Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you 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 Q2 AMA Contest is:
Shenbatu 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: When will zerocoin be fully integrated? A:
Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition. Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else? A:
Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story. Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon. A:
The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018. Q: When will your github be open to the public? A:
The GitHub has been open to the public for a few months now.
You can view the GitHub here: https://github.com/ColossusCoinXT
The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master Q: Why should I use COLX instead of Monero? A:
ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector. Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd? A:
You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed. Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂 A:
ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing. Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid? A:
What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing.
Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base? A:
As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend. Q: Can you compare CollossusXT and Golem? A:
Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections. Q: How do you guys want to achieve to be one of the leaders as a privacy coin? A:
Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology. Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned? A:
The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available. Q: Has colossus grid had the best come up out of all crypto coins? A:
Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network. Q: How far have Colossus gone in the ATM integration A:
ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement. Q: How does COLX intend to disrupt the computing industry through Grid Computing? A:
Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income. Q: What kind of partnerships do you have planned and can you share any of them? :) A:
The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid. Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future? A:
ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet. Q: How innovative is the Colossus Grid in the privacy coin space? A:
Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy. Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it! A:
ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space. Q: What is the reward system for the master node owners? A:
From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information. Q: What other marketplaces has the COLX team been in contact with? Thanks guys! Love the coin and staff A:
ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements. Q: What do you think about the new rules that will soon govern crypto interactions in the EU? they are against anonymous payments A:
Blockchain technology is just now starting to become clear to different governments.
ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites.
Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology.
While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world. Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace! A:
Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface. Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect? A:
ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question. Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution? A:
The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications. Q: Why should I choose Colossus instead of another 100,000 altcoins? A:
Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper! Q: Will there be an option (in the future) to choose between an anonymous or public transaction? A:
Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions. Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ? A:
Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally. Q: What is the TPS speed that colx blockchain achieves? A:
ColossusXT achieves between 65-67 TPS depending on network conditions currently. Q: Plans on expanding the dev team? A:
As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it. Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ? A:
Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid. Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap? A:
There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development.
The roadmap can be found here: https://colossusxt.io/roadmap/ Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL. A:
ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore. Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project? A
**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply. Q: what is the next big exchange for colx to be listed ? A:
There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
Q: How will Colx compete with other privacy coins which claim to be better like Privacy? A:
- CoinSwitch (Crowdfunding)
- Plaak (Crowdfunding)
ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics. Q: Does COLX have a finite number of coins like bitcoin? A:
No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake Q: What are the advantages of COLX over other competitor coins (eg. ECA)? A:
The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks. Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?) A:
The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom. Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now? A:
Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work. Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it? A:
ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question. Q: When do you plan to list your coin on other "bigger" exchanges? A:
ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding. Q: What was the rationale behind naming your coin ColossusXT? A: Colossus
was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin. Q: Can you give any details about the E Commerce Marketplace, and its progress? A:
The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development. Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage? A:
The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for. Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions. A:
ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng Q: What are the usp's of colx in comparing to other privacy coins? A:
Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain. Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3? A:
ColossusXT intends to be listed on all major exchanges globally. :) Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)? A:
The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs. Q: Will ColossusXT join more exchanges soon?? A:
Yes. :) Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc. A:
As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019. Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues? A:
One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018. Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues? A:
Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases.
For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward. Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future? A:
The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners.
Our goal is to make this process as easy and accessible as possible to our community. Q: Will there be an article explaining the significance of each partnership formed thus far? A:
Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt Q: What potential output from the Grid is expected and what would it's use be? For example, x teraflops which could process y solutions to protein folding in z time. A:
There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models.
The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX.
All individuals will not have access to infinite grid resources. Q: Is there a paper wallet available? A:
Yes, see https://mycolxwallet.org Q: Is there a possibility of implementing quantum computer measures in the future? A:
This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers
use, a quantum computer
bits—known as qubits
. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values. Q: Do you plan to do a coin burn? A:
No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed. Q: Can I check the exact number of current COLX master node and COLX staking node? A:
Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer.
Block explorer: https://chainz.cryptoid.info/colx/#!extraction Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)? A:
We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand.
The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project.
