Colossuscoin was created off the Novacoin blockchain to become scrypt Pow/pos with a fast distribution and a massive float  and fast transaction times. This makes the blockchain grow very quickly in size. We tried making staking wallets in which we blasted 100 Col into 8 wallets every 30 seconds for a couple weeks but then there was IRC ban so I never really got to see the results. We got patches and checkpoint servers put in place and a downloadable version on the blockchain but it's still having problems. Thought everything was good but now having more problems with it.

looking for ways to do this and make it worthwhile for everyone. We do have the development team section if we need a more private place to mastermind this all, there is quite a bit of information there on all problems and alot of possible solutions.

The reason I stopped the IPO suddenly was because Sudo sent a test amount to the Cryptsy wallet, they would show and up on the blockchain UT t not on cryptsy. I sent Col coins from Cryptsy to coinedup, they did not arrive. I some coins from coinedup to Cryptsy (have a bit there too), they confirmed but did not arrive.

I would suggest not making Col transfers to or from Cryptsy right now testing first.

I think we should just all pitch in, in Btc, Ltc and use escrow, pay on delivery.  We take a backwards approach and build out in, we all decide how we want to make the coin, float, fee system, security etc. We sell some of the coins and update the client and a swapover only for Colossuscoin for distribution. In a sense we could make a coin 25% bigger than Colossuscoin and give everyone who owns Colossuscoin the opportunity to trade their coins 1:1 against a much better coin that will give them much more advantages. We try to help as many people who legimately lost coins but whatever is left over after 3-6 months is split amongst the initial investors, put in the development fund or both.

Why I say it like this is because this is cryptocurrency and no one owns the coin. The Foundation really is just a group of vocal supporters who are responsible for their own investments. If you lost coins because you are careless with your crypto it is not my problem, why people send billions in transactions without first researching and testing is beyond me. When it comes to the code of the blockchain there is no one to blame except possibly the mentality of the Bitcointalk community itself. They get the coin made and then want the developers to do all the work and get paid nothing.

I would do this for 5% of the new coin and I would put up to $1000 in but it would take a month to raise the funds. I can provide ID and put you in touch with the developers and we can do it all in escrow, pay on delivery. I would say if we want to do this properly it would cost about 20-30 btc and a part of the new coin. I would also want developers from the Bitcointalk community if they would want to get on board, I think this could be the answer to their shitcoin crisis.

Thank you for the kind words, I appreciate it. I need to take about a week or two to sort out my own finances before committing to the IPO myself and posted all details in the OP. I'd very much like it if I wasn't handling the funds for this, I've been feeling very burnt out lately but these guys are more than just investors to me, they are my friends and I would give them the world if I could

+1

I think this is something often overlooked and the majority of people will simply invest in things just because it's going up which in itself is a problem. To add to this you should also find out about the community itself, does it have long term plans and goals? How well does the community get along and are the leaders of the community readily accessible and can answer all your questions? How do they handle negative situations and conflict resolution?

Community in my opinion is the make or break of a currency, without strong leadership nothing can get done. Innovation is also a big key in long term viability as it is no longer about just making a coin and watching it go to the moon, if you can get the community behind you, there is no restrictions on the changes that can be made and with proper planning and testing, you are free of all restrictions that the code represents.

reserved

We have begun fundraising for an updated client and for Colossuscoin 2.0, you can view our official IPO and Whitepaper thread here https://bitcointalk.org/index.php?topic=540149.0

The donation address on the OP was incorrect and has been fixed, it was missing the last few digits

I have also moved some of the older posts from the private Development Team section to the public Project Development section here http://colossuscointalk.org/index.php?board=17.0

It is not set in stone yet, I asked bit John about it and he said he would talk to Paul to work it out.

We will be starting to collect fundraising today, if it is 1 billion or more please confirm with us first as we want to make sure everyone is informed and has a chance to be a part of this. I have also moved some of the older posts from the private Development Team section to the public Project Development section. Some of the information may be out of date as it is what has lead us to this point and viewable here.

 http://colossuscointalk.org/index.php?board=17.0

I voted yes because I think there should be tougher rules in regards to the coins to be added. I do disagree with intentially causing damage to coins because you don't like the way it was set up.

