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What is ColossusXT (COLX)?
Future of COLX Cryptocurrency and know how to buy COLX

What is COLX?

#1 - What is ColossusXT?

ColossusXT (COLX): The Basics

  1. ColossusXT is an open-source, community-driven, cryptocurrency that primarily focuses on privacy, decentralization, and real-world implementations. ColossusXT is recognized by its ticker “COLX” in the market. COLX is an ever-evolving platform that leverages a number of key technologies to enhance its users’ privacy while ensuring the maximum participation of even small individual investors in the ColossusXT network. Proof of Stake 3.0, Colossus Grid and a second-tier Masternode network are among some of the key technologies powering COLX.
  2. COLX intends to provide everyday users with a cryptocurrency and blockchain platform that lays the foundation of free and decentralized commerce along with a community that connects all of its users. In order to continue growing and keep functioning, COLX features a self-funding treasury system.
  3. ColossusXT works on four core principles to ensure that its users and community can take advantage of the platform without putting their private data at risk of being exposed to control of corporations and other centralized groups. These principles are:
    1. Empowerment of the individual and communities.
    2. Right to free speech.
    3. Freedom to conduct commerce, which may include the freedom to contribute to a cause, freedom products and services, freedom to raise money through crowdfunding and so on,
    4. Help individuals and communities take back economic power and allow them to function more independently and efficiently towards achieving their goals.

ColossusXT (COLX) Development

  1. ColossusXT is a community-oriented project. When looking at its development team, you find that it doesn’t have CEOs, CFOs, CTOs, and other business entities heading the project in an organizational structure, which is commonly found in emerging cryptocurrencies. Instead, the COLX development team is made up of developers and volunteers who contribute both openly and anonymously.
  2. The Colossus platform started on August 22, 2013 with a different name, called ColossusCoin V1, and later evolved into ColossusCoin V2. The project was initially a Proof-of-Work (PoW) cryptocurrency based on the Quark algorithm. In September 2017, the project was renamed to ColossusXT and began migrating to the PIVX Source Code. During this phase, the team decided to discard PoW and use PoS as its new consensus protocol.
  3. A total supply of 12 billion COLX coins was created in the genesis block for swapping old coins with the new ColossusXT blockchain-based COLX coins. The token swap campaign began on September 28, 2017, and lasted till December 28, 2017. In the campaign, users were allowed to swap tokens in a 1:1 ratio. COLX coins that were not claimed in the swap campaign were burned.

 

#2 - What are the benefits of ColossusXT?

ColossusXT (COLX) Technology

The ColossusXT blockchain is based on the PIVX protocol which itself is based on the DASH cryptocurrency. Both of these cryptocurrencies are offshoots of the Bitcoin protocol and have diverted to different paths to achieve their respective goals. Similarly, the COLX blockchain is one among many privacy coins out there. it wishes to be a privacy-oriented that can facilitate customer-to-customer (C2C) and business-to-customer (B2C) transactions while keeping the data of its users protected.

  1. Proof-of-Stake (PoS) 3.0: The COLX network uses the Proof-of-Stake (PoS) to generate consensus, which means users (nodes) are required to lock some of their COLX tokens in order to become a transaction validator. A node can stake as low as 1 COLX token, but there’s no maximum limit of tokens that can be staked by a node. The probability of a node being chosen to validate a transaction and getting rewarded is proportionate to the number of COLX being staked by that node. The Proof-of-Stake 3.0 eliminates the possibility of coinage attacks that was present in the original PoS, which allowed nodes to remain inactive for longer durations and the become active again to get increased rewards.
  2. Masternodes and Staking: The COLX blockchain depends on several interconnected masternodes that are a critical part of the COLX network. Masternodes perform functions like creating new blocks through transactions processing, coin mixing, Instant transactions (SwiftTX), and more. For supporting the network, masternodes are rewarded with a portion of block rewards. Users are required to stake a minimum of 10,000,000 COLX token to set up a masternode. The OLOX network uses the See-Saw algorithm for reward distribution, which prevents the chances of unfair reward distribution in favor of regular staking masternodes.
  3. Zerocoin Protocol: The Zerocoin protocol was developed by Matthew D. Green, a professor at the Johns Hopkins University of Baltimore. The Zerocoin protocol was introduced as a potential extension for the Bitcoin protocol, can facilitate anonymity by preventing backtracking of transactions. By using the Zerocoin protocol, users can burn their COLX coins and mint Zerocoin-based zCOLX coins that can be later redeemed for newly minted COLX coins, which feature no transaction history. On September 16th 2018, Zerocoin protocol was integrated into the official ColossusXT Coin wallet, enabling users to mint zCOLX coins from within the wallet in configurable denominations.

Features of ColossusXT (COLX)

  1. Decentralized Governance: COLX features a decentralized system that allows anyone from the community to put forward a proposal for 1000 COLX, which are burned, regardless of the community’s decision towards the proposal. These proposals can be regarding development, policies, and online presence. Community members then choose a proposal on which the reserved 10% of the block rewards will be spent.
  2. Instant Send (SwiftTX): On the ColossusXT platform, users’ transactions can be instantly confirmed with the help of SwiftTX, which permits masternodes to confirm transactions without waiting for nodes on the network. SwiftTX does this by sending a transaction to randomly chosen masternodes, which instantly settle the transactions without the possibility of double-spending.
  3. ARMIS: Although COLX is already capable of anonymous transactions through Zerocoin protocol, it is further strengthening the network layer by integrating the ARMIS, which is a decentralized, anonymity-oriented network technology. ARMIS is based on I2P’s open specifications and uses encryption techniques to build a private overlay network across the internet.