Disclaimer: This is not all YouTubers, but many. Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks! A:
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. Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :) A:
The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone. Q: Does COLX have master nodes? A:
Yes. ColossusXT has masternodes. Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption???? A:
There is already this option.https://mycryptocheckout.com/coins/ Q: What do you think your community progress till now? A:
The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday. Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work. A:
Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC). Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap? Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail. A:
Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter. Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture? A:
The Colossus Grid. Which has been explained within this AMA in a few different ways. Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day! A:
Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
Q: Will the whitepaper be available in Portuguese? A:
- Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
- Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
- Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
- Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
- Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
Yes. We will be adding some language bounties to the website in the future. Stay tuned. Q: Notice in your white paper there are future plans for decentralised governance and masternode voting. While all that is great, how do you plan on mitigating malicious proposals from getting through by gaming the system (i.e. bot votes, multiple accounts, spam,etc)? A:
You cannot game the system. Masternode owners get 1 vote. Q: Been a massive fan of this project since Dec last year, anyways what was the reason you guys thought of putting XT at the end of Colossus. :) A:
XT symbolizes ‘extended’ as the coin was forked from the original Cv2 coin. Q: Do you plan a partnership within the banking industry to capitalize on such large amounts of money being moved continuously? A:
The focus will be on the Colossus Grid and Grid computing, with the option to participate in the financial sector of Blockchain through Polis Pay, and other partnerships that can be announced in the future. Q: When will be COLX supported By The Ledger Wallet? A:
Integration with cold storage wallet is planned. I myself (PioyPioyPioy) have a Nano Ledger S and I love it! Q: Where do you see yourself in five years? A:
The goal 5 years from now would be to be a leading competitor in cloud computing and storage. Providing government, private cybersecurity, and individuals with efficient solutions to Super-computing, cloud storage through Blockchain infrastructure. I would like to see hardware options of connecting to the grid to utilize resources after the Colossus Grid is online, and I think this can contribute to many use-case scenarios. Q: How can I suggest business partnerships and strategic ideas etc to the ColossusXT team? A:
Join us in Discord. Members of the team here are active daily, you can also contact us at: [[email protected]
) Q: A great project requires good funding. How do you plan to incorporate fund sourcing and management into the long-term planning of this project A:
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Shingo about regulation, submitted by
[19.08.17 02:40] Regulation is meant to protect consumers. Everyone hates regulation until an unregulated market bites them in the ass. Complying with regulations will also force us to build a robust consumer protection framework which will be beneficial long-term When we enter the U.S. market we want to be extremely prepared and have the technical considerations already built into the platform for the U.S. regulatory landscape. It has always been our plan to get to U.S. as soon as possible from day 1. That was part of the reason we were excited to bring Stephen Corliss on board. US is gold standard of regulation. Being compliant in the US would also necessitate having a solid product. stephen corliss, [08.09.17 18:47]
Don't be afraid of regulations! Yes, some will be written and implemented poorly as legislators never get these things right BUT the most important thing is how much value this industry already generates (income, capex, etc) and the massive potential it delivers to create the next economic wave or revolution. Everything else is just noise! stephen corliss, [23.08.17 02:14]
The SEC isn't the issue really as their position shouldn't have come as a surprise to anyone. I know it did but it really shouldn't have. Regardless, we can help exchanges understand how to manage through this as we know this space inside and out. Now don't shoot me for saying this but the SEC actually is on our side, as long as we show that we are protecting consumers. That is their original mandate but unfortunately they get the bad wrap because the financial industry keeps forcing them to write regulations in response to fraud and bad behavior by financial firms that consistently hurts consumers. stephen corliss, [16.11.17 01:43]
[In reply to EstimatedProphet: What has been your experience when speaking with regulators so far? Many individuals I speak with tend to be very concerned about the SEC and the impending regulation/ restrictions on how we can utilize and or liquify our assets. In your experience, is there much room for concern?] Thank you. I believe the main concern of regulators are those tokens that clearly are violating securities laws. Unfortunately, many of the tokens issued in earlier cycles clearly are or may be securities and will face some headwinds if they don’t self-correct and adjust their models. I believe regulators will allow “utility” tokens to continue with a slight potential for a move in the future involving some sort of a “regulation-lite” solution. From our perspective, we chose to develop our model and platform in a way that embraces regulations by accommodating for them in all of processes, which allows us to operate with minimal disruptions and business risks. More importantly, this approach allows us to service consumer and business customers interested in BOTH crypto and traditional assets thus enabling us to engage newbies on the traditional asset side while slowly introducing them to crypto. I believe this optimizes our customer growth plans as it removes many of the onramp issues we would have in meeting our objective to deliver mass adoption in crypto. Personally, I’m not concerned about regulators in the least as worst case is our industry is pulled into the fold, which has already occurred at some level anyway because of money transmitter regulations. stephen corliss, [02.10.17 16:13]
