Everything about ColossusXT
ColossusXT (COLX) is a decentralized digital privacy coin and a community initiative with no ICO or no premine for the team (no initial funding), operating on its own main net since 2017 successfully with self-treasury, experienced distributed team of volunteers & with an ambitious target to build Colossus Grid.
ColossusXT utilizes an energy efficient Proof of Stake 3.0 protocol and a second-tier Masternode network for inclusive community-based governance along with a blockchain based self-funding treasury system ensuring its sustainability. In order to reach this level of usability, COLX is continually evolving.
The goal of COLX is to be an advanced digital currency that is fast, secure, decentralized, private, and connects all of its users for a greater purpose as part of the Colossus Grid.
Colossus Grid is an ambitious project that aims to reward individuals for voluntary grid contributions. With this, ColossusXT seeks to compete in the global market for distributed computing power and decentralized storage all while riding on the backbone of a world class privacy blockchain.
How Does ColossusXT work?
The team behind ColossusXT has identified five issues with computing power, centralization and users’ privacy on blockchain-based networks:
2) Computational ability is reaching a ceiling
3) Access to powerful computers has always been under the purview of governments or the richest of technology companies
4) The centralized cloud computing market is dominated by a select few entities
5) None of the currently distributed computing platforms are addressing user privacy effectively
In order to address these issues, ColossusXT is formed as an anonymous blockchain through obfuscation, which will utilize Armis (I2P). These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity or allow end users to store data anonymously across the COLX decentralized network.
Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
The easiest way to understand how ColossusXT works is to look over its whitepaper.
Masternode-Staking Rewards, Governance & Self Treasury
The block reward distribution is as follows:
- 80% (1200 COLX per block) goes to users for Staking and Masternode rewards:
- Split for 1200 colx is 60% for Masternodes (720 colx) vs. 40% Staking (480 colx) each block
- 31.1 million colx per month are minted for masternode rewards (30 days = 43,200 blocks * 720 colx)
- 20.7 million colx per month are minted for staking rewards (30 days = 43,200 blocks * 480 colx)
- 10% (150 COLX per Block) goes directly to the official Developer Fund Address (6.48 Million COLX per month): DBKqofwU8QUFYFwNYZetyBbj2Y7oAcWLbX
- 10% (150 COLX per Block) is used for governance/budget system (6.48 Million COLX per month. See more on governance.colossusxt.io
- Transaction Fees higher than 100 COLX go directly to the official Developer Fund Address (DEKP7sVxwwuN1mtCpTXtjua77XqFBBRaKG), rest is burned
- If there are no proposals approved in the budget payment cycle, these funds will be routed to the official Developer Fund Address: DE2nWCnyYyWxoUNRg5gEeA7Kx1kpBs2spB
The Benefits of Using ColossusXT
- Masternodes for passive income and maintaining network strength: ColossusXT network is one of the highly maintained and distributed networks with 200+ masternodes
- Payment via Debit Cards – E-gift Cards: Polispay project partner
- Other Payment: QR code payments & Peer-to-peer payments via SWFT App, Social Tipping via Social SEND, Gift Cards via PolisApp and CryptocurrencyCheckout (See more on partnerships)
- Governance: Voting for self-treasury
- Shops: Stakesafe Online Tech Store, Colossus Store, gift cards via Cryptocurrencycheckout and Polispay for BestBuy, Steam, Netflix, Amazon, Spotify
- Participating in the Proof of Stake consensus: In addition to Masternodes, ColossusXT utilizes a consensus using a Proof-of-Stake (PoS) layer in which network participants stake COLX coins to participate as validators
- Paying for the transaction fees in the network: The transaction fees on ColossusXT network are paid in COLX coins. The COLX coin is also used to pay staking rewards to the POS stakers
- Marketplaces: MCPC marketplace
- Payment Processor / Integrations to include COLX easily in website implementations: CryptocurrencyCheckout, Cointopay
- Hardware Wallet: Via Plaak Cold Storage
- Atomic Swaps for interoperability via BlockNet and Komodo BarterDex
- The promised use of exciting technologies like Atomic Swaps, ARMIS I2P Privacy Network Layer and Resource Marketplace over Colossus Grid
- Privacy: Security and anonymity via obfuscation and Armis I2P. ColossusXT uses an Obfuscation Mixing Mechanism that makes the tracing of COLX tokens to their owners almost impossible
- Instant transfers with SwiftTX and guaranteed zero-confirmation transactions
- High security ensured through public-key cryptography. The core network is maintained by coin holders, and the Proof of Stake distributed consensus mechanism eliminates the risk of 51% attacks
The Future of ColossusXT
ColossusXT is making significant strides through 2020, along with their development goals for the Colossus Grid and Armis. ColossusXT is making strategic moves within the United States to ensure compliance and regulatory clarity as they lay the groundwork to being working with State and Federal agencies to utilize resources through the Colossus Grid for more information about ColossusXT, please visit the website at http://www.colossusxt.io
Block Explorer: chainz.cryptoid.info/colx
Web Wallet: mycolxwallet.org