How layer-1 blockchains can solve the blockchain trilemma

Blockchain technology is facing a growing centralization trend, which could compromise its core principles. This layer-1 blockchain aims to set a new standard backed by the decentralized ethos.

As the centralization trend in blockchain technology continues to grow, the community needs new platforms loyal to the principles of decentralization. Callisto Network’s layer-1 blockchain offers a solution through decentralized governance, community focus and on-chain democracy.

Now that blockchain technology has been around for a decade, a worrying trend is emerging — the growing centralization of networks. Major blockchain networks, such as BNB Chain and Ethereum, prioritize speed over security and decentralization. While this may improve performance, it risks compromising the core principles of blockchain technology.

As the industry slips toward centralization, issues like reduced security, stifled innovation and erosion of user autonomy arise. This concentration of power contradicts the inherent security principles of blockchain and hinders the fertile ground of ideas and developments that a decentralized ecosystem fosters. These consequences potentially hinder the technology’s advancement and widespread adoption.

More than 13 years after its introduction, the blockchain industry has yet to realize the vision of an on-chain democracy. Emerging from Ethereum’s heritage, Callisto Network, a layer-1 Ethereum-compatible blockchain, introduces innovation by utilizing practical solutions to the challenges of centralization prevalent in today’s major networks.

Decentralization for the masses

Callisto Network’s unique community-owned treasury system, which receives 10% of the block rewards, represents a move toward inclusivity and democratization in the blockchain space. The treasury played a pivotal role in Callisto Network’s launch approach, steering clear of initial coin offerings (ICOs) and pre-mined coins and instead opting for a more decentralized launch.

By conducting an airdrop to the Ethereum Classic community, Callisto Network marked its initial approach towards fairness and broad participation. Aiming to build upon this promise, Callisto Network is preparing to launch its governance model, which will give the community control over the treasury.

By empowering the community to control its treasury, Callisto strives to ensure that the network resources are used in ways that reflect the collective will of its users, not just the interests of a select few. Callisto Network’s innovative on-chain democracy (COD) system is not merely about voting on proposals; it’s a comprehensive system encompassing the entire governance process.

From proposing new ideas to engaging in open discussions and debates within the community, COD empowers every voice to shape the network’s future. This represents a move toward inclusivity and democratization in the blockchain space. The goal is to become the first “self-funded, self-sustainable and autonomous blockchain.”

Focusing previously on blockchain security, Callisto Network has contributed to securing over 335 crypto projects via smart contract audits. The network continues to explore new ways to scale the blockchain network effectively without giving up on decentralization, utilizing novel technologies like artificial intelligence (AI) to enable faster and more accessible smart contract audits.

In its pursuit of continuous innovation, Callisto Network is transitioning to a proof-of-stake (PoS) consensus mechanism. This strategic move aims to enhance scalability and energy efficiency, further cementing the network’s commitment to a sustainable and decentralized blockchain ecosystem.

The future of blockchain with a focus on community

With a firm commitment to decentralization, Callisto Network presents a compelling model for the future of blockchain technology. Its focus on community-driven governance, on-chain democracy, and a community-owned treasury system addresses the centralization concerns plaguing major blockchain networks. This approach not only realigns with the original ethos of blockchain and returns the industry to its decentralized roots but also fosters a more secure, innovative and user-centric environment.

Source: https://cointelegraph.com/news/how-layer-1-blockchains-can-solve-the-blockchain-trilemma