Now the toxic question, would this get caught up in jurisdictional definitions of a security? My answer, no but only with the right model. Let me expand on this.. First, I'm not going to do all the work for our existing or future competitors so give me some leeway as this is one of many competitive advantages. Yeah, maybe they will figure it out after we launch but by then it won't matter...! First, a security is something that is defined prior to issuance as it sets the legal structure and parameters of the token itself. As most of you know, almost all POS coins define upfront a dividend paying model that in effect sets the legal rights of all coin holders. Without revealing all the reasons why, this is the first big mistake as to sell coins like this to the public, one must first go to their local regulator (company origin) and submit documents to authorize a public sale. Additionally, a firm like this will also have to understand the foreign issuer rules for every jurisdiction their holders reside. Not an easy task let me tell you. Now, small business exemptions exist in most developed economies for capital raised below a certain amount but these almost never involve holders/investors who are not "accredited investors". Out dated rules but nevertheless they exist on the books almost everywhere. Is there a better model? Yes sir ee! What is this model? Ah, why mess around, the functional token with a very specific overlay business model. That's where I will stop but I promise I will reveal more details as we move forward as we do want to ensure new entrants get this right so that all of you don't have to worry about all this legal mumbo jumbo One last point, for those firms like us residing within the financial side of the blockchain industry, the complexity level increases 10x minimum as everything must be assessed versus global rules involving many different types of financial business types, products or services. It is a painstaking process but if this is where you choose to hang your hat, you best know all of the ins and outs and, no offense to all my lawyer friends, you best not depend entirely on your law firm as they can only advise you on the facts you present to them. If you present them wrong, which many do even large financial firms, you will find yourself on the end of a major fine and maybe even banned entirely. This last point is huge as what I see when I look out across the competitive landscape are firms who have made very big mistakes in their business models. This will mean they will face severe legal headwinds going forward that when combined with strategic pivots that will have to come, they will be left behind by those of us who got this right. stephen corliss, [23.08.17 02:24]
Hello there! I will stay away from tax authorities opinions but with regards to the SEC it will depend on the behavior of our peers and industry. If the fraud and theft continues, they will have no choice. This is unfortunate as I've worked with many financial products over the years that were "self-regulated" and it works well. Unfortunately, the financial industry messed that up too so now there are basically no self-regulated products. If we don't fix this from within, regulation "around the world" is inevitable. stephen corliss, [23.08.17 22:22]
It is actually quite positive really as this means we are growing up. Sometimes that seems like a bad thing but it truly isn't especially if we want this eco-system to thrive. I love this stuff!! Easy as pie! Everything I've done for the last 25+ years has been regulated whether it was in Europe, Asia or United States so I embrace things like this, just a part of life. This is actually our advantage! stephen corliss, [23.08.17 22:26]
[In reply to Benjamin: stephen nice to hear that! take the time you need to build a good ground for bqx!]
We absolutely will! The most prudent thing we can do for all of you, besides building you a badass platform, is mitigate all the risks so BQX can absolutely flourish. That is what we will do, bank on that! stephen corliss, [23.08.17 22:33]
[In reply to Rawls: This guy knows how the things are supposed to be done. Nice.] Thanks Raul! The more we do up front the more we remove all the unknowns to ensure the platform maintains its superiority. If you mitigate for all risks now then that removes chances of unwanted outside disruptions. We have 100% clarity and a detailed plan to do just that.. Fun stuff!! stephen corliss, [27.08.17 03:49]
I wholeheartedly believe that regulations are inevitable and that regulations are the thing that allows this space to explode. Initially, the immediate reaction would be a very short term negative price reaction (could be a period of hours or several days) before the market realizes that this is just what happens to any product as it matures. Its the maturity of the eco-system that requires it to be regulated, which allows it to move to mass adoption and price explosion driven by massive demand. This is why everything we do here at Bitquence assumes we operate in a regulated environment and thus is embedded in our "immediate" and longterm strategic plans". By doing so, we remove most, if not all, potential future business disruption, unlike most others who will get caught off-guard. Consider the most recent disruption to Exchanges and Exchangers, where most of the industry were negatively effected by the opinions put out by the SEC (US) and MAS (Singapore) regulatory bodies regarding ICO's. What happened in a lot of cases here was that firms operating in these spaces had to hit the pause button while they sought legal advice on how to adapt their business operations and procedures. By planning ahead, one can remove much of these known and unknown variables by building a model that can flourish in such an environment. This is our approach. stephen corliss, [27.08.17 04:23]
