can somebody give us a review of this coin? I always thought it had great potential and had an active community and innovation, what were the problems? why did it only fall in term of capital? do you have strategy or plans for the future that should keep investors interested?
The problems are that it was originally coded fairly poorly and no one wants to be the one to foot the bill on getting it fixed because if you can do that then you can just create your own coin and don't need to bother with the hassle. In a way that is exactly what I am doing because if I paid to get Col fixed to be the same as it is now it won't solve problems like float size making it impossible to trade against BTC, Blockchain bloat, all of the coins sitting on the exchanges or funding.
The least intrusive way to fix all of this is by letting everyone make the choice of whether they want to remain on the current coin or swap to the new version off the exchanges. If we wanted to swap directly with the exchanges it would mean we'd need the same size float (or equivalent) and that would leave a gap as to how to secure future funding. If we swap only off the exchanges that means that everyone must have their own wallet, been active during the swap timeframe and allows us to create extra coins on top of the current float. It also means that we would need to fix Colossuscoin to make that possible so if people don't (or don't want to) swap their coins over they will have a better functioning wallet and a severely reduced float due to all the coins being destroyed in the swap.
On the other end of the swap we need to take account of every possibility and since it would only be swapped off the exchange there is the likely event that only 20-30% of the float will swap over. Part of Colossuscoin2.0 will be a revamp to the fees so every fee charged pays out over 10k blocks rather than into the next block which will allow us the option of sending 50% of the float as a TX fee and have it pay out to stakers based on the amount of coins they own.
We are working with the entire float plus 25% more coins on top of it because we need to assume a 100% swap and still have a fair bit left over for future funding.
How will Colossuscoin2.0 be different from Colossuscoin 1.0?
Fees will be charged as a percentage of the transaction rather than a flat rate and pay out over 10k blocks
Part of the fees pay to the Development Fund
Staking times reduced to 7-15 days
Float reduced by a factor of 100
Block time increased to 1 minute to reduce orphan transactions and blockchain bloat
money supply will increase at a fixed rate per year regardless of staking participation so active stakers receive all the coins from people who are not staking.
coin control so people can better manage their coin block sizes
basic multi-signature transactions so we can secure the Development Fund over the Development Team rather than one person holding a large portion of coins.
Upcoming things after taking care of distributionAndroid wallet
Smart contracts
Multi-pool
proxy-exchange
merging of Colossuscoin.org and Colossuscointalk.org into one site to increase traffic
addition of cometchat to the forums
addition of multi-authentication to the forums
addition of youtube and video scripting to the forums
I think the best way to handle working with all the coins such as this is through multi-signature addresses so it requires the combined effort of the most trusted members to be used and then we can expand on that into a more refined voting system.
Testing is already under way on Colossuscoin2.0 and past block 2000
