Author Topic: Colossuscoin 2.0 Masterthread  (Read 21026 times)

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Crestington

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Colossuscoin 2.0 Masterthread
« on: March 27, 2014, 03:06:57 PM »
July 10th
Here are a few baseline parameters and things to be decided on as of yet, thank you to Mouseman for organizing it into a nice format.

Quote
The red comments are some of my quick thoughts or questions of a certain parameter I would like open for further discussion or more details.


PARAMETERS FOR THE NEW COLOSSUS COIN 2.0 BLOCKCHAIN, ETC:

- 100% Proof-of-Stake currency (NO Proof-Of-Work Mining as it has already been completed months ago using Scrypt Algorithm)
NEEDS FURTHER DISCUSSION


- 550 billion coins total (The Maximum Coin Float)
AGREE


- Premine: 380 Billion Coins (of which 313 billion were already both mined and staked by coin holders equaling over 313 billion to date)
AGREE


- Transaction Fee (Sending Colossus Coin 2.0) = 0.1% or 10 Col, whichever is higher
AGREE


- Of the 0.1% Transaction Fees Collected for each and every transaction made with COL version 2.0, 75% of it is paid to the Colossus Coin Foundation for further COL Coin development and 25% of it goes to the current coin Stakers that have their coins sitting in their wallets and must be opened (the wallet) at least 1 time each 14 days.
AGREE


- New COL 2.0 Client for Windows-Linux, Mac OS, Android, and a Secure Online Wallet
AGREE


-Updated Wallet Client with better connectivity and faster Syncing times
 AGREE


- Transaction Fee Destruction = Fee of 0.02 Col included in all transactions
NEEDS FURTHER DISCUSSION


- Transaction Fee Mining by Wallet Stakers = 7 days / 15 days Max Weight
NEEDS FURTHER DISCUSSION (I would like to see staking start immediately at 7 days..not between 7-14 days)


- Block Time = 1 minute
AGREE


- Coins mature after 100 blocks
AGREE


- Confirmations per transaction: 6
REQUIRES FURTHER DISCUSSION


- Proof of Stake % Paid
Specifically - .83% (under 1%) monthly interest will be generated roughly each month for Stakers holding coins in their wallets (10% approximately per year).
NOT IN AGREEMENT YET. MORE DISCUSSION OPTIONS ARE NECESSARY TO DISCUSS.

A lot of additional conversation is NECESSARY as a weighted curve over time may be more benefit over time for COL 2.0 and extend the staking well beyond the projected 4-5 years)



- 67 Billion Coins extra are created at the time of the Colossus Coin v2.0 Launch for the following uses/reasons:
REQUIRES A GREAT DEAL OF DISCUSSION AND VERY SPECIFIC USES OF HOW AND WHERE THE COINS WILL BE USED. ALTHOUGH IT WILL BE VERY DIFFICULT TO PINPOINT THE COSTS OF CODING, ETC THAT THESE COINS WILL BE USED FOR, WE SHOULD CREATE A LIST OF ANTICIPATED USES OF THE COINS AND EDUCATED GUESSES OF THE COSTS ASSOCIATED WITH THOSE USES


- The new Coin will be called?
"Colossus Coin 2.0" Exchange trading symbol = "CV2"
If essentially Colossus Coin 1.0v is still allowed to trade on the exchanges after we release the 2.0 version, how do we differentiate them apart? 1.0 and 2.0? Or possibly "COL" = Colossus Coin 1.0 and "CV2" = Colossus Coin 2.0 may be a solid choice.






July 7th

I've just made a couple changes to the thread title and highlighting the original IPO details as refrence and focusing closer on the staking.

July 3rd, 2014

I have been working very hard on rebuilding the structure of Colossuscoin and I am looking for input from any and all members. The original IPO for the 2.0 project was put on hold in order to prevent possible safety issues and long waits.

The main difference is that Col2.0 is now in the preliminary stages of being built and once testing is complete, sale of a portion of coins can be used to pay for code improvements of Col1.0 and an automated system for all holders to swapover their coins.

I am looking for people who would like to be a bit more involved in the decision of the code specifications and so I have released a few of the more recent topics of what the Development Team has been working on lately.

This is some of the specifics of building a coin (should be an interesting read) and quite a bit of my more recent progress.

http://colossuscointalk.org/index.php?topic=545.0

This is an updated version of the Colossuscoin2.0 Funding options and is subject to a large amount of changes. This is mainly where I am looking for the most input at the moment.

http://colossuscointalk.org/index.php?topic=635.0

There is no cost in order to be involved and you may receive some of the final coins for input in the features and testing. If you own Colossuscoin or want to be more involved in learning more about how Cryptocurrency works and want to make a coin, this the time to speak up and make your voice heard in what you want out of your coin.