Almost all global regulators follow a process that entails first publishing "proposed rules" to the public for comments, 2nd An internal assessment of all commentary received and finally, the issuance of final rules. The entire process averages about 9-15 months. Now, lets assume the first to enter is the SEC in the United States. Not a bad assumption because one of its key National Legal Bodies, NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS, has just approved something called "UNIFORM REGULATION OF VIRTUAL CURRENCY BUSINESSES ACT". This is important as this provides a National Law Framework for each of the States to approve and add to State Laws. With this key piece of law defined, we could assume that others will begin to build off of this. Thus, my best guesstimate for you would be we could see some regulations in early 2019. There are a lot of moving parts here all around the globe so we need to monitor a lot of things across a lot of countries! But, the first mover historically tends to be regulators from the US. stephen corliss, [03.09.17 05:13]
[In reply to catmando: Now the impacts of more regulations. im not sure. Will it slow growth but help promote better products? will regulations dampen much at all? Idk, but im sure by the end of next year the prices of a good handful of these coins will be significantly higher.] Regulations may, if not will, be a major disruption for most of our industry. However, we are building Bitquence to sustain this liquid rule environment by embracing rules and structures that are commonplace with traditional investments. This is one of many differentiators for bitquence over the long term. stephen corliss, [03.09.17 14:09]
[In reply to Bodhisattwa: Does bqx has clarify on it not being a security ?] Hello, BQX is a Functional Token that enables users to access services on the Platform. It is not a Tokenized Security because of the above reason along with the facts that it does NOT carry with it any rights other than "access", like voting, profits, dividends or any other feature common with traditional "shares". stephen corliss, [03.09.17 15:51]
All, We hear you 100%. Let me make one point reference competition. Competition will be and is a healthy thing for any industry as it provides options for consumers while also allowing consumers to choose the better service provider and technology. However, when building a model in an industry such as this one that has to align with a complex financial industry centuries old, most will either fail or miss the mark significantly. What we have right now is a classic "square peg round hole" situation where ONLY those with the necessary technical, business AND industry expertise will win. What I can share here is this, we've done all of the necessary work designing a comprehensive solution that can flourish in a highly fluid business environment, where most others will be confused and distracted. I've set up many financial firms in my life worldwide so this is not unchartered territory and we will do whatever is necessary to ensure BItquence can flourish. FOCUS, BE BOLD, BE FAST, BUILD AND DELIVER, it is as simple as that. stephen corliss, [03.09.17 22:35]
A little more color: "Our list of younger members in our forums is growing because of the mission for mass adoption is resonating with them and a lot of these younger folks need help understanding this complex space." Thus, lets be sure to operate accordingly. stephen corliss, [04.09.17 23:23]
Ben, There are some overlapping parts but many do not. At the end of the day we could simply conclude that a critical differentiating factor is they are more "active" focused and we are focused more on the "passive" end. However, these two investor types and related features do overlap in similar respects but our Universal Wallet feature is unparalleled and is not something they offer. Now, I have a much stronger opinion with detailed specifics of the numerous functionality that separates us but lets keep that to ourselves so we can maintain the advantage over the competition. stephen corliss, [06.09.17 14:34]
Brian, we are a Functional Token and should not be thought of as any type of Tokenised Security as our Tokens represent access to services on the Bitquence Platform. Our Customer Acquisition Strategy is broad in scope and is aligned with our product roadmap to ensure we reach all desirable markets and grow our user base. Exchanges are a critical component of extending our customer reach so anything we do here would be part of our business development efforts, which is a continuous process. Let me remind the community that coins and tokens involve significant volatility and risks and, more importantly, according to our Terms, Token Sale Participants were not submitting Contribution Tokens to obtain BQX for the purpose of speculative investment. Furthermore, market liquidity was not guaranteed and the value of any token could depreciate in full, be highly volatile and inherently risky. With regards to development progress, our Alpha version has been released to the Product Council for review and testing, which will most likely run for a few weeks. Beta will immediately follow for a period and we expect to release the Bitquence Prediction functionality in Q4. stephen corliss, [14.09.17 04:48]
[In reply to John Weston about news: Upcoming changes regarding Canadian users] John, I know of them well. I want to be respectful here so I'm just going to speak big picture rather than speak of any other firm.
