Count me in for the IPO.
Let me know if I can participate.
Thanks
Topic: [ANN] THE COLOSSUSCOIN 2.0 IPO AND WHITEPAPER - page 3. (Read 3735 times)
The Colossuscoin IPO and Whitepaper
Colossuscoin will have the original 550,000,000,000 COL maximum float through POS.
The new blockchain will have 340,000,000 premined coins in the first block of the new blockchain and the Proof-of-Stake will be 0.5% every 15 days (around 1% a month or 12% a year). The transaction fees will be 0.05% per transaction and will be allocated to the Development Fund and to Investors with 75% going to the Development Fund and 25% to Investors.
Approx. 313,000,000,000 COL will be reserved for the swap over (1:1 ratio) and 27,000,000,000 new COL will be added to pay IPO investors and Software teams.
Initial IPO funding 9,000,000,000 Col with 250% Rate on Investment in Colosssuscoins. For example, If you invest 1 Billion Col, you get 2.5 Billion Col upon completion of the new Blockchain for a total of 22.5 Billion Col. The remaining 4.5 Billion (of the 27 Billion) will be paid to the Software Teams for work on completion.
Minimum amount to participate is 10 Million Colossuscoin and must be approved, members of the Community who have shown support will be given priority.
Reserved Spots
Crestington 800,000,000
Firecat 231,897,062.277
Lovecol 1,000,000,000
Sudo23 1,000,000,000
Th82 450,000,000
Heat007 150,000,000
Mouseman 1,000,534,000
Nutbun 34,000,000
Bluedude 134,000,000
Current Total Pledged 4,790,900,000
How the 9 Billion will be used
7.5 billion will be spent on Development of the New Client and Blockchain and 1.5 Billion as contingency for any overcosts.
To start the Development Fund would only be accessible by Sudo23 and I with multiple layers of security but we plan on creating an online wallet with Multi-Authentication for access, and Multi-Sig for transaction approval.
List of Projects
-Updated Client with better connectivity and faster Syncing times
-New Blockchain and Swapover
-Multi-Sig Development Fund and Android Wallet
-Multi-Factor Authentication for Wallets
Coin Specifics
Parameters for the new blockchain
- 100% Proof-of-Stake currency
- 550 billion coins total
- 0.05% Transaction Fees or 0.5 Col whichever is higher
- Tx Destruction Fee of 0.02 Col included in all transactions
- Proof of Stake 0.5%, 15 days/30 days Max Weight
- Fee Mining 7 days/15 days Max Weight
- Block Time of 25 seconds or less
- Big annual PoS, annual interest eligible for coins which have been stationary in a user's wallet for at least 15 days
- New COL Client for Windows-Linux, Mac OS, Android, Secure Online Wallet as well
340,000,000,000.00 Coins (minimum 0.01 with no extra 0’s to reduce blockchain size) with a maximum float through Proof of Stake to 550 Billion at 0.5% every 15/30 days max weight. Your coins have a chance to stake any time between 15 and 30 days with a 100% chance to stake after 30 days.
Every 7-15 days max weight your shares mine fees collected
Every 15-30 days max weight your shares stake for 0.5%
Distribution happens by by fees going to a distribution address built into the Blockchain, additional Col can be added to the distribution address and are distributed 75% to the Development Fund address and 25% to an address whereby Stakers mine the Fee address.
Note on minimum fee and it’s punitive nature: Fee is 0.05% or 0.5 Col (0.48 Col + 0.02 Tx Fee), whichever is higher. The minimum fee is 0.5 Col which means that sending under 1000 Col, the ratio of fee becomes higher the less you send. The TX fee is included in all the fees and is destroyed.
For example sending 2000 Col you would incur a 1 Col fee (0.05%)
Sending 100 Col would incur a 0.5 Col fee (Minimum fee and would equal 0.5%)
Sending 1 Col would incur a 0.5 Col fee (Minimum fee and would equal 50%)
We will aim for a Blocktime of 25 seconds or less with a goal of sub-1 second confirmation times. We can reduce Blockchain size and improve transaction speed by making the minimum amount of coins down to 0.01 rather than down to 0.0000001, with such a large float it's pointless to be able to send less than 0.01.