Coins I would consider as a low quality coin would be POW only coins which are really just clones trying to pass themselves off as self sustainable coins. Other dangerous coins include extremely random rewards and extremely quick distributions.

If you want a real solution... Proof of Stake with sharing of transaction fees across the network. All transactions, buy or sell are charged a fee which goes to all the other holders of the coin.

I have added an answer and questions section and will update it constantly.

So it doesn't get lost in the pages I will answer all your questions in the original post

Yeah for sure, you can reserve a spot with the intended amount. Today serves more as a formal announcement and tomorrow we will begin the fundraising.

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

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

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

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

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

Reserved Spots

Crestington 800,000,000
Firecat 231,897,062.277
Lovecol 1,000,000,000
Sudo23 1,000,000,000
Th82 450,000,000
Heat007 150,000,000
Mouseman 1,000,534,000
Nutbun 34,000,000
Bluedude 134,000,000

Current Total Pledged 4,790,900,000

How the 9 Billion will be used

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

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


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

Coin Specifics

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


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

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

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

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


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

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

Reimbursement of Lost Coins

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

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

Status

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

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

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

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

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

How this will benefit holders of Colossuscoin

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


How this will benefit Exchanges

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

How the swap will work

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

Note: Once we have full agreement we will begin the donations.

April 21, 2014

The Colossuscoin Client has been updated to include fixes to the current Staking algorithims, better connection to peers, OpenSSL fix and a complete and current Blockchain download including a Colossuscoin.conf file for connection to permenant nodes.

You can view a full guide here with all the most current files https://bitcointalk.org/index.php?topic=517756.0

Due to some confusion about the Colossuscoin 2.0 IPO I would like to state that current coins are NOT being burnt and transferred to a new Blockchain at this time. This thread is first and foremost about the interest in such an endevour and no Coins have been collected as of yet. We will continue to monitor and make improvements to the current Blockchain, Clients and infrastructure while we prepare the building of a fully custom Blockchain. Something so radically differrent from the current Blockchain will take time to build and so we will continue to monitor and make improvements to the current Blockchain.

April 3, 2014

We will be having a shoutbox meeting on the Colossuscoin forums today at 7:30 pm Pacific standard time for all those interested in this project. The Colossuscoin forums are http://colossuscointalk.org/index.php and you need to create an account or already have one to access the shoutbox.


March 29, 2014

I am putting the IPO on hold for now until we can sort out an address to send to. Sudo23 sent some test amounts to the Cryptsy address we made and they are confirmed on the Blockchain and Coinplorer but do not show up in the Cryptsy account. This project has been very time consuming for me and I need to take a little less time on it to focus on work, moving and my own finances. If Sudo or someone else from the Colossuscoin community can handle the IPO fundraising, I can put everyone in touch with the local developers and the guy who did the ADT swap.

The Developers said they would do an updated client for 1k USD plus 3 billion Col and another 4-5 Billion for the Blockchain (most of which could come from the new coins. The ADT swap guy said he would do the swap for 3k USD in Bitcoin and is a rather easy process since the Colossuscoin Code is basically the same as ADT was. We also have a Bitcointalk Community developer that has been working on patches and updates for the client as well and would be good to pay him as well.

We haven't started the IPO fundraising yet, what has been written down is just pledges and no coins have been sent yet. I still want to do this as I've been working on it for months, just not financially able to invest in the IPO myself and so I don't think I should be the one managing it, plus I'm just burnt out from trying to do so much.

The new client should take about a week to do, been quoted at 10 hours of work.

The new Blockchain would be a bit more time consuming since we would have to figure out how to do multi-sig, the fee system, shrink the Blockchain and add multi-bit like client (so you don't have to sync from the beginning of the Blockchain).

