ColossusXT describes itself as a privacy-centric, energy-efficient, decentralized, open-source, peer-to-peer (P2P) digital currency with instant and anonymous transactions. One of the main projects that ColossusXT team is working on is known as Colossus Grid, a decentralized Grid Computing platform and resource marketplace. Colossus Grid caters to the privacy of its users by utilizing ARMIS privacy technology.
The Colossus platform started on August 22, 2013, then known as ColossusCoin V1, and later evolved into ColossusCoin V2. The project was initially a Proof of Work (PoW) cryptocurrency based on the Quark algorithm. In September 2017, the project migrated to a PIVX based blockchain, and was renamed to ColossusXT. Proof of Work was discarded in favour of the more energy efficient Proof of Stake (PoS) consensus algorithm.
The ColossusXT is a community-oriented project that is made up of developers and volunteers who contribute both openly and anonymously. However, ColossusXT have taken additional measures to register a business as CollosusXT LLC in Wyoming, USA. This should be seen as important and positive milestone that certifies the genuinity of the ColossusXT team. COLX has also received a Utility Status from a US law firm, something that would not be possible without a registered business.
The technology behind COLX is constatly evolving, with the platform currently using Pivx forked blockchain which utilizes Proof of Stake 3.0 consensus algorithm, and a second tier Masternode Network. In this regarding, COLX is not very unique as it uses the same features found in majority of other PIVX based coins. Familiar features are present such as Masternodes and Staking, and decentralized governance system and instant transactions using SwiftTX.
The COLX blockchain depends on several interconnected master nodes that are a critical part of the COLX network. Masternodes perform functions like creating new blocks through transactions processing, coin mixing and Instant transactions. For supporting the network, Masternode operators are rewarded with a portion of block rewards. To set up a Masternode you must have 10,000,000 COLX coin.
Where Colossus does stand out, is in its two major features which are currently in development, ARMIS privacy technology, and Colossus Grid.
ARMIS is a free, decentralized, anonymity technology based on I2P’s open specifications. ARMIS uses both encryption and sophisticated routing techniques to create a private overlay network across the internet which strengthens a user’s privacy. Within this network, the users location is hidden through IP address obfuscation. While it is similar in nature to what TOR or VPN achieves, both of those options have weaknesses which ARMIS addresses head on. According to the official Roadmap, ARMIS Gamma (a pre-production version) is set to be released to production in Q1 of 2020, with the production release aimed for Q2.
Learn More about ColossusXT ARMIS technology here:
ColossusXT Introduction to ARMIS
Colossus Grid is an ambitious project that aims to reward individuals for voluntary contributions to a decentralized grid (distributed) computing platform. Distributed computing provides everyday users with processing power, storage, and other resources to help execute their tasks. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. This is a long term project with Pre-Alpha releases planned for 2020.
ColossusXT team have already released an updated Roadmap for 2020, which gives us a good look into what is planned for the project next.
First and and foremost, which has already been mentioned, ARMIS privacy technology is slated to be released in Q1, as well as Deterministic Masternodes, updated Whitepaper and Trezor Blockbook integration.
Q2 of 2020 promises to release Cold Staking support for the COLX wallet, as well as pre-alpha releases for Colossus Grid Data Storage layer and Resource Marketplace. The second half of 2020 is dedicated to the pre-alpha release of Colossus Grid Computing layer.