ColossusXT (COLX) is the expanding of Satoshi’s vision into Parallel Computing with the mission of creating a global grid computing resource to be used worldwide in solving ‘real world’ problems.
COLX is the Cryptocurrency symbol for ‘ColossusXT’, which Bitcoin Pete tells us is the very latest ‘bleeding-edge’ privacy coin on the market. Other current examples include Monero, Dash, PivX, Zcash and Verge, with COLX the very latest next generation ‘new kid on the block’; being actually a ‘fork’ from PivX, which means – without getting too technical – that the developers took the latest PivX Core Code and then started adding their own improvements and enhancements thereafter.
To make this even easier to understand; as any keen fruit tree grower will know, by grafting one strain of fruit twig onto another strain of tree, improvements in the quality of the fruit can be immeasurably enhanced, just has been the case with many of the 2,000 plus Cryptocurrencies out there being ‘forks’, i.e.: PivX was ‘forked’ from Dash, and Dash was ‘forked’ from the original Bitcoin code, so COLX is effectively a third-generation derivative from the original Satoshi code – the great grandson of Bitcoin, so-to-speak.
Each team of developers have their own set of goals, core beliefs and values which they work on to develop into their own new Cryptocurrency whilst building a community of dedicated supporters who help them to develop their coin with their own innovative input of ideas and improvements all brought into the mix.
So what is a ‘Privacy Coin’ and why do you need one?
As its name suggests, a privacy coin focuses on privacy for all of your transactions. Bitcoin, the very first Cryptocurrency, is only pseudo-anonymous per se as all transactions are recorded on the blockchain global ledger – which is publically available, thus viewable by anyone and everyone who cares to take a look, they are not ‘private’ as such. Although no personal details are stored, just the transaction ID and the value, anyone interested in tracing transactions can build a network tree linking all transactions from one wallet to another wallet. They can then build up a list of known wallet identities – mainly when people withdraw funds via an exchange that holds their personal ID – and start to build a picture of transactions detailing who is sending what to whom and to where. So, with that on mind, a lot of work has been invested into developing the ultimate ‘privacy coin’ for the future and COLX already uses three different ways (I call it triple-locked) to conceal the identities of all transactions across the COLX Grid Network.
Firstly: COLX uses ‘Obfuscation’ which ‘mixes’ coins when they are sent so they are virtually impossible to trace. Bitcoin Pete says that this is like a ‘built-in laundering system’, one that is perfectly legal, I can assure you of this, too.
Secondly: COLX utilises the Zerocoin protocol. Now, don’t break into a sweat here because this simply means COLX employs ‘Zero-Knowledge Proof’ technology, which, in itself, enables the user (prover) to prove to another user (verifier) that a transaction is true without publically providing any information aside from the fact that the money was indeed sent or received.
Thirdly: COLX uses the ‘Invisible Internet Project (I2P)’, which again, in itself, is an anonymous network layer allowing for censorship-resistant, peer-to-peer communication. Anonymous connections are achieved by encrypting the user’s traffic (by using end-to-end encryption) and sending it through a volunteer-run network of circa 55,000 computers distributed across the world.
This is why Bitcoin Pete calls COLX the ‘BOLX’, and who can disagree with that, either?
With this ‘triple privacy lock’ in place, and combining no less than three of the very latest privacy solutions into one coin you can begin to see why COLX really is the ultimate bleeding-edge privacy coin for the future. Relatively speaking, it is still virtually unheard of; therefore it is massively undervalued in the current marketplace.