Reimbursement of Lost Coins
Reimbursement of all previously lost coins will happen throughout the swap and up to the cut-off date. The cut-off for the swap to the new coin will be finished after 3 months with a further 1 month to process any outstanding payments. After the 4 months the remaining coins become part of the Development and Marketing Fund managed by the Foundation. If after that time you still have outstanding coins to be recovered the foundation will do it's best to accomodate on a case by case basis.
In order to be eligiable for reimbursement you must be able to prove beyond reasonable doubt that your coins have in fact been lost.
Status
We have 2 teams that are able to start work immediately on the new client and estimated time of completion will be one week. The first version of the updated client is in it's final stages of completion. Once the new client is complete we will begin on the new Blockchain and fee sharing system with an estimated time of completion of 1 month.
We have developers from the Bitcointalk Community itself and a second local team currently working in the mobile wallet space. We are working with the top developers in the Cryptocurrency industry in making all this possible.
We will be aiming for as fast transaction times as possible without bloating the Blockchain with a goal time of less than 1 second or less confirmation times. We will improve upon syncing times as well and take advantage of technologies similiar to Multibit to allow users to sync quickly without having to download the entire Blockchain.
Software Developers will not be participating in the IPO and will be paid in Colossuscoin for their work. Once paid, Developers have the right to do what they choose with their coins but the most likely scenerio will be that a small portion will be sold and the rest held for the benefits of the new Blockchain.
Fundraising Round 1 has already been reserved by the members of the Development Team and we are seeking approval of the IPO from the Bitcointalk Community before commencing work.
How this will benefit holders of Colossuscoin
-Faster Transaction Times
-Faster Syncing Times
-25% of all fees collected across the network in addition to staking
-Better Security
How this will benefit Exchanges
The fee system provides extra income to all exchanges who list Colossuscoin. Exchanges work where all coins are held in a single wallet so by keeping your coins on the exchange, they recieve the benefits of the fees and staking that the shares provide. This means that the holders of Colossuscoin waive all their Staking and Fee generation benefits by holding their coins on exchanges. Exchanges that can provide enhanced security and are not doing things to harm the network create trust by the community and so would be more likely that the community will choose to hold their coins on that exchange or host the Development Fund Wallet on the Exchange.
How the swap will work
We will have an automated program in place in which you send your old coins from the old wallet and will recieve the new coins to the new wallet. You will not be able to send old coins to the new wallet as they are 2 different coins. If you were a part of the IPO, we will send you the new coins. The swapover program is in place and will only handle a limited amount of coins at a time. We will begin the swap once the New Blockchain is finished and has been thoroughly tested.
Note: Once we have full agreement we will begin the donations.
April 21, 2014
The Colossuscoin Client has been updated to include fixes to the current Staking algorithims, better connection to peers, OpenSSL fix and a complete and current Blockchain download including a Colossuscoin.conf file for connection to permenant nodes.
You can view a full guide here with all the most current files https://bitcointalksearch.org/topic/ann-the-official-colossuscoin-repair-thread-updated-april-18th-517756
Due to some confusion about the Colossuscoin 2.0 IPO I would like to state that current coins are NOT being burnt and transferred to a new Blockchain at this time. This thread is first and foremost about the interest in such an endevour and no Coins have been collected as of yet. We will continue to monitor and make improvements to the current Blockchain, Clients and infrastructure while we prepare the building of a fully custom Blockchain. Something so radically differrent from the current Blockchain will take time to build and so we will continue to monitor and make improvements to the current Blockchain.
April 3, 2014
We will be having a shoutbox meeting on the Colossuscoin forums today at 7:30 pm Pacific standard time for all those interested in this project. The Colossuscoin forums are http://colossuscointalk.org/index.php and you need to create an account or already have one to access the shoutbox.