First, one must first understand if a token is a Functional Token or Tokenized Security. A Tokenized Security is evident if tokens represent ownership in the company and token owners have rights to vote and participate in company profits/dividends. Tokens facing fact patterns like this are going to be very problematic in a lot of OECD member jurisdictions, including US, Canada, EU, EN, Asia, etc. (Basically all developed and emerging economies). The big issue here would involve the legal hurdles anyone must overcome and adhere to when raising money from the public. If a firm runs a global ICO and it involved a tokenized security, and the firm didn't meet the legal requirements across all regions before issuing, this could be a big problem to overcome.
Secondarily, the business model operated by any Token company must also be assessed to understand if it is involved in securities activities. Again, in most OECD jurisdictions when somebody accepts any type of funds from investors in-kind for a share of something being offered by the Token company, it is quite typical for regulators and courts to find a security because investors are investing capital, in a common enterprise (the tokens firms structure which represents a value to the investor, like a fund for instance) with the expectation of profit (literature claiming returns) from the efforts of others (whether the Token firm itself or a 3rd party who manages the fund). This would be the same for a mutual fund for instance. This situation could be made even more problematic for several reasons, beginning with 1) a companies own Token being classified as a "security", 2) a token firms structure for accepting investors money as part of its business (post ICO) will most likely also be classified as securities, and 3) if neither the token firm or its outside 3rd party service providers were licensed as authorized investment advisors or asset managers, they could face some severe regulatory difficulties. Furthermore, because any transactions involving any of the above would be considered securities, a token firm could also have a fourth issue stemming from the trades they accepted from users, as these could be securities and thus require a broker dealer or brokerage license. I hope this helps but ping me back here or directly if you have any other questions. Sorry, there's a potential 5th issue, if a company such as the above were handling transactions that ultimately were determined to be securities AND that firm executed customer trades (rather than send them to an external exchange), that firm could be found to be a securities Exchange and require those authorities in every region. stephen corliss, [22.09.17 16:23]
[In reply to Ron Mata: good morning . So Jamie Dimon is at it again. He just had another interview where he says government will shut down bitcoin and throw people in jail like china. But from your end it sounds different. You are bullish on this and was approached by china to help transition china. Do you know something Jamie Dimon doesn't know? Do you respect the man?] Remember, not everything is as it appears. To answer you last question first, I would say he is a smart man who is aligning his public comments with current conventional thinking. Meaning, we all know there is a lot of dark money flowing around our industry along with some firms who are committing fraud. With that as the backdrop, he cannot publicly support this industry as he cannot be at odds with the rules that are in place to safeguard the global system. Until we start embracing KYC/AML, nobody in the financial industry or those who regulate it will support it, at least publicly. However, what he is not saying is that because of rules and conventional thinking, he cannot participate in Token-Sales or this broader economy and this is a problem as at some level it impacts his businesses. For instance, it is expected that at least $3billion will pile into Blockchain startups in 2017 and ONLY 25% of this total will come from traditional Venture Capital firms and 75% will come from Token-Sales. The financial industry already struggles with their capacity to put Institutional Investors capital to work in alternative investments strategies. If we are drawing away larger pools of potential venture investment, this leaves them in a bit of a bind as their customers need higher performing assets in their total portfolios. Additionally, if this model continues to flourish, this will have a knock on effect across Private Equity as they will have much less firms to provide later stage funding or acquire, which also means they will have less capacity to put capital to work. This also means that the financial industry loses a bit of control they currently have over typical fintech firms where it is a major source of innovation for them that they typically acquire through acquisitions, which also increases competitive threats to their business that they cannot mitigate. So, what do you do? You speak negatively about this industry for all of the above reasons. I haven't even touched on the larger issues about how an industry left unmanaged or unchecked could lead to systemic failures. This is the bigger issue that I think none of us are really talking about as we cannot simply change the way capital markets work without carefully and respectfully thinking about its impact on the system as a whole. This is what regulators and central banks must, and are, thinking very carefully about, which is why I believe every national economy will begin to shift towards our model and force us all to play by the rules. (which is exactly what China is doing). In essence, a lot of this noise at some level is intended to scare the dark money out of this space, which I actually believe is working. Not a bad thing for those of us who are legitimate, both consumers and businesses. Respect? Not sure as I prefer transparency and this is very rarely what you get from leaders. stephen corliss, [24.09.17 17:27]
