(Note: This article cover a lot of details about the blockchain project above. If you are only interested on how to Stake/earn interest, just jump to the end of the article)
After a big hiatus, here it is a new article about criptocurrencies that allow us to grow our holdings through staking.
Start Date: 01 September 2017
Development status: Working product
Consensus Mechanism: Proof-of-Stake
Algorithm: POS 3.0
Blockcain Explorer: cryptoID
Bitcoin and other cryptocurrencies appeared to solve a lot of problems related to financial markets and our day to day needs.
It all started with the idea of creating a financial instrument that were accessible, trustless, fast and low cost.
But, as often happens with any new and disruptive technology, some problems are solved but new ones arise due to the instrisic nature of these technologies.
As Bitcoin evolved, a few problems started to appear:
- High usage of energy resources
- Increasing transaction costs, as more people started to use the network
- Increasing waiting times for a transaction to be completed, also as network usage increased.
This is were projects like ColossusXT come into play. They aim to be a new iteration of the blockchain technology as a mean of transaction, improving what bitcoin started.
As stated on their website
Colossusˣᵗ (ticker: COLX) is a community-orientated, energy efficient coin with a strong focus on decentralization, privacy, and real-world implementation. It utilizes an energy efficient Proof of Stake 3.0 protocol and a second-tier Masternode
network for inclusive community-based governance along with a blockchain based self-funding treasury system ensuring its sustainability. In order to reach this level of usability, COLX is continually evolving.
Project Status and Products
So far, their only working product is the blockchain (and the wallets), along with the possibility to stake COLX or implement master nodes to secure the blockchain.
Besides the blockchain, they promise the implementation of a Grid computing system, and a Marketplace:
The COLX marketplace will use a different approach to online commerce. It will put the power back in the users’ hands. Instead of buyers and sellers going through a centralized service, the COLX marketplace will connect them directly. Because there is no one in the middle of your transactions there are no fees, no restrictions, no accounts to create, and you only reveal the personal information that you choose.
As soon as Colossus Grid (next section) is sufficiently advanced, the marketplace will be tied into it, allowing users not only to sell and buy goods and services, but unused computing resources as well.
You can check their promissed Roadmap here.
The tokens and it's uses
- Ticker: COLX
The only use of the token is to work as a mean of payment and as a measure to secure the network (staking and masternodes).
Market Overview (08/21/2020)
(Blue: COLX;Red: BTC)
There is a few websites that provide a price prediction of an asset using algorithms based on past movements of the price.
While they provide an interesting information, it is always advised to use this information with care, mostly because past behavior doesn't guarantee future results.
1 Year Forecast
Short term and long term forecast
As a proof-of-stake coin, COLX allows it's users to participate on the network securit by staking the coins, for a chance o being selected to proccess a transaction and be rewarded for it, increasing the amount of coins you own.
Here is how you can Stake COLX:
Some sites provides what is called Staking Pools, where a central entity set up a staking wallet or masternode, and anyone can get a "share" of the staking/masternode.
There is a lot of Staking Pools around for every coin, and before trusting your money to any of them, be sure to check around to see if the pool can be trusted, after all, you are putting your funds under that entity custody.
The pools also collect a fee for the service provided, which means that you will always have a lower return than staking directly on your personal wallet.
On the other hand,the big advantage of being part of a staking pool is that usually, due to the size of the stake these pools hold, a daily staking return is almost guaranteed.
Also, you don't have to have a computer on 24 hours per day to receive the staking rewards.
My preferred Staking pool is STAKECUBE, which doesn't require any minimum amount to start staking, and have an integrated exchange.
It work as any other way to staking on a private wallet:
Add coins to the wallet, unlock the wallet to stake, await that your wallet is chosen to confirm a transaction block, receive the block reward.
As any other wallet staking system, the chance of your wallet be chosen as a validator is proportional to how many coin you have staked.
You can estimate how often you will receive a staking reward using this formula:
COLX Rewards Equation: T / (P * 1440) = average number of days per reward.
P = The amount of coins you have staked
T = The total of staked coins on the network
You can check the total staked coins here.
Masternodes are more technical to implement, and you can check here how to do it.
I won't be covering in details here, because besides the technical side of setting up a masternode, you must also consider the costs of doing so.
The basic requirements for a ColossusXT master node is:
- 10,000,000 COLX per Masternode as collateral ($3460,00 on today price)
- 1200 Coins per Block for PoS/ Masternodes
- ROI (annual): 18.88% / 1933 days (based on the last 24h)
ColossusXT is another ambitious project looking to improve the cryptocurrency systems that exists, and it's basically another iteration of PIVX (wich is a iteration of DASH).
It is pretty hard to tell what future this kind of project have, mostly because there is a lot of competition fighting for the spot of the number private and stakable cryptocurrency.
All we have to do is wait and see...