ColossusCoinXT COLX: Instant Cryptocurrency Transactions?

Almost every cryptocurrency enthusiast who knows Colossus Coin is excited about its prospects. As at now, the coin has been released – it was released in 24th of September 2017, and the idea of reviewing it months after it was added to CryptoBridge, a decentralized exchange, is impressive. But maybe you are still wondering what this ColossusCoinXT is.

What is ColossusCoinXT?

ColossusCoin was created on 22 August 2013 to be an open-source peer-to-peer, decentralized energy-efficient (environmentally-friendly) digital currency. It was intended to facilitate instant payments across the world at almost no fees, and it manages to do just that. What makes this project a bit interesting is the fact that nobody owns it – its design is public, and anyone is welcome to take part in it.

It is remarkably resource friendly, lightning fast and 100% anonymous, much like ordinary crypto-coins. The latest version of it, called ColossusCoinXT is based on PIVX source code that has a fixed PoS block reward. It is a swap from the original ColossusCoin whereby anyone who had two ColossusCoin2 (CV2) received 1 ColossusCoinXT (COLX) coin.

More About ColossusCoinXT COLX – Pos Block Reward and Proof of Work Schedule

First, it is based on Quark algorithm, a future-proof algorithm and has a PIVX Source Code that has a fixed Pos block reward. Staking coins is an easy 3-step process, though you need the wallet already downloaded and installed on your PC.

Block reward splits dynamically through a unique Seesaw Reward Balance methodology between staking nodes and the master nodes. For 1081 o 151,200 blocks, one gets 2500 COLX coins, and accumulation increases all the way to 302,400 or more, and it qualifies one to get 1000 COLX coins. Incredibly, there’s proof of stake, which makes the platform 100% legit though 95% ends up at the stake wallet and master node while 5% cover proposals.

In the first block, 12 million COLX coins pre-mined are set for a swap-over. 40 million COLX that were used during its initial run was destroyed. In Block 2, there are 2500 coins and 60 seconds of retargeting each block.

Away from all these, however, each COLX staking coin is priced at just over a cent. The overall supply is 13,000,000,000, which is somewhat high, although one can get a stake cheaply.

In 2018, there will be a technical white paper, and the coin is expected to be listed in more prominent exchanges. Also, its developers will have created an Android Lite Mobile Wallet.

Independent Reviews of ColossusCoinXT COLX

The essence of PIVX is – Improved proof of stake, Masternodes, instant transactions, anonymous and instantly verifiable transactions and a lot that include coin control.

Trading at about 0.02 cents for each coin and a market cap of 10 million, COLX has massive potential – it is PIVX fork by the way. Right now, it trades on Coin markets and Tradesatoshi. 10 million coins for master node is still a lot cheaper. It has a safe, functional wallet, active development team and promise of the price of coin rising in the future. For now, though, ColossusCoinXT isn’t among the best for someone looking to make a kill.

ColossusCoinXT COLX Final Thoughts

It is an exciting coin type given the potential it has. It is communally-owned, and staking is a tad easier. The value of each coin is meager, which makes it slightly unattractive, though.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,483FansLike
2,795FollowersFollow
4,263FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Fed Researching CBDC & Planning to Deposit ‘Digital Dollars' Directly To the Digital Wallets of Americans

Federal Reserve Bank of Cleveland President Loretta Mester revealed that each American would receive digital dollars directly. She said, "Legislation has proposed that each American...

65% Vote For ‘Zero Compensation' For MakerDAO Vault Owners Who Lost $8M On Black Thursday Crash

MakerDAO votes against compensating vault owners following the Black Thursday crash in March of this year. Over 65% of the votes cast opted...

Gemini Crypto Exchange Opens Up GBP for Buying, Selling, and Trading for UK Customers

Cryptocurrency exchange Gemini is now expanding into the UK. The launch follows obtaining an electronic-money institutions (EMI) license from the Financial Conduct Authority (FCA) after...

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today