The IPO as it was is here as a reference for building and changes.
« Last Edit: July 10, 2014, 04:21:30 PM by Crestington »
BTC: 189A74yHTNH78ct32yrm8g7yMxUJTShQUe
COL: 2A4QNtiKCNwiPX1xoYk17jxXBES3k2oszg

Crestington

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #1 on: March 27, 2014, 03:07:29 PM »
Previous model for Reference only[size]


The Colossuscoin IPO and Whitepaper



Colossuscoin will have the original 550,000,000,000 COL maximum float through POS.

The new blockchain will have 340,000,000 premined coins in the first block of the new blockchain and the Proof-of-Stake will be 0.5% every 15 days (around 1% a month or 12% a year). The transaction fees will be 0.05% per transaction and will be allocated to the Development Fund and to Investors with 75% going to the Development Fund and 25% to Investors.

Approx. 313,000,000,000 COL will be reserved for the swap over (1:1 ratio) and 27,000,000,000 new COL will be added to pay IPO investors and Software teams.

Initial IPO funding 9,000,000,000 Col with 250% Rate on Investment in Colosssuscoins. For example, If you invest 1 Billion Col, you get 2.5 Billion Col upon completion of the new Blockchain for a total of 22.5 Billion Col. The remaining 4.5 Billion (of the 27 Billion) will be paid to the Software Teams for work on completion.

Minimum amount to participate is 10 Million Colossuscoin and must be approved, members of the Community who have shown support will be given priority.

Reserved Spots

Crestington 800,000,000
Firecat 231,897,062.277
Lovecol 1,000,000,000
Sudo23 1,000,000,000
Th82 450,000,000
Heat007 150,000,000
Mouseman 1,000,534,000
Nutbun 34,000,000

Current Total Pledged 4,655,900,000

How the 9 Billion will be used

7.5 billion will be spent on Development of the New Client and Blockchain and 1.5 Billion as contingency for any overcosts.

To start the Development Fund would only be accessible by Sudo23 and I with multiple layers of security but we plan on creating an online wallet with Multi-Authentication for access, and Multi-Sig for transaction approval.


List of Projects
-Updated Client with better connectivity and faster Syncing times
-New Blockchain and Swapover
-Multi-Sig Development Fund and Android Wallet
-Multi-Factor Authentication for Wallets

Coin Specifics

Parameters for the new blockchain
- 100% Proof-of-Stake currency
- 550 billion coins total
- 0.05% Transaction Fees or 0.5 Col whichever is higher
- Tx Destruction Fee of 0.02 Col included in all transactions
- Proof of Stake 0.5%, 15 days/30 days Max Weight
- Fee Mining 7 days/15 days Max Weight
- Block Time of 25 seconds or less
- Big annual PoS, annual interest eligible for coins which have been stationary in a user's wallet for at least 15 days
- New COL Client for Windows-Linux, Mac OS, Android, Secure Online Wallet as well


340,000,000,000.00 Coins (minimum 0.01 with no extra 0’s to reduce blockchain size) with a maximum float through Proof of Stake to 550 Billion at 0.5% every 15/30 days max weight. Your coins have a chance to stake any time between 15 and 30 days with a 100% chance to stake after 30 days.

Every 7-15 days max weight your shares mine fees collected
Every 15-30 days max weight your shares stake for 0.5%

Distribution happens by by fees going to a distribution address built into the Blockchain, additional Col can be added to the distribution address and are distributed 75% to the Development Fund address and 25% to an address whereby Stakers mine the Fee address.

Note on minimum fee and it’s punitive nature: Fee is 0.05% or 0.5 Col (0.48 Col + 0.02 Tx Fee), whichever is higher. The minimum fee is 0.5 Col which means that sending under 1000 Col, the ratio of fee becomes higher the less you send. The TX fee is included in all the fees and is destroyed.


For example sending 2000 Col you would incur a 1 Col fee (0.05%)
Sending 100 Col would incur a 0.5 Col fee (Minimum fee and would equal 0.5%)
Sending 1 Col would incur a 0.5 Col fee (Minimum fee and would equal 50%)

We will aim for a Blocktime of 25 seconds or less with a goal of sub-1 second confirmation times. We can reduce Blockchain size and improve transaction speed by making the minimum amount of coins down to 0.01 rather than down to 0.0000001, with such a large float it's pointless to be able to send less than 0.01.

