Author Topic: Why YOU should be excited about the future of Colossuscoin!  (Read 3814 times)

Crestington

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Why YOU should be excited about the future of Colossuscoin!
« on: February 19, 2014, 06:57:26 PM »
Colossuscoin started out as a POW/POS hybrid and in early December became 100% Proof of Stake. Proof of Stake has the advantage of not being devalued by people mining the currency. There is only a finite amount of Colossuscoin and you can only get it by buying it, and only through staking can people earn a fixed rate on their coins. Staking is very efficient so even old computers can do it.

Issues
In the change over to POS, a bunch of coins were lost which can be recovered. The network has been improving over the last 2 months, the only issue currently is some connectivity problem with Cryptsy getting chargebacks. Staking works to move the blockchain and confirm transactions so we believe that if you can create wallets that are staking small amounts of coins every 30 seconds over the entire staking period, they will create wallets that speed up transactions and bring more stability. We are creating this now by sending 100 Col to 8 addresses every 30 seconds over 30 days. We are one week in and making these wallets gives us a constant update on the health of the network.



Developers
We now have qualified developers looking at the code and will give us a quote and time frame for the first projects stability and fee system. They are keen to work long term with Colossuscoin which would be beneficial for the community.

Before large scale adoption a fee system is beneficial to long term shareholders because bigger volume would mean more income generated for the development fund and investors. We are all investors so we can work together to decide how the fee system will most benefit everyone in the foundation.

Higher fees are better because if it pays 75% to the development fund and 25% to investors it means that you can possibly receive more coins from fees than you would from staking. We think 0.1% on transactions is good because it's less than exchange fees and it will not really ding us if we want to move our coins. You can also move your entire wallet without it charging fees or stopping staking and will be looking more into that as well.

Exchanges and Popularity

Colossuscoin is already listed on 5 exchanges including Cryptsy, the largest alt exchange. We have had some connectivity issues with Cryptsy lately but our team has worked positively with Cryptsy to help resolve the issue and make sure no coins were lost. Until we get the coding work done, we may still see some of the same issues but we have constant contact with Cryptsy as well as contact with the original Developer of Colossuscoin and expert POS coders if we are having difficulties. We have strong ties to another foundation facing similar issues as well who has been helping us.

We have an active user base that is growing daily with a strong determination and positive mindset. We have Facebook, Twitter, reddit, Bitcointalk and cryptocointalk presence.

We have gathered a large portion of shareholders into the foundation which will allow us to make changes that will benefit shareholders, better return on investment and better usability.

We are working with a currency that confirms all transactions fully in around 2-4 minutes or less and generates new coins in a fair way and we are working to make sure everyone in the foundation profits.

« Last Edit: February 19, 2014, 07:14:47 PM by Crestington »
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lovecol

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #1 on: February 20, 2014, 06:20:28 AM »
so good for this article
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lovecol

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #2 on: February 20, 2014, 07:56:31 PM »
you can copy the article to somewhere that is useful to colossuscoin.
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Crestington

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #3 on: February 20, 2014, 09:25:30 PM »
I moved it to general discussion
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Sudo23

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #4 on: February 21, 2014, 10:00:01 AM »
 
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xiaocalling

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #5 on: February 21, 2014, 08:27:21 PM »
Support the COL become true giants :-*
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Coins4life

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Re: Why YOU should be excited about the future of Colossuscoin!
« Reply #6 on: February 23, 2014, 05:19:39 PM »
Support the COL become true giants :-*

+1 there is sooooooooooo much potential with COL
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