The cryptocurrency was developed with the goal to make decentralized and secure transactions, but not all digital currencies guarantee anonymity and traceability. This fact led to the development of ColossusXT - a unique coin that has combined a lot of positive features of other currencies. Being similar to PIVX and DASH ColossusXT is listed on multiple exchanges and supports staking and masternodes, but what else should crypto holders know about this asset?
Look: this ColossusXT review provides lots of details about this coin and focuses on its main features and ecosystem.
Table of Contents
ColossusXT overview
Colossus is a decentralized, cost-effective, and anonymous cryptocurrency driven by the open-source community. Known as COLX, this coin was developed with the goal to make fast, secure and anonymous transactions. This currency is a part of the Colossus Grid ecosystem - a decentralized platform aiming at user privacy. It means users can make online transactions keeping their personal data safe using this high-technology coin.
How does it work?
COLX was created with the goal to facilitate transactions between customers and businesses. It is listed on many popular exchanges already and can be purchased for fiat money or exchanged for other coins. The network has its own wallet to store, send and receive coins.
ColossusXT can be also used by investors interested in passive income. This is a masternode network that offers a higher return on investment due to its relative novelty.
ColossusXT team
ColossusXT was released on September 24, 2017, but it is worth mentioning that this coin had a predecessor. It was Colossuscoin V1 founded back in 2013 and being a peer-to-peer energy-efficient currency. The development of a new COLX coin became a step forward for the developers since they introduced an absolutely new project, while holders of CV2 were offered to swap to a new currency in a 2 to 1 ratio.
ColossusXT is driven by a community and everyone can contribute to its development. The website lists only some of the team members including a chief marketing officer, chief operating officer, and chief executive officer, while other contributors desired to stay anonymous. ColossusXT team mentions that the team members go through KYC processes for legitimate exchange & partnership applications.
ColossusXT LLC became a registered business entity in Wyoming, USA in 2019 and has a legal opinion for the utility status to comply with the crypto worldβs ever-growing regulatory requirements to provide a safe environment for its investors. In 2020 they were approved to bid for the Federal and State Contracts in the United States via SAM.gov.
ColossusXT features
There is a range of features that make Colossus stand out from other crypto coins:
- A large supply of over 10 billion coins;
- Transaction fees are very low or even zero in some cases;
- Proof of Stake 3.0 protocol;
- High speed of transactions without confirmations thanks to SwiftTX;
- ARMIS I2P privacy network implementation ongoing for more privacy;
- Profits generated from staking and masternodes.
Colossus ecosystem
COLX blockchain is an incessantly evolving project that includes lots of constituent parts. The community develops not only the blockchain but also all related applications and ventures constructed on top of the platform.
The development team is working on the creation of a decentralized, distributed grid computing framework called Colossus Grid and a general-purpose decentralized marketplace. However, a range of integral parts of this ecosystem has already been introduced and they include the following ones.
ColossusXT (COLX) coin
ColossusXT is listed as COLX on the exchanges and this is a decentralized community-driven coin built upon PIVX. There are over 10 billion coins and there is no maximum supply though the project targets to control inflation with the use case of the coin, revealed in their business plan.The block time is 60 seconds and the block size is 2Mb.
COLX was released as a proof-of-work (PoW) cryptocurrency based on a Quark algorithm originated from Colossus V2. However, it transitioned to a proof-of-stake (PoS) consensus mechanism based on a masternodes network architecture in 2017. The development team has not premined and kept any coins, while all the transaction fees are burnt from the total supply.
Wallet
There is a Colossus Coin Wallet available for download on the official website. Crypto holders can get software for 64-bit Windows-powered computers, ones with MacOS, Linux x32 and x64. Mobile users can find an Android-based wallet in Google Store. When a user installs it to the mobile device, he will receive a secure and speedy mobile connection to the COLX blockchain and wallet features. There is also a possibility to create a web wallet protected with a password and optional with two-factor authentication too.H3: Masternodes
Colossus has become a masternode network in 2017. It features interconnected masternodes responsible for processing transactions and aiding in new blocks creation. They participate in staking as well as provide other services including:
- Decentralized budgeting system with immutable proposal and voting systems;
- Coin mixing (obfuscation) to enable truly private transactions;
- Instant transactions (SwiftTX).
Masternodes are set up when a participant has at least a balance of 10,000,000 COLX in the wallet. This amount is locked in collateral and it will bring about profits even if a wallet is offline. The service can be terminated by a wallet owner anytime and coins can be unlocked. ColossusXT has a strong network of 215 masternodes at the time of writing.
Staking
Crypto holders who run a wallet software can participate in staking and get rewards in the form of new blocks. Every block has 480 COLX reserved for staking rewards as of now.
Blockchain explorer
Crypto enthusiasts have constant access to the blockchain explorer and follow the history of blocks. There is information about the current COLX price in BTC, USD, market cap, number of masternodes, difficulty level etc. The table also lists the latest blocks found, their height, age, number of transactions, value out, difficulty, and other characteristics. It is possible to learn the richest COLX addresses, availability on exchanges and price, news and information about ColossusXT, etc.To connect to the blockchain explorer, follow this link https://chainz.cryptoid.info/colx/
Merchandise store
You may be surprised to learn that Colossus has created its own merchandise and gear store. It sells goods of four categories including accessories, home and living goods, things for men and women. The shop offers everything from towels to snapbacks, hoodies, sweaters or backpacks. All the goods for sale have Colossus logo or are designed in colours associated with this network. The prices are average ranging from $1 to $70 depending on the goods offered. H2: ColossusXT crowdfunding
ColossusXT launched a crowdfunding campaign and bridge its native token to the Ethereum blockchain. The main goal is the development team is to improve the liquidity and performance of the coin and add it to the listings of popular exchanges. This blockchain is based on a self-funding treasury model, but bridging requires investment and the community tries to collect $15,000 to release Wrapped COLX coin - an ERC-20 token that's backed on a 1:1 basis with COLX. The COLX team has also presented a variety of NFTs for this crowdfund, allowing community members to have collectibles while contributing as an alternate fun way to contribute. You can check the official crowdfund page via https://crowdfunding.colossusxt.io/
Partnerships
Colossus can boast a wide range of partners. They include such renowned companies as Blockspot, PolisPay, MyCryptoCheckout, Staking Lab, EvoNodes, Kalkulus Hub, Nodestop, and My Container. Purchase services are provided by Midas Investments, Coinswitch, and Vault Investments.H2: Where to acquire ColossusXT (COLX) coin
There are a variety of exchanges where COLX is listed and offers trading pairs with the most popular crypto and fiat currencies. The most popular of them are Tokens.net, Crex24, StakeCube, Midas Exchange and coin packs via Vault Investments and others. COLX can be purchased for BTC, ETH, as well as for fiat currencies including USD, EUR, and others. It is possible to purchase COLX directly on the official website too.
Use cases of COLX
- Masternodes for passive income and maintaining network strength; ColossusXT network is one of the highly maintained and distributed networks with 215 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
- Marketplaces: MCPC marketplace
- Payment Processor / Integrations to include COLX easily in website implementations: MyCryptoCheckout, CryptocurrencyCheckout, Cointopay
- Atomic Swaps for interoperability via BlockNet (BlockDX)
- 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
- 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.
Conclusion
Colossus is one of the pioneers in the crypto market that has already undergone significant changes and is constantly evolving following the trends of the modern blockchain industry. This review has specified its features, benefits, and goals as well as explained perspectives for future investors.
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