March 29, 2014
I am putting the IPO on hold for now until we can sort out an address to send to. Sudo23 sent some test amounts to the Cryptsy address we made and they are confirmed on the Blockchain and Coinplorer but do not show up in the Cryptsy account. This project has been very time consuming for me and I need to take a little less time on it to focus on work, moving and my own finances. If Sudo or someone else from the Colossuscoin community can handle the IPO fundraising, I can put everyone in touch with the local developers and the guy who did the ADT swap.
The Developers said they would do an updated client for 1k USD plus 3 billion Col and another 4-5 Billion for the Blockchain (most of which could come from the new coins. The ADT swap guy said he would do the swap for 3k USD in Bitcoin and is a rather easy process since the Colossuscoin Code is basically the same as ADT was. We also have a Bitcointalk Community developer that has been working on patches and updates for the client as well and would be good to pay him as well.
We haven't started the IPO fundraising yet, what has been written down is just pledges and no coins have been sent yet. I still want to do this as I've been working on it for months, just not financially able to invest in the IPO myself and so I don't think I should be the one managing it, plus I'm just burnt out from trying to do so much.
The new client should take about a week to do, been quoted at 10 hours of work.
The new Blockchain would be a bit more time consuming since we would have to figure out how to do multi-sig, the fee system, shrink the Blockchain and add multi-bit like client (so you don't have to sync from the beginning of the Blockchain).
Let me know your thoughts
Please read on how the Fundraising works
We will begin accepting fundraising tomorrow, March 28th at 12pm at which time the Development Fund Addresses will be posted. You will only be allowed to donate if you are on the approved pledge list and only up to the amount pledged. When you send coins you must write how much you have sent and the address you have sent it from so we can verify it.
If you wish to donate more than the intended amount you must be approved else the excess will returned to the same address. If you donate without first being approved, your coins will be sent back.
The hard cap on the fundraising is 9 billion which is solely reserved for the development with an additional 4.5 billion from new coins to be paid to software developers upon completion of the blockchain for a total of 13.5 billion.
If for some reason we need additional coins we can either extend fundraising to a limited degree (1-2 billion) at the same ROI or add an additional 1-2 billion to the new float paid to the software developers. I have taken an account of costs and excess should not be needed. If we have excess left over it will be used for marketing and promotion.
Fundraising will be open up to the 9 billion or completion of the new blockchain, whichever comes first.
Question and Answer Section
TX fees
TX destruction fees offset inflation by reducing the total amount of float.
Multi-sig
Multi-signature refers to an address needing to be signed by other addresses before a transaction can be sent. An address can be coded so it needs to be approved by a certain amount of keys over a maximum amount of keys (eg, needs verification of 3 of 5 keys). It will be applied to the Development Fund within the new blockchain for enhanced voting rights, security and the ability to host the fund online.
Staking
Staking works in a more efficient and fairly distributed manner than traditional mining. Once coins enter your wallet they begin to aquire coin age (the time they have been stationery in your wallet). 15/30 days Max weight means that between 15 and 30 days your coins will hit a proof of stake block, use up its coin age, verify transactions on the network and you are rewarded coins. You do not need to have your client open all the time for it to stake, if your coins are eligible to stake and you open your client, your coins will immediately stake.
Update March 27th
We at the Colossuscoin team have put together a team of talanted developers to help us reinvent the foundation. We believe it is important to raise funds and inform the community of this endevour in the most transparent way possible. Sudo23 and I will be managing the fund for this and I believe this is benenficial to everyone in the community. We are looking for approval of the community and fundraising as the developers are already nearing completion on the clients.
The Colossuscoin Client has been updated to include fixes to the current Staking algorithims, better connection to peers, OpenSSL fix and a complete and current Blockchain download including a Colossuscoin.conf file for connection to permenant nodes.
You can view a full guide here with all the most current files https://bitcointalksearch.org/topic/ann-the-official-colossuscoin-repair-thread-updated-april-18th-517756
Due to some confusion about the Colossuscoin 2.0 IPO I would like to state that current coins are NOT being burnt and transferred to a new Blockchain at this time. This thread is first and foremost about the interest in such an endevour and no Coins have been collected as of yet. We will continue to monitor and make improvements to the current Blockchain, Clients and infrastructure while we prepare the building of a fully custom Blockchain. Something so radically differrent from the current Blockchain will take time to build and so we will continue to monitor and make improvements to the current Blockchain.
