Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 39 questions! If your question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the Q3 AMA Contest is: peanutman
Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. 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.
Q: I love how the COLX team makes improvements to COLX continuously and has stuck to the roadmap which looks very impressive for the future. The coin is starting to get some personality.
However, with the current amount of existing crypto projects these improvements don't mean so much if noone ever hears about COLX. Currently I never see COLX pop up in the crypto news that I follow, and it's as if COLX doesn't even exist. As a developer myself I sometimes fall for the "if the technology is awesome it will automatically become popular" mentality, but sadly it doesn't work that way.
So to summarise my question: What are the plans to bring COLX to the masses and to make sure the average crypto investor knows it exists?
PS: Colossuscoin has existed long before (pre-2014?) the big boom we saw last christmas which is already a major benefit over other projects, but COLX never seems to play that card. Why is this not on the website frontpage and hidden in one line of the whitepaper. Being able to claim that the team has at least 4 years of experience with the project sounds like a pretty convincing argument for investors to me... Especially since most investors never heard of COLX and think it's just another project that popped up to capitalise on the crypto boom.
A: As we get closer to releasing our product our strategic marketing presence will increase. We started this with no developer’s fund, and no pre-mine for the team. We have continued to grow the community and they will play a role in are strategic marketing. Now that governance is being utilized we will be allocating funding for various marketing opportunities. The community recently funded a crowdfund for a PR campaign.
Marketing will increase as we get closer to the Colossus Grid. Having a working product is an important piece of the puzzle for legitimizing a project like ColossusXT.
Q: What experience does anyone on the team have with distributed computing before COLX?
A: The team is comprised of many individuals who have a very diverse technical backgrounds in development, operations and project management. We do have team members with experience in the grid computing industry. At this time, they have not opted to share any information due to their privacy rights.
Q: How would COLX really add value with its 'Collossus Grid' ? What set of existing services will it challenge or disrupt if it came to fruition?
A: We will be reaching out and building relationships with businesses and that can utilize the Colossus Grid, and/or contribute. There are several industries and services that the Colossus Grid will challenge; from medicine to cognitive and behavioral sciences, from supply chain to marketing, from automotive and traffic control to climate science. Many of the existing services are centralized and do not provide any means of transparency through business practices or provide adequate means of privacy for the consumer. The Colossus Grid will provide a solution to these problems along with being energy efficient.
ColossusXT has a clear path to grid computing, the energy consumption alone from a Supercomputer is about $6M in energy costs a year, not to mention $150-250m for assembly and design. The Colossus Grid makes supercomputing available for any consumer or data center, whilst saving energy, upfront costs, and entirely removing the maintenance involved with large data centers.
Q: Is there any special modification done on Zerocoin protocol being used on COLX?
A: Yes, some small design changes were made so that it would work with our product, but the overall functionality of the protocol is the same. The team is looking to make some additional modifications, one of which that has been discussed is adding the ability to stake zCOLX. We are looking at publishing an updated Roadmap soon to reflect more on the vision of 2019.
Q: Will there be more use cases or user stories for IoT and Grid Computing?
A: Yes, these use-cases will evolve as the IoT evolves and the demand for computational power increases. I referenced some use-cases in a previous question.
Q: Could COLX solve some or the problem for an existing IT services industry and if so how? What could they gain by jumping onboard this platform?
A: Yes, some of the existing problems in the IT service industry can be solved by different blockchains. ColossusXT will be solving the problem of ‘Lack of computational power to process DATA’, and by using the Colossus Grid platform users can earn ColossusXT for contributing their computational power, or storage, but all this will serve a great purpose of contributing CPU resources to solve real world problems to make the world a better and more efficient place.
Q: Who do you anticipate will be the end user base of both colx and the grid? B2B or everyday folk?
A: It’s difficult to anticipate the blockchain world, as we increase are marketing strategies for the Colossus Grid I would like to see a healthy balance here.
Q: Is there any competition from other coins that you think are developing similar concepts and what makes COLX superior to them and what other coins you could see yourself helping and interacting with in a positive way? (Camhole)
A: Yes, there are other blockchain projects in the Grid Computing sector. Golem being the more prominent competition. The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. I’m more than happy to talk with other blockchain team members about anything relating to our projects. The free expression of thoughts and ideas is what makes the ColossusXT community so amazing.
Q: What is the best way as a new user to support the grid, does staking do enough or is running a Masternode the best way to participate?
