Big Changes for Colossuscoin (Become a part of Colossuscoin 2.0)

[Crestington]

Hello all Bitcointalkers,

I am seeking response from all holders of Colossuscoin for a number of large changes currently happening in the community.

I am working along side members of the community in building the coin that will replace Colossuscoin through a coin-swap off the exchanges.

Here is some of the preliminary changes which are subject to change

Proof-of-stake will be 0.25%
We lower the number of days for stake: minimum stake age every 7 days
Transaction fees will be 0.1% to start.
Approx. 313,000,000,000 COL will be reserved for the swap over (1:1 ratio) and 67,000,000,000 new COL will be added to pay IPO investors and developers (col1.0 patches and col2.0 development) and what is left will be added to the Development Fund for future costs and bounties.

Coin Specifics

Parameters for the new blockchain
- 100% Proof-of-Stake currency
- 550 billion coins total
- 0.1% Transaction Fees or 1 Col whichever is higher
- Tx Destruction Fee of 0.02 Col included in all transactions
- Proof of Stake 0.25%, 7 days/14 days Max Weight
- Fee Mining 7 days/14 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 7days
- New COL Client for Windows-Linux, Mac OS, Android, Secure Online Wallet as well

I also believe we will need the patch urgently for COL1.5x before we finish and announce COL2.0 for the withdrawals and transactions to function properly.
I am willing to spend some BTC for COL1.5x patch in order to get COL back from the Dev Fund when everything is finished.

Best,
Sudo

Static pieces are the 380 Billion premine and 0.1% transaction fee and approximately 10% inflation to start

Pieces under debate are

Minimum fee, staking weights, fee allocation, algorithms and funding input.

Additional pieces to be added in before launch will be an additional 0.1% fee which will feed into a central fund managed by the Development Team.


There is no cost in order to be involved and once I have gone through all input and objections it will be built and will go into testing. I am aiming for one week for the finalization so please speak up and have your say.


How this will affect Colossuscoin Holders

We are creating a more centrally run foundation and providing a patch and the option for all holder to swap over for a limited time through sale of the final product.

It will be everyone's choice whether they decide to swap their coin over. The swap will happen off-exchange and coins swapped over will be destroyed.

Those that do not swap over will be left with a reduced total float and a better operating coin. Those that do swap over will receive a large portion of the remaining coins at the end of the swapover through their coins relative to the total float.


This is an extension of the IPO thread I had posted a couple months with a large amount of changes in order to handle funding in a safer way.

https://bitcointalk.org/index.php?topic=540149.0


A fair bit of the in depth discussion and changes was recently moved from the Development Team section into more public areas. The IPO thread up for debate is viewable by anyone

http://colossuscointalk.org/index.php?topic=545.0

Discussion of Funding ( http://colossuscointalk.org/index.php?topic=635.0 ) and recent progress on Building ( http://colossuscointalk.org/index.php?topic=635.0 ) is viewable by registered members.


Hopefully there isn't too much trolling on such an endeavor and I will do my best to answer any and all questions people may have.


Crestington

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[Crestington]

I should also mention that anyone who helps out will get free coins.

[id10tothe9]

so I understand an IPO will be announced at some point in the future? and further developments can be followed here or on the master thread? http://colossuscointalk.org/index.php?topic=545.30
I think this is good to see because I was getting frustrated with my current wallet not working and thought things are going down; I am interested in the IPO and swap but I guess more info is still needed so I'll be following your threads.

[Crestington]

so I understand an IPO will be announced at some point in the future? and further developments can be followed here or on the master thread? http://colossuscointalk.org/index.php?topic=545.30
I think this is good to see because I was getting frustrated with my current wallet not working and thought things are going down; I am interested in the IPO and swap but I guess more info is still needed so I'll be following your threads.

Yes that is correct

I am getting it built myself so I can manage costs without working with other peoples money and so we can focus directly on what the code should be with less regard to staying inline with the original code.

What this means is that everything is on the table to change and some more recent discussion has been whether we would want to have such a high supply of coins. One thing to consider is that we could create it with 1/10, 1/100 or 1/1000 the amount of Col float so that it can immediately trade against BTC at a lower value.

These are the things to discuss and work through before we decide to sell coins and when we do, Col2.0 would have no perceived value other than what some of the initial coins are sold for.

To give you an idea of a 1/10 split here is what Col2.0 would look like

Name: Colossuscoin2.0 [CV2]
Algo: Scrypt
Block time: 1 minute
Block reward: Money supply * 10% divided over 1 year + the average of Nfees collected over 10k blocks
Fee per transaction: 0.2% (0.1% to the Development Fund, 0.1% to staking)
Blocks 1-20090: 100 CV2
Last POW block 14400.  (10 days of mining)
Total POW coins: 1,440,000 coins
Block retarget: every block
POS interest: 10% increase of money supply per year
Coins stake: 7/15 day max weight
Confirmations per transaction 4
Coins mature after 100 blocks
Premine: 38 Billion


The main points I am interested in here is doing away with traditional staking and fees. Staking is serialized to produce a percentage on the coins you own but in doing so, the amount of coins in circulation is dependent on people staking. I would want staking participation to determine who receives rewards per block so a 10% increase in money supply is divided up among those participating in staking so the reward from staking would be a minimum of 10% a year and would include all the coins that other people do not stake. An example here is NXT and Peercoin which have around 55-60% staking participation so if that were the same and someone staked all their coins throughout the year, the float would grow by 10% but the reward including fees collected would be approximately 20%.

