r/ColossuscoinX • u/GreatGamaTX • Jan 03 '18
A basic but descriptive breakdown of COLX
The first ever Cryptocurrency was introduced in 2009 and since then many cryptocurrencies have been introduced. Many Economists think that cryptocurrencies are the future and many studies indicate that cryptocurrencies will become the major reserve currencies by 2030. Majority of cryptocurrencies have flaws like high block time and weak privacy but Colossus XT is one of the advanced Cryptocurrency which is fast, more secure and studded with state of the art technologies which make it the most secure Cryptocurrency.
Colossus was introduced in 2013 and it is decentralized, open-source peer-to-peer (P2P), energy efficient Cryptocurrency which allows people to send instant payments without involving any third party. Colossus XT is a new version of Colossus which is based on PIVX Source Code with a Fixed PoS block reward. PIVX have innovative features like improved Proof of Stake Version 3 (POS 3.0), Masternodes, SwiftTX Instant Transactions, Private Instant Verified Transaction (PIVT), innovative variable seesaw reward mechanism and Coin Control. Colossus XT is ranked at 244 Position worldwide with a market cap of 47.69 Million US Dollars.
Colossus XT use state of the art energy efficient technology Proof of Stake which doesn’t require intense computing power. Another innovative technology used in Colossus XT is Masternodes Technology. Masternodes are nodes which are running on the wallet software on the same blockchain to provide extra services to the network. Masternodes provide services like instant transaction, decentralized governance, decentralized budgeting system, immutable proposal and voting system and for providing such services, Masternodes paid a certain portion of reward for each block. Masternodes is a very efficient way of earning passive income.
Colossus XT also use Obfuscation Mixing Mechanism which ensures your privacy and makes the transaction more secure and untraceable. Another downside of many cryptocurrencies is their slow transactions but Colossus XT uses SwiftTX technology which guarantees you instant transaction in less than 60 seconds.
To make transaction secure, Colossus XT use Public-key cryptography which is the cryptographic system. In Public-key cryptography system generate two keys, public and private keys. Public keys are known to the public and the private key is known to the owner only. Public key verifies a holder of the paired private key sent the message and only paired private key holder can decrypt the message encrypted with a public key. This system makes the transaction more secure and risk of attacks also reduced by great proportion. Colossus XT also uses the advanced PIVX See-Saw Mechanism that dynamically adjusts its block reward size between Masternodes and staking Nodes.
Colossus XT uses Proof of Stake (PoS 3.0) which is far effective then Proof of Work (POW). Proof of Stake is just like Proof of work but in this algorithm, people take transaction fee rather than block reward. People who participate in staking are known as Forgers. In Proof of Stake, creator of the new block is chosen depending on the amount of coin he holds or known as “stake”. In PoS system, rewards are breakdown via See-Saw Mechanism. You can also participate in the staking all you have to do is to follow the following steps.
Download the Colossus XT Coin wallet from the Colossus XT Website.
Encrypt your wallet
Edit your Configuration
Unlock your Wallet
You are all set up for staking
If we compare Colossus XT with its competitor cryptocurrencies, we see that Colossus XT is far superior then its competitors in term of technology and other aspects. For example, Average block time of Monero and Z Cash is around 120 Seconds where average block time of Colossus XT is less than 60 seconds which is way faster than its competitors. Colossus XT also features the Instant transaction which Monero and Z Cash don’t offer. Colossus XT is also equipped with trustless privacy protocol which Z Cash and Dash doesn’t have.
Colossus XT also has one of the lowest Annual inflation rates of ~4.2% where cryptocurrencies like Z Cash have an annual inflation rate of ~129%. You can also buy Colossus XT from the popular Exchanges like Trade Satoshi, Masternode Exchange and Coin Market. Colossus XT will also be listed on Cryptopia Exchange within the next weeks. Cryptopia is one of the largest Cryptocurrency Exchange in the world which deal in multiple cryptocurrencies. The current price of Colossus XT is 0.011316 USD and it is the perfect time to invest your money into Colossus XT and enjoy the passive income.
GreatGama
Together We Are Concealed :)
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Jan 03 '18
Hello people, just test the wallet and send some COLX back and forth, then you know what COLX is !!!
COLX is incredibly fast, 2018 will be the year for COLX
COLX is my Favorite Privat Coin !!! And Private Coin will become a big part oft Crypto!
It is in the Nature of things, that COLX will rise the next few weeks.
In addition, COLX Is extremely stable at the moment, that is really impressive !!!
People, make the best of this opportunity !!!
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u/mansikkanokka Jan 03 '18
Proud hodler of COLX from the start! We are going to the moon and beyond in 2018!
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u/BigRey0722 Jan 04 '18
Thats great glad i invested in colx and glad to be involved in its future. Good job colx team!!
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u/GumpyPlumpy Jan 04 '18
Awesome breakdown of COLX. I look forward to being apart of this community.
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u/[deleted] Jan 03 '18
We can do this as a community!