMarketCal has published an article about the issue penned by Dexaran.
Dexaran spells out the troubles with ERC-20—millions of dollars of missent tokens that are now lost forever—and how to solve the problem.
The solution, of course, is ERC-223, which is now on the list of Ethereum Improvement Protocols to be considered.
If the proposal is accepted and integrated into the Ethereum network, it will go a long way toward addressing one of the biggest worries the mass market struggles will in adopting crypto: Fear of losing their money through a missent transaction.
Input on Improving Web Wallet
We've created a thread on Github to allow the community to give the team input on how to enhance and improve the Callisto Web Wallet.
We're asking community members to submit improvement ideas, requests for special features that will make the Web Wallet more useful, or bug reports/glitches that we need to know about so that we can fix them.
And with that, we end our look back at March and look forward to an exciting spring in the world of Callisto.