What is COLX?
ColossusCoin was created to be an open-source peer-to-peer, decentralized energy-efficient (environmentally-friendly) digital currency.
It was intended to facilitate instant payments across the world at almost no fees, and it manages to do just that.
What makes this project a bit interesting is the fact that nobody owns it – its design is public, and anyone is welcome to take part in it.
It is remarkably resource friendly, lightning fast and 100% anonymous, much like ordinary crypto-coins. The latest version of it, called ColossusCoinXT is based on PIVX source code that has a fixed PoS block reward.
It is a swap from the original ColossusCoin whereby anyone who had two ColossusCoin2 (CV2) received 1 ColossusCoinXT (COLX) coin.
First, it is based on Quark algorithm, a future-proof algorithm and has a PIVX Source Code that has a fixed Pos block reward.
Staking coins is an easy 3-step process, though you need the wallet already downloaded and installed on your PC.
Block reward splits dynamically through a unique Seesaw Reward Balance methodology between staking nodes and the master nodes.
For 1081 o 151,200 blocks, one gets 2500 COLX coins, and accumulation increases all the way to 302,400 or more, and it qualifies one to get 1000 COLX coins.
first halving event took place. COLX Block Halving occurred at Block 151,201
Incredibly, there’s proof of stake, which makes the platform 100% legit though 95% ends up at the stake wallet and master node while 5% cover proposals.
The essence of PIVX is – Improved proof of stake, Masternodes, instant transactions, anonymous and instantly verifiable transactions and a lot that include coin control.
Trading at about 0.008 cents for each coin and a market cap of 30 million, COLX has massive potential – it is PIVX fork by the way.
Right now, it trades on CryptoBridge and Tradesatoshi. 10 million coins for master node is still a lot cheaper.
It has a safe, functional wallet, active development team and promise of the price of coin rising in the future. For now, though, ColossusCoinXT isn’t among the best for someone looking to make a kill.
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About COLX:
- COLX is based on the PIVX Source Code with a fixed PoS block reward.
- The PIVX Features are very innovative. For instance:
- Improved Proof of Stake 3.0 protocol
- Masternodes (total of 191 at the time of typing this)
- SwiftTX Instant Transactions
- Private Instant Verified Transactions /full-time private transactions
- Obfuscation Mixing Mechanism
- Innovative variable seesaw reward mechanism
- Coin Control
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Q1:
Whitepaper Release:
- A Whitepaper in cryptos is prepared by a party prior to launching a new currency.
It details everything you need to know about the currency before making up your mind if you want to invest, purchase or use it.
This includes commercial, technological and financial details of a new coin in language that can be understood by someone who is not an expert in the space.
Marketing Start:
- High quality promotional video.
- Different types of marketing strategies.
Instructional Videos:
- Educational videos on how to use COLX.
- Videos on how to setup a masternode/ wallet/ staking/ etc.
Team Profiles:
- Overview of devs/ the COLX team.
I think you wont find any personal information as this is a privacy coin, but there will be a team page on the main website to include more information.
Website Update:
Updates regarding the whitepaper, roadmap, team profiles, additional languages, etc.
Zerocoin Protocol:
- Zerocoin is a project to fix a major weakness in most cryptocurrency: the lack of privacy guarantees we take for granted in using credit cards and cash.
the goal is to build a cryptocurrency where other people can’t see what you bought or for how much. Also think about taxes and stuff.
GitHub:
- GitHub is a development platform, here you can review the code.
Listing of Exchanges:
- Cryptopia - Fee is paid (11BTC), uncertain when Cryptopia will list COLX
- Kucoin - Waiting for reply when to get listed
- Next.Exchange - Announced COLX Listing. uncertain when COLX gets listed
- Yobit - Announced COLX Listing. Should be listed in a few days.
Because of the exchanges struggling to handle the high volume, listing can take abit longer.
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Q2:
Wallet Design:
- QT Wallet interface redesign/ extended UI with wallet themes.
QT is a cross-platform application and UI framework for developers using C++.
Android Wallet:
- A lite mobile android wallet with the ability to mint.
