A Colossus Project Driven By Community: ColossusXT

Project Reviews / 14.03.2019

Money is one of the most important tools of power control. If we look back at the history of money, only few have ever managed to control it. Initially, it was the kings and emperors, and later on, some monopolists and political leaders still use it to control the world. The solution to this centralization of power is to get back to the pre-money era, where high level of decentralization was possible by the virtue of a barter system. In the new age economy, this solution emerged a decade back in form of pure Peer-to-Peer (P2P) transactions out fold through a mechanism called Blockchain and Digital Currencies!

While in the last 10 years blockchain has gained a lot of millage and adoption, it still is at a nascent stage of growth. The awareness is gaining momentum with passage of time. This has triggered a new age wave of democratic transfer of wealth; however, as with history of humankind greed has simultaneously crept into the cryptocurrency ecosystem as well. While the original intent was a pure decentralized peer-to-peer economy, this space has witnessed a surge of projects which are centralized (controlled by few owners of the project), or have been created with huge pre-mine. To add to this challenge there are projects that have been launched with the con intention to scam the naive masses. All these are deterrents to the massive growth potential blockchain industry has as it creates doubt and fear in the minds of retail consumers thus slowing down the overall mass adoption process. Moreover, initial cryptocurrencies have solved the problems of decentralization and use-case, but the problem of privacy remained. This led to the evolution of advanced technologies and privacy focused digital currencies that not only provide high-speed P2P transactions but also ensures and safeguards the privacy of its users. This is what eventually creates a true decentralized economy and gives the power back to masses.

Having said that there is always an opportunity on the other side of any crisis; recently, we found an emerging community-driven project, which is working towards creating a true peer-to-peer decentralized blockchain based eco-system: COLOSSUSXT (COLX).

What is Colossus and How Does it Stand Out

ARMIS

Currently, COLX provides users anonymity in transactions through the ZeroCoin protocol. While you can find hundreds of similar coins that focus on secure and anonymous transactions, a coin self-advertising as “private” does not necessarily mean that it actually is. The best privacy coins rely on real innovations in cryptography, while the worst ones just claim to be “private” but are functionally vaporware.  More importantly, many privacy focused features and protocols do not offer 100% true anonymity – some personally identifiable information may be leaked at the network layer when making a transaction. ColossusXT team made a step forward and addressed potential privacy leaks with their own custom I2P technology, which they called ARMIS.

ARMIS is a free, decentralized, anonymity technology based on I2P’s open specifications. It uses both encryption and sophisticated routing techniques to create a private overlay network across the internet which strengthens a user’s privacy. This protected network allows users to hide their geographical location by obfuscating their ip address, replacing them with encrypted identities. More information can be found here.

Colossus Grid & Marketplace

Colossus Grid is essential to COLX’s mission of becoming the consumer’s privacy coin. It will combine grid computing with decentralized storage features and thus make resources available that now sit unused on the computers of thousands and millions of potential users around the world. In short, grid systems will offer two main benefits over centralized systems:

  • Scalability – The system can easily be expanded by adding more machines as needed; everyone can join in and have their machines connected to the grid system.
  • Redundancy – Several machines can provide the same services, so if one is unavailable, computing processes can continue nevertheless.

Even more encouragingly, 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 into their embedded marketplace of computing power and storage. The marketplace will be the foundation of the COLX ecosystem. Built both by the development team and the community, the COLX marketplace will connect buyers and sellers directly.

Since there will be no one in the middle of your transactions, there will be no restrictions, no accounts to create, and your transactions will be safe as your privacy will be respected on the backbone of a world class privacy blockchain.

ColossusXT Debit Card Solution

While cryptocurrency has seen immense growth in popularity over the last few years, liquidity has always been one of biggest issues hindering its acceptance across the world.In an effort to push wider adoption, ColossusXT (COLX) has been integrated with PolisPay – a cryptocurrency debit card solution created by POLIS project – and you can use COLX for day-to-day expenses like you would use fiat. A cryptocurrency debit card allows you to spend COLX, Bitcoin, or other digital currencies as easily as you would pay with fiat currency.