April 3, 2014
We will be having a shoutbox meeting on the Colossuscoin forums today at 7:30 pm Pacific standard time for all those interested in this project. The Colossuscoin forums are http://colossuscointalk.org/index.php and you need to create an account or already have one to access the shoutbox.
March 29, 2014
I am putting the IPO on hold for now until we can sort out an address to send to. Sudo23 sent some test amounts to the Cryptsy address we made and they are confirmed on the Blockchain and Coinplorer but do not show up in the Cryptsy account. This project has been very time consuming for me and I need to take a little less time on it to focus on work, moving and my own finances. If Sudo or someone else from the Colossuscoin community can handle the IPO fundraising, I can put everyone in touch with the local developers and the guy who did the ADT swap.
The Developers said they would do an updated client for 1k USD plus 3 billion Col and another 4-5 Billion for the Blockchain (most of which could come from the new coins. The ADT swap guy said he would do the swap for 3k USD in Bitcoin and is a rather easy process since the Colossuscoin Code is basically the same as ADT was. We also have a Bitcointalk Community developer that has been working on patches and updates for the client as well and would be good to pay him as well.
We haven't started the IPO fundraising yet, what has been written down is just pledges and no coins have been sent yet. I still want to do this as I've been working on it for months, just not financially able to invest in the IPO myself and so I don't think I should be the one managing it, plus I'm just burnt out from trying to do so much.
The new client should take about a week to do, been quoted at 10 hours of work.
The new Blockchain would be a bit more time consuming since we would have to figure out how to do multi-sig, the fee system, shrink the Blockchain and add multi-bit like client (so you don't have to sync from the beginning of the Blockchain).
Let me know your thoughts
Please read on how the Fundraising works
We will begin accepting fundraising tomorrow, March 28th at 12pm at which time the Development Fund Addresses will be posted. You will only be allowed to donate if you are on the approved pledge list and only up to the amount pledged. When you send coins you must write how much you have sent and the address you have sent it from so we can verify it.
If you wish to donate more than the intended amount you must be approved else the excess will returned to the same address. If you donate without first being approved, your coins will be sent back.
The hard cap on the fundraising is 9 billion which is solely reserved for the development with an additional 4.5 billion from new coins to be paid to software developers upon completion of the blockchain for a total of 13.5 billion.
If for some reason we need additional coins we can either extend fundraising to a limited degree (1-2 billion) at the same ROI or add an additional 1-2 billion to the new float paid to the software developers. I have taken an account of costs and excess should not be needed. If we have excess left over it will be used for marketing and promotion.
Fundraising will be open up to the 9 billion or completion of the new blockchain, whichever comes first.
Question and Answer Section
TX fees
TX destruction fees offset inflation by reducing the total amount of float.
Multi-sig
Multi-signature refers to an address needing to be signed by other addresses before a transaction can be sent. An address can be coded so it needs to be approved by a certain amount of keys over a maximum amount of keys (eg, needs verification of 3 of 5 keys). It will be applied to the Development Fund within the new blockchain for enhanced voting rights, security and the ability to host the fund online.
Staking
Staking works in a more efficient and fairly distributed manner than traditional mining. Once coins enter your wallet they begin to aquire coin age (the time they have been stationery in your wallet). 15/30 days Max weight means that between 15 and 30 days your coins will hit a proof of stake block, use up its coin age, verify transactions on the network and you are rewarded coins. You do not need to have your client open all the time for it to stake, if your coins are eligible to stake and you open your client, your coins will immediately stake.
Update March 27th
We at the Colossuscoin team have put together a team of talanted developers to help us reinvent the foundation. We believe it is important to raise funds and inform the community of this endevour in the most transparent way possible. Sudo23 and I will be managing the fund for this and I believe this is benenficial to everyone in the community. We are looking for approval of the community and fundraising as the developers are already nearing completion on the clients.
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