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 SpotsCrestington 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 used7.5 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 SpecificsParameters 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 CoinsReimbursement 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.
StatusWe 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 ExchangesThe 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 workWe 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.