Minting explained: Most cryptocoin mining requires specialized hardware, but Peercoin minting can be done on any computer.
Minting is energy-efficient, because it is based on the Peercoins you hold, rather than on your processing power.
Wiki & FAQ:
- Community Wiki & FAQ creation on the official COLX website.
In-Wallet Voting:
- User friendly, in-wallet voting and proposals tab system for the community.
Think about a voting system for COLX projects, and proposals the community can make regarding where COLX is heading/ its direction.
Possible Name Change:
- When or nor this is implemented is uncertain.
COLX dev did agree on Reddit, quote:
'removing the "coin" is a good move. I think most people are in agreement here. Need something that rolls off the tongue.'
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Q3:
Web Wallet:
- Especially if you’re just starting out, a web wallet can be an easy way to get started investing in cryptocurrency.
The web wallet can be accessed right from your browser without the commitment of downloading software.
Apple iOS Wallet:
- A lite mobile iOS wallet with the ability to mint.
Minting explained: Most cryptocoin mining requires specialized hardware, but Peercoin minting can be done on any computer.
Minting is energy-efficient, because it is based on the Peercoins you hold, rather than on your processing power.
Merchant Integration:
- Join Coinpayments.net or adequate payment processor.
Coinpayments - Integrated payment gateway for cryptocurrencies
Shared Masternodes:
- Implementation of shared masternode technology.
I dont know how they are going to implement this, but just thinking out loud, in theory it could be deved to allow a masternode to run on more than one transaction ID.
i.e. rather than a masternode requiring 1 x 10 mill transaction ID, it could be deved to need 5 x 2mil or 10 x 1mil transaction ID's to start.
Then you could hold your coins... send 2mil to yourself to get a 2mil transaction ID and then add that as one ID to the main masternode config file, 4 others do the same, and off it goes.
you can currently set where you want it to send the coins that are mined so again dev that to have the option for 5 or 10 payout addresses and everyone receives their shares automatically.
And the coins would never have to leave the safekeeping of your local wallet whilst staking them on the masternode.
In theory at least, it could be coded and is not very hard to do from the current system.
This would open up the benefits of masternodes to a lot more people now that the price has made it cost-prohibitive for most people.
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Q4:
Multi Anonymous:
- Multiple anonymity-centric networks, such as Tor/I2P network and stealth addresses.
Everything you do with your COLX stays private, no one can see your balance, transactions, etc.
E-Commerce:
- Marketplace to buy and sell products and services using COLX.
Simply defined, eCommerce refers to business transactions conducted through the Internet. Anytime you buy something from an online site, you are participating in eCommerce.
eCommerce can refer to sales of physical products like clothing, books, cosmetics and basically everything else.
It can also refer to digital products such as software, eBooks, and apps. Finally, eCommerce sales also include services such as consulting.
Cryptocurrency is a more secure alternate version of the physical currency that we use today.
By using cryptography protocols, which are extremely complex code systems that are used for encrypting sensitive data transfer.
They are the ultimate secure units of exchange for completing online transactions for e-commerce business.
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Ongoing COLX work:
- Improving the following:
Stability
Reliability
Enhancements
Code Base Upgrades
Masternode Improvements
- Focus on increasing the number of Masternodes
- Get listed on bigger exchanges
- Increase the media presence and communication with investors
The Community will take the lead and will define new features and the general direction of COLX
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Long Term Goals:
COLX Grid Project:
- Not sure what this is yet, my guess it could be a scalable reward system for staking
In-Wallet Purchase:
- Allow the purchase of COLX directly into the wallet
In-Wallet Trading:
- Decentralized and anonymous in-wallet trading (to trade COLX DEX)
Coinomi and Shapeshift:
- Coinomi and Shapeshift wallet integration.
Hardware Wallet Support:
- support for hardware related wallet
COLX Debit Card:
- Crypto debit cards work like your regular flat debit cards, as they exist in a cashless payment infrastructure, but come with the added bonuses cryptocurrencies provide.
IOT:
- Future Collaboration with IoT Companies
IoT - Internet of Things:
A network of internet-connected objects able to collect and exchange data using embedded sensors
