Callisto, a new entrant in the cryptocurrency world, has launched a more original version of their Cold Stake Protocol on 12th November. The new protocol allows users to earn CLO (Callisto Currency) by storing coins in the Cold Stake wallet. This form of exchange system is like a real-life banking system, where customers earn an interest rate on their deposited money. However, the period for keeping your CLO in its wallet is comparatively low, and there is no such thing as a minimum deposit.
The Cold Stake is reasonably smart and straightforward way to increase your CLO rewards. A user on the platform can deposit a certain number of CLO coins in the Cold Protocol wallet. The account gets frozen for a certain period (min. One month), After the time is over, the user can collect their CLO coins along with the reward for deposit.
The longer the period of the stake the better is compensation. So, someone staking the CLO coins for two months will receive a 2X bonus when compared to those who only had it for one month.
After the Staking period gets over, a user can either withdraw the amount along with the reward or put his CLO coins for stake again. If a user forgets his stake and does not perform any task throughout one year, then the contract gets invalid, and the deposited amount is returned to the original Calliston account.
Once the CLO coins get locked in a Cold Stake, a user cannot deposit, increase or decrease the number of coins in the wallet. As soon as you do that, the contract gets renewed, and you won’t be able to draw out as per your earlier plans.
Earn CLO coins Through Smart Audit
Callisto has been created by the same group of developers who were behind the Etherium classic. The main aim for launching the Callisto network is to eliminate the security nuisances faced with Ethereum smart contracts. Now, you can ask for a free audit of your smart contract anytime on the Callisto network.
The audit process rewards the checker or the auditors with CLO coins and thus eliminate any fraudulent nature of the contract. A user can request an audit of their contract to the Network. The network then publishes this news to its peers, and just like mining, people on the blockchain, check for issues with the contracts, verify security breaches, look for any bug and then final feedback is sent to the network. The security manager on the network send the report to the user, and after 15 days the news becomes public. The people on the network who complete these checks are rewarded with CLO coins in return.