Let me know your thoughts


Please read on how the Fundraising works

We will begin accepting fundraising tomorrow, March 28th at 12pm at which time the Development Fund Addresses will be posted. You will only be allowed to donate if you are on the approved pledge list and only up to the amount pledged. When you send coins you must write how much you have sent and the address you have sent it from so we can verify it.

If you wish to donate more than the intended amount you must be approved else the excess will returned to the same address. If you donate without first being approved, your coins will be sent back.

The hard cap on the fundraising is 9 billion which is solely reserved for the development with an additional 4.5 billion from new coins to be paid to software developers upon completion of the blockchain for a total of 13.5 billion.

If for some reason we need additional coins we can either extend fundraising to a limited degree (1-2 billion) at the same ROI or add an additional 1-2 billion to the new float paid to the software developers. I have taken an account of costs and excess should not be needed. If we have excess left over it will be used for marketing and promotion.

Fundraising will be open up to the 9 billion or completion of the new blockchain, whichever comes first.

Question and Answer Section


TX fees

TX destruction fees offset inflation by reducing the total amount of float.

Multi-sig

Multi-signature refers to an address needing to be signed by other addresses before a transaction can be sent. An address can be coded so it needs to be approved by a certain amount of keys over a maximum amount of keys (eg, needs verification of 3 of 5 keys). It will be applied to the Development Fund within the new blockchain for enhanced voting rights, security and the ability to host the fund online.

Staking

Staking works in a more efficient and fairly distributed manner than traditional mining. Once coins enter your wallet they begin to aquire coin age (the time they have been stationery in your wallet). 15/30 days Max weight means that between 15 and 30 days your coins will hit a proof of stake block, use up its coin age, verify transactions on the network and you are rewarded coins. You do not need to have your client open all the time for it to stake, if your coins are eligible to stake and you open your client, your coins will immediately stake.


Update March 27th
We at the Colossuscoin team have put together a team of talanted developers to help us reinvent the foundation. We believe it is important to raise funds and inform the community of this endevour in the most transparent way possible. Sudo23 and I will be managing the fund for this and I believe this is benenficial to everyone in the community. We are looking for approval of the community and fundraising as the developers are already nearing completion on the clients.

Yes, I have talked with Cryptsy and the Swapover will be done by the same people that did the ADT swap.


That is one of the purposes of the swap to Colossuscoin 2.0

A 1:1 swap will allow us to recover your coins if lost and can be reimbursed.

I've updated the main topic to include the initial details of the Colossuscoin 2.0 IPO

Update

We will be releasing details of our fundraising program for the wallet fix and IPO for Colossuscoin 2.0 in a few short days. Cryptsy must be listening because they removed the deactivation message. This IPO will be raised ONLY in Colossuscoin up to a limited amount with highest priority given to members of the community who have supported us.

Crestington

I've updated the original post to include the development fund addresses

Please help the Colossuscoin community by donating to the development fund addressesProject

Development Donation Addresses:
COL: 22wP7kdGCcCKmjSWZBNWauyHiK6KLH
LTC: LWD421APXW3ZRzem7HbYAD35a54JW3iy3e
BTC: 1PaU2cao6qN7odXjCqHEoSLs4NEpw3JtNU

These addresses are managed by Sudo23 and will help us fund wallet and project updates

A few days ago Cryptsy posted a message on the Colossuscoin markets stating that "This market is under consideration for deactivation due to volume". Cryptsy holds approximately 40% or more of all Colossuscoin on their exchange so as a direct result of their notice, price has dropped more than 50%

I am active on the forums daily and have Bit John on Skype as well as several other members of the Development Team. Cryptsy had the means and opportunity to inform us prior to the message they put up but failed to do so. I even sent Bit John a message 2 days before the notice was put up to tell him that we have a team that can fix the wallet issues and will take under a week once funding is complete. Had we been informed of the notice we could have simply released all of our progress thus far and begun our fundraising campaign, this is the third time in 3 months that investors have suffered due to the direct actions of Cryptsy and the most severe.