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.