There is a fair amount of competition in the world of cryptocurrencies right now. A lot of currencies try to tackle different areas and one-up one another in the process. In the case of ColossusCoinXT, the focus is on transaction speed, anonymity, and being resource-friendly.
ColossusCoinXT in a Nutshell
While it is commendable to see so many different competing cryptocurrencies, not all of them will succeed. The approach taken by the ColossusCoinXT team is quite interesting, as it is an environmentally-conscious cryptocurrency and alternative to Bitcoin. With a stronger focus on anonymity, there are some aspects to like. Moreover, network transactions are designed to be almost instant, which makes it more efficient than Bitcoin. Additionally, with lower transaction fees to take into account, this altcoin can be successful in its own way.
There are a few different aspects of ColossusCoinXT to take note of. First of all, it relies on proof-of-stake rather than actual mining. This reduces the carbon footprint of this altcoin, as it is far more energy-efficient than Bitcoin, Ethereum, Litecoin, and the rest of them. Users will also earn a yearly interest for staking their coins, which is always an option worth exploring.
The proof-of-stake aspect also introduces masternodes. With these masternodes – which cost 10 million COLX to set up – users can provide anonymity to the network and be rewarded for doing so. Masternode rewards are variable and based on the Seesaw algorithm, but they apply to all users.
On the anonymity and privacy front, ColossusCoinXT ensures all transactions are untraceable. Anonymous transactions are completed through the native Obfuscation Mixing Mechanism, which is something well worth looking into. The instant transactions provided by the network are done through SwiftTX, which guarantees zero-confirmation transactions and optimal network efficiency at all times.
The Road Ahead
As is the case with any cryptocurrency, the ColossusCoinXT roadmap is still quite expansive. Right now, the team is working on instructional videos, marketing, updating the website, and implementing the Zerocoin protocol. Later this year, we will see in-wallet voting, merchant solutions, a mobile wallet for iOS, shared masternode technology, and much more. It will be a busy year for the developers, assuming they can deliver on all of their promises.