A: I think there is some confusion here on how you support the Colossus Grid. There best way to support the Colossus Grid is to contribute as much computing power available. Spread awareness to your friends, family and co-workers when the Colossus Grid is live so that they can contribute. Running a Masternode can also support the network, but in a very different way. As the Masternode verifies blocks on the blockchain.
Q: Will there be a extra incentive to owning a masternode? When the colossus grid comes.
I remember reading that masternodes possibly will help the Blockchain overall by reducing it footprint.
As sharenodes become inhouse which increases overall masternodes total and the slight increase for those staking now since 500k block. Is it a concern that there might not be enough incentive to keep those running nodes to stay?
A: Fees and revenue structure for the Colossus Grid is still in ongoing discussion and will not be revealing information at this time. What a masternode does for the network is likely to change of the course of the project development. This could lead to additional incentives for masternode holders. Having said that, ColossusXT has one of the more reserved MN ROIs / Inflation strategies in the business with a goal of retaining the long-term health of the currency.
Q: Once the grid succeeds in 2019 will colx still push for opportunities as a privacy currency aswell.
Obviously main focus is armis and the grid but diversification helps too once the big goal is acheived?
A: Privacy will always be the foundation of ColossusXT. We will not shy aware from our advocacy towards privacy.
Q: Colossusxt being its own blockchain, is there opportunities for dapps or other company's that maybe arent or are in the computing sector be allowed to build there network on colx?
A: Yes, this is possible if the community shows interests in this. What we want to avoid is a situation like what happened with ETH; where their network was bogged down by the countless other projects utilizing the network. One of the reasons ColossusXT opted for its own blockchain was to avoid situations like this.
Q: Will zColx also be able to used at places like Crypto Emporium?
A: Yes, if you spent zCOLX on the address provided by a 3rd party, 3rd party will receive it as COLX and will not be able to trace it back. However, profiling on 3rd party sites may link tx with yourself (considering you will have an account on this 3rd party site and some transaction will be requested from this account).
Q: Has colx thought of a vision beyond the Colossus grid? Where does it want to go and how does it want to keep itself relevant as an innovator in latest technology?
A: The need for computing power is increasing every day, as well as the amount of DATA that needs to be processed and interpreted. As technology continues to evolve, we expect this need to further increase. The Colossus Grid end goal would be to come preinstalled on devices that use a CPU, when this CPU is not being actively used it will contribute to the Colossus Grid and reward the owner in ColossusXT (COLX). As technology evolves, privacy will always be an important security feature and part of the framework of the Colossus Grid. We will continuously evolve with technology to offer the highest privacy protections.
Q: Is the shared market place still on agenda?
A: The marketplace is still planned. This is a feature that will be released after the Colossus Grid. The Colossus Grid will have a marketplace for sharing computing power and storage, this will be further expanded upon after the Colossus Grid vision is realized.
Q: What does hardware wallet support mean in 2019 roadmap?
A: This means that we will become allocating budget and development towards integrating with a hardware wallet. We will more than likely begin discussing which hardware wallet the community is interested in as we get closer to this item on the roadmap.
Q: Will the team be attending any cloud/computing conferences next year theres a few decent ones uk singpore us.
A: I (PioyPioyPioy) would love to attend some conferences. If any are near my location I will attend, and while I cannot speak specifically on any conferences at this time for cloud/computing. I would like the opportunity to have the Colossus Grid live so that we can not only attend, but also be a speaker and present the Colossus Grid, maybe something can line up for Alpha or Beta launches.
Q: Where do you see crypto going next year? And which role does COLX fullfill in this?
Keep up the good work!
A: It’s impossible for me to speculate on where “crypto” in general could be next year. I don’t think this would be ethical either. The role ColossusXT will fill in this industry and our vision outlined in the roadmap will grow to encompass many different aspects. There are more huge data sources contributing to our view of the world. Potentially, we can analyze and predict more of the characteristics of the world around us than ever before, across all disciplines and industries from medicine to cognitive and behavioral sciences, from supply chain to marketing, from automotive and traffic control to climate science. As the Colossus Grid grows and spreads, so does our reach into providing privacy to the consumer, and transparent business practices.
Q: Looking forward to the grid, and be able to use distributed computing and storage. Will the grid also be able to provide distributed openCL or Cuda resources, or will it be cpu only?
A: Having users being capable of distributing the power of GPUs is something we have seen a lot of interest in from the public, and we can see where it may add to a good consumer business model as it relates to “mining” of other crypto currencies etc. Powerful GPUs also excel at cyber security related tasks that our team is very interested in marketing to clients. So the short answer is yes, our goal is to be able to distribute all computing resources as an end product.