[In reply to CB: hi mate, are you guys concerned about Change Bank??] All, let me give a bit more thought on my Change Bank comments. Although we think about competitors, my biggest concerns are almost always driven by a single question, which is "Can a token be part of the population of tokens available to our customers in their baskets?". This is important as a token can only be included in the Basket Service if it passes a few tests. 1) Is it legitimate and 2) Would adding it expose Bitquence to serious legal, financial and reputational risk? This 2nd question is absolutely critical as we only need to look to the DAO and Slock.it to discover how 1 firm's mistake can expose the entire industry. Why does this matter to Platform users? Because the business risks associated with any Token you hold are correlated 1:1 with the firm sponsoring the token so if they face serious legal/regulatory headwinds, and fines, this could drive the value of their token to zero leaving token holders with a worthless token and no service to use it with. Since our mission is to provide tech and services to our users that helps them build wealth and make prudent decisions, Bitquence will need to do whatever it takes to provide them with critical information through our Token Rating System to help you mitigate or manage risks. stephen corliss, [25.09.17 12:33]
[In reply to Dean Jaman: stephen with all the news coming out of China, I read an article that speculates China is working on placing a proportion of their currency on the blockchain, to be able to offer liquidity to its people and moreover the world. It would essentially function as Tether USDT. Can you shed some light on this theory?] Hi Dean, Moving some of a countries monetary system on to a DLT based structure makes sense but it has its challenges as understanding the impact on existing lending, credit and other macroeconomic factors will be quite difficult. However, we know China believes and invests in the technology. Purely from an economic perspective, being first in this space has tremendous potential advantages on future economic activities. If governments believe in the technology, why would they not invest in the innovation to secure a leading position in the field, generate employment and investment , etc. Personally, I know China is investing in the technology and I know the US is doing the same but to a lesser extent. However, indirectly, the US through its Venture Capital Sector is investing a growing amount of capital in DLT. I also know through some initiatives I've been involved with that the US is intently focused on how to use DLT to tackle the unbanked and underbanked, internationally. So, with all that said, I know governments see the potential benefits of this innovation and that this will have a positive impact on our efforts to move towards mass adoption. Is China actually looking to move a small share of the monetary base on chain? No idea but the fact pattern does seem to support such a move but only if they can truly understand the implications of doing so (macroeconomic factors). Plausible for sure. However, we all do need to understand how very complicated such a shift would/will be and how dangerous it could be if a central bank got it wrong. Baby steps is the only possible approach, which will require us to be very patient as this will be extremely complex and take decades to occur, if it ever does. stephen corliss, [25.09.17 21:45]
[In reply to Greg: Thanks for video and explenation of TCF. So coins from all categories will be on the platform? Will you be able to add "tokenized security" coins to portfolio without colision with the law?] Tokenized Securities can be either those that are "registered" by Issuers with National Regulatory Bodies or those that are not, whether knowingly or not. The latter example, cannot be traded on any platform whatsoever whether the platform itself is regulated or not because the Issuer has not registered their tokens. If it is, then all of the firms involved in a transaction like this could be in violation of certain rules and subject to fines.
The former, Or registered Tokenized Securities, can be transacted on a Platform but only if the platform itself is structured appropriately. What I mean by this is that unless a Platform is structured correctly, registered Tokenized Securities can only involve other regulated entities such as a licensed Broker, Exchange or Advisor depending on ones role in the process. stephen corliss, [02.10.17 12:53]
[In reply to Greg: If team figure out how to deal with asian regulators it will be a big step ahead.] Been working with Asian regulators for years so this is covered! stephen corliss, [14.10.17 23:57]
[In reply to EstimatedProphet: I think these individuals deal with government regulation all the time. They have a much more realistic perspective on how the government might come down on it. I think Stephen disagrees but I may be wrong.] Most leaders don’t really understand regulations and investment law and this is typically a conscious decision. Many of the leaders I know or have met over the years actually have very little knowledge about the rules involving global finance and almost none of them understand market structures and there inner mechanics. Knowledge is something you desire for yourself, or if you don’t have this desire you mostly rely on others. Unfortunately most opt for the latter and this is how most companies operate nowadays. Its a personal choice, simple as that. What leaders unfortunately do have is the ability to apply leverage over policy. This is what I worry about and develop strategies to protect against. Shingo, [23.10.17 01:53]