Reimbursement of Lost Coins

Reimbursement of all previously lost coins will happen throughout the swap and up to the cut-off date. The cut-off for the swap to the new coin will be finished after 3 months with a further 1 month to process any outstanding payments. After the 4 months the remaining coins become part of the Development and Marketing Fund managed by the Foundation. If after that time you still have outstanding coins to be recovered the foundation will do it's best to accomodate on a case by case basis.

In order to be eligiable for reimbursement you must be able to prove beyond reasonable doubt that your coins have in fact been lost.

Status

We have 2 teams that are able to start work immediately on the new client and estimated time of completion will be one week. The first version of the updated client is in it's final stages of completion. Once the new client is complete we will begin on the new Blockchain and fee sharing system with an estimated time of completion of 1 month.

We have developers from the Bitcointalk Community itself and a second local team currently working in the mobile wallet space. We are working with the top developers in the Cryptocurrency industry in making all this possible.

We will be aiming for as fast transaction times as possible without bloating the Blockchain with a goal time of less than 1 second or less confirmation times. We will improve upon syncing times as well and take advantage of technologies similiar to Multibit to allow users to sync quickly without having to download the entire Blockchain.

Software Developers will not be participating in the IPO and will be paid in Colossuscoin for their work. Once paid, Developers have the right to do what they choose with their coins but the most likely scenerio will be that a small portion will be sold and the rest held for the benefits of the new Blockchain.

Fundraising Round 1 has already been reserved by the members of the Development Team and we are seeking approval of the IPO from the Bitcointalk Community before commencing work.

How this will benefit holders of Colossuscoin

-Faster Transaction Times
-Faster Syncing Times
-25% of all fees collected across the network in addition to staking
-Better Security


How this will benefit Exchanges

The fee system provides extra income to all exchanges who list Colossuscoin. Exchanges work where all coins are held in a single wallet so by keeping your coins on the exchange, they recieve the benefits of the fees and staking that the shares provide. This means that the holders of Colossuscoin waive all their Staking and Fee generation benefits by holding their coins on exchanges. Exchanges that can provide enhanced security and are not doing things to harm the network create trust by the community and so would be more likely that the community will choose to hold their coins on that exchange or host the Development Fund Wallet on the Exchange.

How the swap will work

We will have an automated program in place in which you send your old coins from the old wallet and will recieve the new coins to the new wallet. You will not be able to send old coins to the new wallet as they are 2 different coins. If you were a part of the IPO, we will send you the new coins. The swapover program is in place and will only handle a limited amount of coins at a time. We will begin the swap once the New Blockchain is finished and has been thoroughly tested.


« Last Edit: July 10, 2014, 04:29:46 PM by Crestington »
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Sudo23

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #2 on: April 01, 2014, 03:40:22 PM »
The Colossuscoin 2.0 IPO put on a temporary hold until further notice. There are certain things which need to be clarified.

The new Colosssucoin Website will be launched on Saturday/Sunday and a redesign of Colossuscointalk as well.
« Last Edit: April 01, 2014, 03:52:02 PM by Sudo23 »
Donation Addresses:

BTC: 1GGF7vjv1dLEu2oYg9AsRxWavAKSguv6Jh
DOGE: DFyxgUTvA2dVDTNnWH5e2Y2Wat7TSJcHRB
Litecoin:LKodWSwYG45oE8WyDMyZ8osvc2hy9R9hfL
ETH: 0xbd86fdb353cdc900584ff49c1bed03cecf637f44

mouseman

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #3 on: April 01, 2014, 04:57:14 PM »
I have received confirmation from Sudo of receiving 9 million some time back. Appreciate it if my pledge place holder can be increasded from:
 
Mouseman 1,000,534,000

to

Mouseman 1,009,000,000

I've seen other bitcointalkers state they are getting in, yet do not know how much since we are in a holding pattern at the moment. But still want to see mine changed as it has already been confirmed.

Crestington

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #4 on: April 01, 2014, 09:09:42 PM »
OK, I'll change it for you. :)
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how_do_i_colossuscoin?

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #5 on: April 05, 2014, 02:50:21 AM »
So are you saying you are killing ColossusCoin as we know it??

I have 13 million. How do I pledge for the 250%?