Q: Will Colx have one click masternode feature on Mobile App platforms such as iOS and Android ?
A: For mobile app, this is possible through our partner Linda mobile wallets which allows you to stake and create masternodes without you having to leave your phone or PC on 24/7, and it won't drain your phone battery:
Q: If colx has a hard time establishing itself onto new exchanges due the leadership using anonymity. Would the Colx team consider unveiling themselves to expand the Colx community even though privacy is the main pillar of COLX?
A: Team members may disclose information themselves as they see fit. There is no requirement for team members to provide any private information online. The team has no problem completing KYC documents, or providing more information about ourselves during business agreements, or discussions.
Q: Will there be Colx merchandise in the future? I would definitely buy a hoodie to support my favorite project!
A: There is already a merchandise store. You can purchase with ColossusXT, or other crypto currencies and fiat.
Q: Is implementing grid computing just a shiny new gimmick to draw attention, like the 'eco-friendly coin' a year ago? Or will this become the main focus of colx?
Is there any prior experience in the team with regards to grid computing?
A: The Colossus Grid has been the focus, and the ‘eco-friendly’ is not a gimmick. The Colossus Grid is eco-friendly, will reduce energy consumption, and will efficiently process large amounts of DATA for substantially less than operating a supercomputer in today’s standards. Yes, there are team members with experience in the grid computing industry.
Q: What is the biggest plan of COLX for it to be known to the whole world and become one of the biggest crypto in the history?
A: One of our biggest goals is to continue to complete our objectives and release the Colossus Grid to provide a private and efficient method of processing and distributing computing power, and storage. Growing the community and business relationships, as well as continuing to achieve our vision outlined in the whitepaper and roadmap will all provide the foundations we are laying to provide the operation success of ColossusXT.
Q: Will have minimum requirements to be part of the colossus grid in terms of computational power or storage capacity and what online availability should the equipment that provides its services have?
A: We are not announcing any definitive details on fees or requirements attributed to the Colossus Grid as this time, as these are still ongoing discussions.
Q: In order to become a grid computing coin ColossusXT would have to shift from PoS to PoW. Customers would submit a work package to the network and the various connected nodes do the calculations and receive some kind of payment. So in this case the correctness and speed of the calculations is the metric that decides if a node is a good node or not, and how much reward it gets (PoW, much like bitcoin mining). This is in contrast with the current PoS approach where corrupt nodes are discouraged by forcing masternodes to put significant collateral on the line. Current masternodes don't have to do much work and network/hardware requirements are minimal.
What does the switch to PoW mean for the current owners of masternodes that bought into ColossusXT as a PoS investment? Does this mean that current masternodes will lose their value? Will expensive high-performance computers become the new way of becoming a masternode and earning money with ColossusXT?
A: ColossusXT will not be switching to PoW. The PoS system we have in place is not meant to be changed to PoW. The PoS system has been created as a privacy currency/network and this is the currency being used as a bartering tool. The Colossus Grid is an additional layer of the network and will not rely on PoW to function.
Q: What is the status of the Marketplace announced in the whitepaper?
A: The marketplace is still planned. This is a feature that will be released after the Colossus Grid. The Colossus Grid will have a marketplace for sharing computing power and storage, this will be further expanded upon after the Colossus Grid vision is realized.
Q: What’s the difference in COLX and zerocoin....I’m confused
A: We have created some Wiki entries and a Medium article to provide more information. I will provide the links below, if you have any questions please join us in discord.
What is Zerocoin?
What is zCOLX?
Q: Whats the status of the PR campaign for which crowdfunding was recently done for?
A: The PR campaign is in progress. I provided them with some information, and we have finalized the payment. I would expect to see it come into effect soon, but I don’t have an estimate date to provide.
Q: Collosus has a huge and helping community. I've seen the things they can achieve together, usually under the leadership of pete. Will colossus ever have a donation division. Or maybe a separate project run by and on colossus which is used for donations?
A: There is already rain in the Discord server daily, different tasks often come up throughout the community to earn COLX as well, the team’s will maintain focus on our current tasks, and when available there will always be events, tasks or goals that can activate rewards.
Q: How much emphasis is being placed on targeting mobile users via a Colossus Grid app? This seems like an enormous market to target with many of them not even interested in crypto per se. Maybe an app that allows the users to purchase colx so they can back up their pictures to free up space or even perform whole phone backups?
