Thank you for all the intriguing questions.
Below are written Telegram users' handles and answers to their questions. The reward will be distributed on users' official Tokens.net exchange account. All participants will be contacted via private message by a Tokens.net telegram group admin/moderator and asked to provide their Tokens.net registered account email.

Rewards will be credited as soon as all participants provide the above information.

Top 5 questions

@rhythms29: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?

It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.

@CallmeUS: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the folding@home initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.

@Lanazar: How will you fight with regulators who are trying to stop privacy coins?

We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding.

@mohammedtaherpatla: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.

The second part to this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.

B.V. TradingTokens.net: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY

The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)

What would you say is the $COLX killer feature that sets it apart from the rest of the competition.

I believe that Armis is our killer feature. We recently had a beta this year with the community, and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in Colossus Grid resource marketplace in the future.

I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid

We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development fund to marketing fund to raise further awareness.

"Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though to much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.

"For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?

ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.

According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?

It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States

Does Tokens.net plan any kind of staking ($COLX or other coins)?

We will reach out to the tokens.net team and see if they have any plans to allow staking.

How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?

The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.

Do you have any special development funds for programmers?

Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.

Why Android Wallet Revision hasn't been done? Any problems?

The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.

Whats the second biggest milestone other than the grid network for COLX team?

Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.

How is COLX team going to contribute to crypto adoption, other than building a robust network?

We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.

We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.

Are their industry partners to COLX that are awaiting your network to go live?

Yes, although I hesitate to go into too much detail here. We are talking with business leaders.

The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?

I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.

I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?

Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.

Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
They allow the community voting option of only truly decentralized projects after a thorough screening.

Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.

ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA, to running scientific simulations, to even mining PoW cryptocurrencies.

When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.

There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.

What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?

ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.

Will you try to convince users to trade on tokens.net if so how will you do it?

There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.

How will you try to create liquidity for your pairs?

We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being we can hint this as a side business till we deliver fully operational Colossus Grid.

How big is a development team of #COLX?

The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.

Do you have some security guys in the team?

Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.

Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?

This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid

Telegram AMA session was organised as a part of the COLX trading competition. Join the COLX trading competition and win a prize!

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Author: Tokens.net Team
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