ColossusXT
Interesting Facts
ColossusXT offers enhanced privacy and is using unique coin mixing technology, called Obfuscation.
ColossusXT offers system called SwiftTX - it allows fast and guaranteed zero confirmation transactions.
ColossusXT's masternode owners have access to decentralized blockchain-powered voting system which allow them to decide on future development consensus.
ColossusXT users have access to Colossus Grid, which is a decentralized, distributed grid computing framework.
Project in a nutshell
COLX is constantly evolving platform that uses a number of key technologies to enhance its users’ privacy while ensuring the maximum participation of even small individual investors in the ColossusXT network. The core technology elements of the COLX network are: Proof of Stake 3.0, Colossus Grid and a second-tier Masternode system. ColossusXT mission is to make sure that users can take advantage of four COLX core principles without putting their private data at risk of being exposed to control of corporations and other centralized groups. These principles are:
Empowerment of the individual user, as well as whole communities.
Right to free speech.
Freedom to conduct commerce, freedom products and services, freedom to raise money through crowdfunding.
Help individuals and communities take back economic freedom and allow them to function more independently and efficiently.
More in-depth review of the project
The ColossusXT blockchain originated from the PIVX protocol which itself is based on the DASH cryptocurrency. Both of these cryptocurrencies have roots in the Bitcoin protocol and have followed different paths to achieve their respective goals. Likewise, the COLX blockchain is one of many privacy coins out there. The goal of COLX is 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. The main advantages of ColossusXT are:
Decentralized Governance - COLX features a decentralized system that allows any COLX user to suggest 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.
SwiftTX - Instant send technology. 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 selected masternode, which instantly settle the transactions without the possibility of double-spending.
ARMIS - enhanced privacy. COLX is already capable of anonymous transactions through Zerocoin protocol. But ARMIS system integration is even further strengthening layers of COLX privacy. ARMIS is based on I2P’s open specifications and uses encryption algorithms to build a private overlay network across the internet.
Future plans
ColossusXT developers plans for 2019: wallet update, GUI masternode setup (easier way to setup a masternode), ARMIS beta testing and release of custom IP2 privacy layer, increased focus on Colossus Grid, optimization of blockchain size and speed for greater efficiency, implementation of turnkey payment system to allow business owners utilize invoices via COLX payments, and more.