A: The team’s first focus will be delivering the Colossus Grid for desktop/laptop computers. We are watching the mobile device market, and as the power of mobile devices continues to grow, we will also allocate resources for the Colossus Grid on mobile.
Q: How does COLX plan to take on some existing grid compute coins like 'Golem'? How different or advanced are we aiming to build in comparison?
A: There will be some similarities between ColossusXT and Golem. We have very similar visions, and I participated in their Beta. There will also be very noticeable privacy features that ColossusXT will provide for the consumer that are not a part of ‘Golem’ at this time.
Q: Besides having privacy/I2P, in what other ways would the Colossus Grid be different from Golem/iExec/etc?
A: I participated in the Golem Beta, so without giving too much away. We aim to make ColossusXT a more user-friendly experience. This will include the process of installing, setting up, and contributing or participating without sacrificing any personal information.
Q: COLX seems to have a lot of stuff in the pipeline. With its focus on privacy and anonymity, does the development of COLX and its use have any plans to make a difference in charitable, environmental or medical spaces or industries?
A: Sure, we currently contribute to the World Grid. If you have any charities, you would like to recommend we can look at them. Send me an email [pioypioypioy@colossusxt.io](mailto:pioypioypioy@colossusxt.io)
Q: Since 2017 I have been fully invested in this project; the ambitious idea of The Grid and the commitment of your team to the Roadmap presented Q1 of this year has made me a Colx cheerleader. Now I see a lot of technology related questions in this thread, which is always helpfull! However, most of them can be easily answered, some of them even with a simple "Yes" or "No" reply. I would like to shift my question(s) to you to a different topic, the way the project will move forward by the use of PR marketing and business partnerships. My question to you is therefor the following;
Colx has had no ICO, therefor seems to be missing some liquidity. Not perse a problem, this is the reason the Colx project is deemed to be a community effort, which has been proven correct over the course of this year. Another solution would be having business partnerships to level out the missing knowlege or opportunities to reach certain markets/audience. This latter solution provides the following question;
"On a Strategic business level, what moves can we Expect to ensure usage of the Grid and Its Marketplace, expanding into reallife usecases after the launch? Can we expect partnerships to reach certain markets? A collaboration with organisations in medicinal research for example? And How will your team see contribution of community in this?"
Curious how you guys see the exciting future for Colx AFTER the launch. Of course, still a bit far ahead, but sure enough something to evaluate and prepare for!
J GBD
A: We will build a quality product to offer to investors without an ICO, and without private funding. Our relationship and partnership building is already underway for the Colossus Grid. The community is the biggest part of this project, and as our available computing power increases and becomes available on the Colossus Grid we will be able to offer more to businesses.
These use cases are expansive, and can be utilized by many different businesses to reduce energy, overhead costs, and upfront costs for many industries to include medical research.
Q: I am just new in cryptocurrency and I am looking for good coins that worthy for my funds investment. Some coins was already introduced to me but only COLX catch my attention. Honestly I don't still have the full knowledge about it, how can COLX makes me full attached with it? what COLX can do to gain my full trust and love? How can COLX give me the assurance of gaining?. Thats all :) Hope COLX can get my full trust to it.
A: The only thing the ColossusXT team can do is continue to develop and meet or goals on the roadmap. I can assure you that the team is working everyday to complete their tasks, and we are active within the community so that we can better represent the community. There are very few projects that provide live support daily, ColossusXT is one of them. Ultimately the choice to invest in a project is yours. Read our Whitepaper if you haven’t yet and join us in discord.
Q: Is the GRID already on beta testing stage?
A: No, Alpha testing will begin in 2019. Ensuring that the privacy features are working as intended. Active community members, partners, and contributors will be invited to participate in the Beta.
Q: Has a proposed tariff been documented yet for people to use the new Colossus Grid and what percentage of the fees will go to the Colossus members for sharing their resorces..? Pete009
A: Fees associated with the Colossus Grid have not been defined at this time. This is an ongoing discussion as it needs to be a sustainable ecosystem.
Q: What is Colossus Grid really going to enable to the 'common-man' and 'enterprise' user? Any examples of a simple to advanced application? ex. Can the grid be used to store Media (Photos/Videos) in blockchain privacy for common-man?
A: The ‘common-man’ can contribute data, or storage from his computer(s) and be rewarded when someone purchases that computing power on the marketplace. Yes, you will be able to store media on the distributed storage portion of the Colossus Grid.
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