Technology

As we have already mentioned, COLX is privacy enabled cryptocurrency based on the Proof of Stake (PoS) V3.0 protocol, built from PIVX codebase. In non-technical language, the mining / transaction verification is done based on COLX held. While the PoS Vs PoW debate continues, PoS protocol has many benefits, especially for privacy coins because it reduces the risks of double spend or Distributed Denial of service attacks- the cost to conduct such attacks are comparatively much higher. With people staking COLX and Masternodes spread across the globe, the transactions for COLX are lightning fast while the security is strengthened even further. The PoS protocol used by COLX also ensures reduced transaction fees due to optimum utilization of the resources deployed across the network.

Masternode & PoS: COLX can be minted by setting up your own collateral Masternode or by using a COLX coin-staking wallet, as well as any third party services that support it. The reward structure is based on the blocks generated by the participants on the network. You can check both the blocks generated, as well as transactions can be checked live any time here.

The reward is generated in form of COLX coins; the ratio of masternode: The current ROI for masternode stands at approx 17%, according to Masternodes Online. The reward percentage as mentioned earlier moves in favor of POS as we progress with the blocks, in the end this is going to help COLX to become a store of value where the underlying asset’s valuation itself becomes so huge that staking output creates substantial cash flow. Surprisingly, COLX had no pre-mine, like in the case of many projects, which means no one is hoarding a major share of COLX and thus the control is decentralized.

Currently there are 217 masternodes active and average time to generate a block is about 60 seconds. Masternode set-up requires a collateral of 10 million COLX. The wallets are available for Windows, Linux, Mac OS, Android and Web Wallet, and can be downloaded from their website wallet tab.

Atomic Swaps: This feature helps in the overall crypto mass adoption, only a handful of players currently have this technology and COLX development team has delivered it in May 2018, making COLX one of the early adopters.

Partnerships: Over the last few months, COLX has been working towards global expansion through strategic partnerships that is building a sound platform. Few noticeable partners of COLX worth mentioning:

  • Masternode Hosting, Shared MasterNode & Pooling services: StakingLabs, Evonodes, Linda, Kalkulus, GIN Platform, NodeStop, IHostMN, NODEshare, Pecunia.
  • Payment gateway & Wallet services: MyCryptoCheckout, Polispay, Plaak, Pecunia.
  • E-commerce: FLOGmall.

Markets & Prices:  Currently COLX is trading at a price point of $0.0004 and is available on exchanges like, CryptoBridge, Plaak, Txbit, Novaexchange and CryptalDash. It is also available on Cryptopia, however the operations of this exchange are currently down due to a recent hack of ERC20 tokens. In addition, BlockDX can be used for COLX atomic swap to multiple coins. As per CoinMarketCap data, COLX is ranked 418 out of 2103 coins listed. Considering its current market size, there is enough space for the team to grow here provided they continue delivering their commitment and increases the marketing effort to ensure the awareness about their project. Check out their official introductory video, below.

Other Strong Points

Whitepaper & Website: These are the first impression of any project. COLX whitepaper is professional, covers the basics and is detailed enough to share relevant information. The website also covers all the relevant aspects of the project.

Social Media: In the digital space, social media is one of the strongest tools available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence. COLX has made strong headway in this domain and is gaining followers through most of their social media channel:  Discord (approx. 5300 members), Twitter (with 9468 followers), Telegram (with 3100 members). Community is one of the core strengths of COLX and, more importantly, is an indicator of a loyal supporter base. Feel free to join the team via DiscordTwitter and/or Telegram. As we approach ARMIS go-live date we feel this will be a key component in success of ColossusXT project.

Community: Communicating with the community can give you many indications about the project. A good project has a loyal and knowledgeable community that can also vouch for the product and the team. COLX Team is making organic growth in this domain and gradually building up a strong and loyal follower base.

COLX is a true decentralized eco-system where the decision making happens through a democratic voting process. All community members can vote, give suggestions for the fund utility, new projects etc using a superblock concept, which happens on monthly basis.

Supply and Premine: A legit project will always have a clear defined roadmap for coin release and distribution. Since ColossusXT had no ICOs or premine, as well as no initial budget, it is run by passionate volunteers who believe in the final product that is being built: Colossus Grid.

Closing Thoughts

Overall, the project scores well on the technical aspects, reward outputs, identifying a niche opportunity by launching a good product. Now it is time for them to get aggressive to acquire more users for their offering and blockchain platform, which eventually will enhance the overall value proposition.

Good luck, team!

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.