ColossusXT, (|kəˈläsəs eks ˈtē|; COLX)
ColossusXT is a highly accomplished community-based project and is a self-described “privacy coin for the everyday user”. The contributors are highly committed to mainstream adoption and continually improve its functionality to introduce new features. An emphasis on usability is exhibited throughout their wallet updates, improvements to their masternode UI, and in an upcoming hardware wallet card. The project is diligent and persistent and not content to simply replicate the features of its forebears.
The Shoulders of Giants
Acknowledging the foundations laid by their predecessors (PIVX and DASH), ColossusXT highly values privacy as a firm starting point for its coin, COLX. This idea (common to a variety of projects in the realm of digital assets) is only a beginning point. While having built a strong community and succession of accomplishments without the benefit of pre-mined funding or ICO, the project has sights set far above and beyond its current functionality.
Being a community-based endeavor, ColossusXT has demonstrated consistent attention to the needs of its users. Especially cognizant of the entry-level enthusiast and investor, the decision to keep the barrier to entry low is apparent with use of low-to-no transaction fees, rewards for any amount of staking, shared masternode options and web wallet access. The hope in doing so is to engage current and prospective community members to gain experience with cryptocurrency and decentralized commerce. To further this objective, COLX was integrated with PolisPay which allows cardholders to pay for everyday items in a variety of different cryptocurrencies.
The initial success of the project has been in implementing its inherited privacy features with the intent of using these as a foundation for more unique aspects down the road. Having initially used the coin mixing technology of its progenitors, ColossusXT has recently adopted the zero-knowledge proofs of Zerocoin protocol for more thorough privacy functions and also enabled atomic swap functionality during 2018.
The second phase will focus on leveraging distributed allocation of spare computing as a targeted use case through a marketplace which uses COLX exclusively to buy and sell idle capacity as well as for use in decentralized storage. The project believes that in facilitating a much higher degree of efficiency in the use of crowd computing, there will be an abundance benefits. Firstly, the amount of work which would otherwise be completed more slowly and less openly will become possible. Additionally, as with all cryptocurrency projects, this efficiency is used to generate value.
Looking at these components as a whole, the privacy of transactions ensure a free marketplace which itself is supplemented by Armis, an I2P network layer for peer-to-peer connections. The interlocking nature of these two privacy components makes firm footing for the Colossus Grid, the apex feature of the entire ColossusXT project.
Finally, the community plans to set the Colossus Grid atop the aforementioned prerequisites. This grid provides the prospect of supporting a network which may help speed the efficacy of scientific research but also to other endeavors as widely varied as supply chain monitoring or traffic control. Grid computing is superior in its scalability and redundancy, it pulls together one remarkable result from the small contributions of many resources.
A remarkable similarity with the Colossus Grid’s parallel computing brings us full circle to the community’s use of its human resources. The consistency of their achievements taken in light of the lack of a development fund is notable. This limitation is not a barrier to bringing legitimacy to the project by its recent incorporation in the increasingly crypto-friendly regulatory environment of Wyoming. A governance and funding initiative has been added, however, to address these need and allows the community masternode holders to guide the direction through a proposal system.
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