[In reply to Harshad Thakar: Do you think that the way you guys are developing the "upper layer" that might involve such crypto stuff, it will be subject to incremental scrutiny by these countries?] This is more of a @BQXStephen question, but I think that this is an area that the law hasn't fully caught up to the technology. When you send funds to an address, it is just that. The address doesn't "reside" anywhere. You could look at who owns the private key and where they reside, but it can often be unclear and unenforceable. I think the best solution that any crypto company can do is operate ethically and under the auspices of reputable regulators. For services that can clearly be tied to a jurisdiction (fiat transfers etc.) then you restrict based on location of origin. Stephen:
Thanks Harshad. Shingo is absolutely right. I want to tread carefully here but without exposing our strategic model too much, the problem our industry faces is that our default strategy is to run “from” regulation rather than to it. By taking such an approach, our industry sends signals to those whose mandate is to protect consumers that we don’t care or respect rules or that we have something to hide. That position, stance or strategic approach, is fundamentally flawed in our view and we believe there is a better approach that allows a firm to minimize obstacles rather than create new and additional ones. Shingo, [04.11.17 17:33]
* I think blockchain has the ability for us to rethink the global financial system from the ground up. Financial firms tend to do a lot of abstraction: securities, funds, etc. in order to make the system more efficient. The entire system we have now can be made more transparent, ethical and accessible through blockchain. That is really the holy grail of blockchain technology stephen corliss, [06.11.17 03:36]
Questions From User (Oscar) In Response To The Securities Question From Earlier 1.) Does BQX consider people holding BQX currently as investors or gamblers betting on a "utility token"? This is important... From a fundamental standpoint, why should we hold bqx if it does not consider us investors, offer returns, offer voting, etc? Why hold a measely utility token if its only use is for powering an app? Doesnt bode well for the long term.
2.) Are you considering selling/converting bqx for stock/stoken at some point? Perhaps some % share in fees etc? I think if bqx could incorportlate a way to incentivise $$ people to hold and buy more, they could use this opportunity to gain more popularity and lead the way. Telling people who very much consider this an investment that they are "thinking wrong" makes it sound like bqx has very little value.
3.) What happens if the sec labels BQX a security?
This is key... Lots of people are backing a project and you are right they are not being promised ownership or voting rights - and you say the problem is how people think of utility tokens - yeah we handed you 40 million to "just" play on your app... that does not make me want to hold BQX.
You guys may want to find a better incentive than "using the platform," to encourage long term holding and building value or further investment. Im sure all coins will have to deal with this Indeed, but we all know how to use a VPN, and a coin offering a return or stake in the comoany is a lot more valuable than one that does not. This could really help or hurt BQX.” My Response:
- Your Question: Does BQX consider people holding BQX currently as investors or gamblers betting on a "utility token"? My Answer: Neither. We see token holders as members, supporters and customers who have purchased tokens necessary to access and use products and services they desire and deem essential and critical with regards to financial services. I liken this to a cooperative where those with shared interests came together to solve shared problems to improve outcomes for all members.
- Your Question: Why should we hold bqx if it does not consider us investors, offer returns, offer voting, etc? My Answer: Customers should hold BQX because they believe it has value to them personally AND that others will also believe it has value, and thus purchasing the token and holding it could serve 2 benefits, 1) It allows holders to lock in their cost to access the system at a lower cost while 2) potentially selling some of their lower cost tokens to others in the future at a higher price because of increased demand by new customers / users
- Your Question; Why hold a measely utility token if its only use is for powering an app? My Answer: In conjunction with the potential benefits in #2, the utility provided to customers can also replace services available today at a lower cost, allowing customers to pocket cost savings. Additionally, depending on the product or service, benefits can come in the form of better outcomes that could take the form of increased returns and decreased risks. There are numerous others but lets leave it there for now.
- Your Question: Are you considering selling/converting bqx for stock/stoken at some point? My Answer: We have not furthered our thoughts on this with an actual strategic plan, as of yet, but if customers would benefit we wouldn’t hesitate. However, this may be the end result anyway when regulators mature their thinking, which is also why we would consider making such a transition anyway in order to remove any unknowns or uncertainties and allow us to operate with minimal distractions.
- Your Question: Perhaps some % share in fees etc? I think if bqx could incorportlate a way to incentivise $$ people to hold and buy more, they could use this opportunity to gain more popularity and lead the way. My Answer: Absolutely.
