A Colossus Project Driven By Community: ColossusXT

Project Reviews / 14.03.2019

ColossusXT is an exciting crypto project to appear in recent years. Drifting away from the Bitcoin-stamped transparency paradigm, this project aims to offer its users instant transfers with complete anonymity.

COLX coin is the native asset on the Colossus Grid. Their owners are also known as contributors to a strong, self-governed community. They aim to build a fully decentralized grid platform that focuses on P2P trading computing power and storage in return for COLX digital currency while respectfully saving energy, user privacy, and decentralization with real-world implementation.

ColossusXT has barely celebrated its 2nd anniversary, but it shows signs of becoming a future major player in the crypto market. Its use of Proof-of-Stake 3.0 protocol, Masternodes, and the Armis I2P network layer is an exciting prospect for investors who want to become part of its community.

ColossusXT in a Nutshell

  • ColossusXT (COLX) is an open-source, peer-to-peer decentralized crypto
  • COLX aims to reward its users with instant, free, and 100% private transactions
  • COLX was released in September 2017
  • COLX is the native coin on the Colossus Grid
  • The Colossus Grid will be a resource-distributing (computing power & storage), energy-saving, decentralized network
  • ColossusXT uses the Proof-of-Stake 3.0 protocol and Masternodes
  • COLX puts privacy and complete anonymity ahead of the usual Bitcoin P2P transparency
  • You can trade BTC or ETH for COLX at authorized exchanges
  • ColossusXT has a designated wallet feature where users can store their COLX

What is ColossusXT?

ColossusXT (COLX) is an open-source, decentralized digital asset that facilitates instant transactions with minimal energy consumption. This peer-to-peer cryptocurrency uses a two-tier platform on the Bitcoin ledger and Proof-of-Stake (PoS) 3.0 together with Masternodes to offer its users a highly secure network.

COLX puts energy saving and user data confidentiality above all. As its mission clearly states:

“To build a truly decentralized platform that caters to the privacy of its users.”

It is a crypto that is heavily community-oriented. It relies on its users for democratic, easy governance, and it employs a self-funding treasury system that keeps it afloat. Its leading goal is to offer users the chance to contribute to a higher goal, which is:

“A growing need for computing power without the crutch of centralization and the breach of users’ privacy.”

The Colossus Grid is the company’s most important project. It will work as a network (grid) where users get rewards for their contributions to computing power & storage. In time, it aims to become a major player in the market for distributed computing power and decentralized storage. A sturdy blockchain that guarantees world-class privacy will be its impenetrable foundation.

A Brief History of ColossusXT

The historical timeline of COLX starts on the 22nd of August 2013 when ColossusCoin saw the light of day. At that time, a team of developers revealed an open-source digital asset that enabled decentralized energy-saving transactions. Its uniqueness came from the fact that instant, charge-free transactions were open to all users.

The resource-amicable coin evolved over the years, and on the 24th of September 2017, the ColossusXT (COLX) was discharged as a 100% private crypto. The former users of ColossusCoin got 1 COLX for every 2 coins of the previous version that they held. The former users of ColossusCoin got 1 COLX for every 2 coins of the previous version that they held.

From then on, COLX launched itself on an ambitious journey guided by a goal-laden roadmap, and which is fluid by design, therefore evolving inline with the project’s direction.

ColossusXT is fully committed to a community of contributors that can enjoy the ultimate level of confidentiality. As a result, the leading team behind the project remains largely anonymous. Their roles and descriptions are clear, but their names are pseudonyms like xquad, PioyPioyPioy, Ciwox, etc. However, ColossusXT LLC is a registered business entity in Wyoming, USA. It has a legal opinion for utility status to comply with the crypto world’s ever-growing regulatory requirements to provide a safe environment for its investors. Team members go through KYC processes for legitimate exchange & partnership applications.

How Does ColossusXT work?

The team behind ColossusXT has identified five issues with computing power, centralization, and users? privacy on blockchain-based networks:

1) Computing power is the basis for all modern human activity
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

The easiest way to understand how ColossusXT works are to look over its whitepaper.

In this document, the COLX project team elaborates on the necessity of a fully private transaction protocol and undisputable network anonymity.

According to COLX creators, Bitcoin revolutionized digital asset transactions with a combination of Proof-of-Work (PoW) and a decentralized network. The new blockchain technology brought speed and transparency to transfers, and the consensus mechanism behind it replaced third-party authorities in a groundbreaking fashion.

However, where Colossus aims to make a difference in Bitcoin’s respect is privacy, which it considers to surpass the importance of transparency. Here’s how things would change:

The Bitcoin blockchain is public, and users can see each other’s transactions and blocks as a result. These transactions are not visible, but “Bitcoin addresses, which are derived from the Bitcoin participant’s public key, become visible. Therefore, a participant’s public address can be understood as their pseudonym in the Bitcoin’s network is not anonymous but pseudonymous.”

Therefore, in time, through data triangulation, one can find out the user’s name that owns a certain Bitcoin address.

Colossus wants to exchange pseudonymous transactions for completely anonymous ones. The answer is in privacy-friendly cryptos like COLX, which are completely hidden under the Proof-of-Stake 3.0 protocol.

ColossusXT uses a PIVX source code that settles a PoS/MN block reward to achieve its goal. The process depends on a Quark calculation, Masternodes, SwiftTX Instant Transactions, and Private Instant Verified Transactions (full-time private transactions).

How to Buy ColossusXT and Where to Store COLX

COLX is available for purchase at authorized exchanges. There, you can trade fiat money for Bitcoin (BTC) or Ethereum (ETH) before exchanging those digital assets for ColossusXT.

Here are some of the exchanges where you can buy ColossusXT:

Txbit; Blocknet; Komodo; Next Exchange; Plaak, etc. Please see https://colossusxt.io/exchanges for the full updated list (You can trade COLX on Block DX, Crex24, Birake, Txbit, ChainCreator, Altsbit, Altilly, CryptalDash, StakeCube, Midas Instant buy, Social SEND, Cointopay)

Next, you can easily store COLX on the ColossusXT Wallet that is available for download on its website.

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 230+ 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
  • Privacy: Security and anonymity via obfuscation and Armis I2P
  • Shops: Stakesafe Online Tech Store, Keyi Store, Colossus Store, gift cards via Cryptocurrencycheckout and Polispay for BestBuy, Steam, Netflix, Amazon, Spotify
  • Marketplaces:  MCPC marketplace
  • Payment Processor / Integrations to include COLX easily in website implementations: MyCryptoCheckout, CryptocurrencyCheckout, Cointopay
  • Hardware Wallet: Via Plaak Cold Storage, Trezor Blackbook
  • 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
  • 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 is ensured through public-key cryptography. Coin holders maintain the core network, and the Proof of Stake distributed consensus mechanism eliminates the risk of 51% attacks.

The Risks of Investing in ColossusXT

  • ColossusXT team members hide behind aliases or pseudonyms. (However, there is a registered entity, and the team uses their own identities when/where required. You can also meet them in exhibitions, so the aliases are for protecting online identity)
  • Although the project is steadily following its proposed roadmap, the progress is still slow because of existing market conditions
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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.