[id10tothe9]

I like the 10% idea instead of staking very much! it makes more sense.
I also think reducing number of coins to be able to trade on btc markets directly is a good idea since I believe this would lead to a higher volume due to ease and wide spread of btc more than ltc or doge.

[Crestington]

I like the 10% idea instead of staking very much! it makes more sense.
I also think reducing number of coins to be able to trade on btc markets directly is a good idea since I believe this would lead to a higher volume due to ease and wide spread of btc more than ltc or doge.

What we are aiming for and what can be done may be two different things, I am along the lines that anything can be done but the coder I am working with says otherwise. Col2.0 is actively being worked on with the 38 Billion float so testing could start in as little as a couple days or a couple weeks. This doesn't mean that the 38 Billion is the final float, I am in favor of it but what is important is how staking functions.

Please stay tuned for updates

[Crestington]

We are 12 days into testing of the first build, testing has been going very well and now into staking.

Here is a snapshot of the first build

Splash screen



Inside the wallet



Staking and mining of transactions



The Blockchain has also demonstrated a good robustness to the some 30,000 transactions I have sent and sitting at a 20mb Blockchain for 10k Blocks for an estimated size of 800MB-1GB of disk space per year for a full node. Under 2GB per year would be acceptable for bloat and with some advanced pruning techniques it can be reduced further.


Here is a snapshot of the size of the Blockchain and Wallet in terms of storage



Initial testing is nearing completion and I am aiming for a final build to be ready in 1-2 weeks with the addition of Coin Control, multiple wallet access, refined pruning of spent and orphan transactions, percentage fees smoothed over time, automatic funding of the Development Fund, Proof of Stake Velocity, Seed nodes, DNS seeders, Wallets for Windows, Mac and Linux and a few cosmetic improvements to the look of the Wallet.

Edit: Currently we are in testing among the Development Team and the Source Code will also be available for the final release.

[id10tothe9]

awesome! let me know as soon as the Mac wallet is ready!!  
(and I guess when there is news about COL2.0 you will post here too right?)

[saamxx]

And what will happen with old col coins? Still have some amount of them.
Or v.2.0 has it is own new blockchain?

[peter378]

Why are the exchanges not prepared to automatically swap the coins they hold to the new ones?

[Crestington]

I'll try to answer you all at once, I appreciate the questions.

Col2.0 will be a new blockchain with everything from float, fees and staking changes and a portion of the float will be made available for sale to pay for changes and the swapover for Col1.0.

The swapover would be off the exchange because it strengthens the network to have a large amount of wallets staking and a security risk for one exchange to hold 30-40% of the coins. Old coins that are swapped over for new ones would be destroyed as to not negatively affect those that do not swap over. If we were to swap directly with the exchanges we would need to have the same size of float which would leave long term funding gaps.

As for Col1.0 we want to see a full swapover off the exchange so in order for that to be successful, a patch for normal operation that would be provided that does not benefit any one person or group in general and the incentive to swap must be high enough that everyone will want to be a part of it without causing negative effects to those who don't swap over.

I appreciate all ideas and input into how to do this in a safe manner, I am helping with a little bit of the financing of Col2.0 and core changes because it means we can offer a finely tuned and tested product for investment.

[Crestington]

Will also need to go through some difficulty readjustments. A friend was online and I asked him to open his staking wallet since he had yet to open his wallet and would stake a very large amount of coins at full coinweight. If you would akin it to mining, it would be the same as a mining pool with a lot of hashrate suddenly mining a coin at low difficulty and as expected, he generated 155 blocks to my 2 blocks even though I have larger blocks. If it were to be that similar to mining then him closing his wallet directly after the large difficulty increase should cause a lag in difficulty and so block time was an average of 1 minute while staking and once closed his wallet, the next block was generated 53 minutes later. At the same time I had a couple orphan blocks directly after as difficulty readjusted and leveled out.



In a large distribution you wouldn't even notice the odd orphan here or there but when you get into supermajorities it changes the difficulty very quickly and so will be looking into adapting kimoto gravity well to Proof of Stake coinage over the network for retargeting of the difficulty.

[Nullu]

My COL are held in my wallet. Would this mean I'd need them to be on an active exchange?

[Crestington]

My COL are held in my wallet. Would this mean I'd need them to be on an active exchange?

No, it would mean if you have them in the exchange you would need to be able to withdraw to your wallet.