- Your Comment - Telling people who very much consider this an investment that they are "thinking wrong" makes it sound like bqx has very little value. My Response: I didn’t say people were thinking wrong, what I said was even though some firms are not issuing tokenized securities, the mentality of holders is identical, which may create a regulatory “problem” with regards to the legal structure of functional / utility tokens. This is important from the perspective of regulators because of their consumer protection mandates. As such, whether something is a utility token or not may not matter at the end of the day as regulators will protect the public when they see the need. Personally, I believe this review will be necessary as we all know predators and fraudsters are out there.
- Your Question: What happens if the sec labels BQX a security? My Answer: First, we didn’t offer tokens during our Token Sale to US residents and Secondary offerings made subsequent to our token sale are not made between the company and customer but rather customer:customer. However, as mentioned, we think and plan for all variables so any such determination would have limited impact as we’ve done a ton of work to mitigate risks such as these.
- Your Comment: This is key... Lots of people are backing a project and you are right they are not being promised ownership or voting rights - and you say the problem is how people think of utility tokens - yeah we handed you 40 million to "just" play on your app... that does not make me want to hold BQX. My Response: First of all, the 40m number doesn’t apply to BQX so lets make sure that is clear. Please read everything I post and comment on very carefully as I believe you are using my comments out of context. This disconnect is not a pro blem for me but rather a problem with respect to current laws and opinions, which presents a gap that courts will need to close so everyone has the clarity they need.
- Your Comment: You guys may want to find a better incentive than "using the platform," to encourage long term holding and building value or further investment. Im sure all coins will have to deal with this Indeed, but we all know how to use a VPN, and a coin offering a return or stake in the comoany is a lot more valuable than one that does not. This could really help or hurt BQX. My Response: I’m feeling like you misunderstand how we think of our customers. We don’t believe the only incentive we offer customers is “using the platform”. The token provides access to countless benefits both from products and services AND the benefits listed above under #2 and #3 Bitquence will be the currency that enables new projects, products and services to launch within a new global financial eco-system. So, yes there are differences but a lot of similarities as well.
Bitcoin Gold is a direct fork of Bitcoin, which means that it will have an inbuilt replay projection. 3. Bitcoin Gold will have a variable difficulty that will change per block, which is a good thing for GPU miners. 4. Bitcoin Gold will have a pool of pre-mined coins for around 16,000 blocks. Apart from this, there will be no changes. It’s based on Bitcoin and Litecoin but aims to improve on their functionality and security by having much faster block times and by using five independent algorithms. The mining DigiByte pools are improving with time – most of them allow the use of VARDIFF (Variable Difficulty) and have a monitoring feature. They offer different reward systems for the convenience of all miners. There are ... The pool will typically be maintained by a pool operator who may take a fee for his services. This will usually be a ﬁxed percentage cut f of the block reward. So, for every block found, the operator will receive a fee of fB and the remaining (1 − f)B will be distributed among the miners. Therefore, the actual expected payout for a miner is ... Historical Bitcoin Halving ... The price increase will push up the mining difficulty and the computing power, and vice versa. Generally speaking, the difficulty of mining in Litecoin increased gradually from February, 2018, and the increase or decrease in the price of Litecoin was positively correlated with the rise or fall of the currency price. The Feedback Cycle of Price, Computing Power ... The Bitcoin network is set to see its mining block reward halved in the first half of May. Speaking to LongHash in exclusive interviews, leaders at the world’s two largest Bitcoin mining pools, F2Pool and Poolin, discussed how the Bitcoin mining sector would look like after the halving.. A block reward halving happens approximately every four years, and it drops the reward that miners ...
The Bitcoin Backbone Protocol with Chains of Variable Difficulty, was produced by a team of three researchers and included Prof Kiayias. It is a continuation of previous research into Bitcoin ... The Bitcoin Backbone Protocol with Chains of Variable Difficulty, was produced by a team of three researchers and included Prof Kiayias. It is a continuation of previous research into Bitcoin ... The Bitcoin Backbone Protocol with Chains of Variable Difficulty, was produced by a team of three researchers and included Prof Kiayias. It is a continuation of previous research into Bitcoin ... Mining Pool Shares, Difficulty and Luck Explained - Duration: ... How To Speak by Patrick Winston - Duration: 1:03:43. MIT OpenCourseWare Recommended for you. 1:03:43. Building a 3.5kWh DIY Solar ... The Bitcoin Backbone Protocol with Chains of Variable Difficulty, was produced by a team of three researchers and included Prof Kiayias. It is a continuation of previous research into Bitcoin ...