 

#3 - How to buy and store COLX Coin?

How to Purchase COLX Coins?

Users can obtain COLX coins either via COLX mining or by exchanging through on a cryptocurrency exchange. There is no limit on the total supply of COLX. However, the supply is controlled by burning all tokens that are received as transaction fees.

  1. The ColossusXT cryptocurrency can be traded on a number of cryptocurrency exchanges like Cryptopia, Trade Satoshi and Cryptopia.
  2. Users should know that COLX cannot be obtained using fiat currencies, so users will need to have cryptocurrencies for exchanging them with COLX. Exchanges have paired COLX with Bitcoin, Dogecoin, Litecoin and Bitcoin Cash.
  3. Alternatively, users can simply use CoinSwitch instead of visiting individual exchanges to compare rates.
  4. CoinSwitch is the largest cryptocurrency exchange platform and it allows users to trade 400+ cryptocurrencies in 45000+ possible pairs, aggregating their prices from all the leading exchanges at one portal. At CoinSwitch, users have access to all the leading cryptocurrency exchanges, with their listed cryptocurrencies, enabling users to easily compare rates of COLX on all available exchanges and make a profitable trade.
  5. What’s more, is that both CoinSwitch and ColossusXT have partnered to allow users to buy COLX directly from its own website.

How to Store COLX Coins?

COLX holders can store their coins in official wallet provided by the ColossusXT platform. The official ColossusXT wallet is available for multiple platforms:

  1. A ColossusXT Desktop Client, which is available for Windows (32 & 64 bit), macOS and Linux.
  2. The ColossusXT Mobile Wallet for Android is available on Google Play Store. An iOS version is in development.
  3. A ColossusXT Web Wallet is also available.

 

#4 - What is the future of ColossusXT?

Also Read: Complete Analysis of ColossusXT | Live ColossusXT (COLX) Price Charts And Predictions

  1. As of September 24, 2018, ColossusXT holds a market cap of over $8.2 million, which makes it the 379th largest cryptocurrency based on the market capitalization on the global cryptocurrency market. There are over 11 million COLX coins in circulation.
  2. On September 2017, COLX became active in the cryptocurrency market for the price of $0.000209. The coin remained relatively below its launch price with minor fluctuations until December 2017, when its price began steep growth.
  3. In January 2018, its price reached an all-time high of $0.022852. After the all-time high, COLX became highly volatile, which seems to have slowed down since July 2018. As of September 24, 2018, COLX is trading near the $0.00074 price point.

Price (USD) History

Date

Open

High

Low

Close

Volume

Market Cap

Sep 23, 2018

0.000678

0.000803

0.000675

0.000747

8,257

7,468,948

Jul 01, 2018

0.001211

0.001218

0.001075

0.001204

14,956

13,268,152

May 01, 2018

0.001757

0.002071

0.001685

0.001915

205,503

19,088,734

Mar 01, 2018

0.003407

0.003536

0.003013

0.003237

50,154

36,544,376

Jan 01, 2018

0.009283

0.010612

0.006661

0.010086

1,484,440

37,382,740

Nov 01, 2017

0.000077

0.000096

0.000059

0.000068

13,079

363,227

Sep 29, 2017

0.000209

0.000210

0.000208

0.000209

26,524

-

 

#5 - How is ColossusXT different from other cryptocurrencies?

  1. Unlike Bitcoin and Ethereum, COLx is an anonymity-oriented cryptocurrency. With the integration of Zerocoin protocol, it allows its users make both regular and anonymous Zerocoin-based transaction.
  2. While both Bitcoin and Ethereum use Proof-of-Work (PoW) consensus mechanism, Consensus on the ColossusXT blockchain is reached by using Proof-of-Stake 3.0, which is an energy efficient protocol and protects the network against coinage attacks.
  3. Although ColossusXT or COLX is based on PIVX protocol, it has two features that make it different from PIVX and most cryptocurrencies.
  4. Colossus Grid, which is a decentralized, distributed grid computing framework.
  5. A decentralized, privacy-friendly marketplace for peer-to-peer commerce.

 

#6 - Should you invest in ColossusXT?

COLX Roadmap

  1. Today, as the concerns regarding privacy and anonymity are increasing more than ever, both business organizations and individuals are in need of privacy-friendly solutions to keep their data safe. In such an environment, COLX is providing just what the people need, making it a project that seems to has a lot of growth potential.
  2. While the project doesn’t have a formal organizational structure like many other cryptocurrencies, it is supported by a vibrant community. The development team is working continuously to make the project better. The project also has the active involvement of the community in its governance for ensuring transparency in decision making.
  3. While COLOX is not the first and most likely will not be the last cryptocurrency, the developers intend to make the project better than the rest by integrating many critical technologies. So far, the development team has been able to reach the deadline on time. However, as the cryptocurrency market continues to grow, it will certainly be a difficult challenge for the development team to make the project stand out from its competitors.

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