COL 223Y5UjV87mVpDXt6APC67Z5B3Y5n4UNZR

vesipyks

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #6 on: April 05, 2014, 05:08:19 AM »
I have a million coins. Not exacly 10 million minimum but I would be glad to pledge also if needed. :)
xKUebCSp6apUGvAHd9fNJpNQhKhihr89G

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #7 on: April 05, 2014, 11:34:58 AM »
I have 10,000,000 COL at Cryptsy. Though not sure how to transfer to help. I was never able to get the wallet working. I will pledged the above amount, just let me know where to send to.

Have A Fantastic Week!

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #8 on: April 05, 2014, 01:07:06 PM »
I have 10,000,000 COL at Cryptsy. Though not sure how to transfer to help. I was never able to get the wallet working. I will pledged the above amount, just let me know where to send to.

Have A Fantastic Week!

Yes, I would wait at the moment to make transfers to or from Cryptsy right now. We had some patches done on the code with new checkpoint servers and client connection with old clients being kicked off after 2 weeks. When doing tests we saw a problem with Cryptsy so we are just doing further tests to make sure everything is good before proceeding.

I have had little time over the past few week due to moving house but I'm all finished now so will allow me much more time now for everything. I've been re-downloading the blockchain the last day or so and also going to get into a bit of coding. I feel like it might be much better if I dive right into linux and start coding it all myself, working through all this has given me a very good understanding of exactly how Proof of Stake and exchanges function as well as things to avoid, what is needed and also want to make some seriously awesome modifications to the forums.
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mouseman

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #9 on: April 05, 2014, 07:44:32 PM »
Would be great to see people that wanted to invest even 1 million in the future IPO be able to do that. I think, within reason, we want more people talking about this and being given the opportunity to say they were part of the rebirth of a great coin. 

Crestington

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #10 on: April 05, 2014, 09:49:41 PM »
I think so too!

I am very surprised at the reaction to the proposed plan and want to include them. How could we do it to allow everyone? I don't want to say no, just how to handle it all.
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Marked as best answer by Crestington. [25/02/2018, 23:34:36]

mouseman

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #11 on: April 05, 2014, 10:52:42 PM »
Yeah, when I made my post I wanted to be careful not to suggest we should let every single investor be a part of contributing funds. Example: an individual wants to send 100 COL coins. Since we are still in a talking and exploratory stage of what best method we are convinced will bring both COL to the next level as well as get back to being a completely stable client, proper staking, transaction fee adjustments.... and other algo updates for the coin as a whole, we obviously need to be careful to not send a blank "sure, you can invest in the IPO no matter how small your contributions are." Reason being is Sudo and Crestington will probably be working together / making a ledger of all investor contributions. If we allow people to send ...say 100 COL....we may be inviting tons of tiny investors that could easily be trumped by 30 or so solid large scale investors making it easier to keep track of for the devs.

The obvious flip side is, yeah I'd feel bad turning away pretty much anyone. You just never know who is going to be your best evangelists and what skill set investors may also contribute beyond their coins.

We have some time to talk further if current owners want to keep the 5 million minimum IPO investment or lower it greatly. Frankly, we've got far more important knots to untie...and other lose ends to tie together.

dennislevy

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #12 on: April 18, 2014, 08:02:07 PM »
I just downloaded the new wallet. Had an issue trying to download the blockchain. So I skipped that part,
and do it the long way. After the new wallet is syncd. Can I transfer some of my COL at Cryptsy to my new wallet? Also have 20 mil to donate to the COL project. Is it okay to use the address that Sudo has above?
If so, I will drop 20 mil into the project fund. Oops! I just replied at the wrong thread. Repeating it here in the right place. Thanks!

Have A Fantastic Week! Happy Easter!
Dennis Levy

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #13 on: July 01, 2014, 05:06:53 PM »
dont know how to invest 2.0 IPO
« Last Edit: July 01, 2014, 09:31:33 PM by myweblife »

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Re: Colossuscoin 2.0 IPO and Whitepaper
« Reply #14 on: July 01, 2014, 05:12:15 PM »
Sudo,I send you some COL for test,if recive it,let me know

Status: 0/unconfirmed, broadcast through 6 node(s)
Date: 2014/7/2 08:10
To: 22wP7kdGCcCKmjSWZBNWauyHiK6KLHN4mX
Debit: -8888.00 COL
Transaction fee: -0.001 COL
Net amount: -8888.001 COL
Transaction ID: 9e94f8d5008286819ff307b66e4309f2afb8d60efdd92f2678398aba4de7077b
Transaction comment:
text:from myweblife for 2.0 IPO test