Colx network change proposal

The ColossusXT blockchain has been maintained to date, since 2017.The project has been through rough times over the years. In most cases, many setbacks happened mostly by bad centralized exchanges. However, the team keeps thriving and building with more ideas and prototypes than ever. These setbacks did not kill us but made us stronger. We, as a team, admire what the Solana ecosystem has achieved in the short term, what it is offering today, and we can see the future surrounding it. Therefore, we want to align our targets accordingly to make Colossus’ vision come true.

Project Vision: Align to Gaming / Cloud Gaming & Infrastructure / Metaverse / Web3 / NFTs, Mix “Share & Earn” with “Play & Earn”, keeping the long term focus on privacy oriented decentralized computing

Proposed Changes:

  • Swap COLX to Solana blockchain as a utility token (1:1 on Solana as COLS) to reduce development fees with regards to owned chain overhaul, focus on main goals for building platforms and get part of a growing ecosystem as well as apply for relevant grants/funding (ie. https://twitter.com/amytongwu/status/1456616150775832586)
  • End of active development support for COLX blockchain by official team 6 months after swap starts (Swap grace period: 6 months after official swap announcement, claimable amounts to reduce by 20% each month after 3rd month)
  • Keep the token emissions same and integrate burn mechanism via use cases (cloud gaming platform and Colossus Grid)
  • Move staking and masternodes to a tiered based staking to incentivize holders better
  • After COLX to COLS swap, burn most of the unclaimed amount and keep part of it locked via multi signature contract for marketing activities, floating liquidity and governance with vesting schedules (limited to max. 8% of the circulating supply)
  • Raise initial capital with 1000 in-game NFTs on Solana (NFTs linked with Phase Gaming’s MMORPG: Asherah World)
  • Raise for Colossus Finance (COLFI) token to incentivize future AMM Resource DEX & Colossus NFT marketplace

Development Plan: Collaborating with Phase Gaming (Australia);

  • Folvindine#2199 (Discord), a loyal community member, steps up to join the Colossus team and brings his work at Phase Gaming to create the new vision together.
  • Phase Gaming works on a cloud gaming platform which is 100% aligned with Colossus future use case
  • Phase Gaming joins forces with ColossusXT for Colossus Grid minimum viable product, as well as assisting on blockchain related development on the Solana ecosystem where relevant
  • Phase Gaming is also a game studio: One of the most significant games Phase Gaming works on is an MMORPG (Asherah World), which aims to create an artificial intelligence (AI) with emotion through collaboration from people around the world. By giving people the incentive to play this game, contribute to train and develop AI with emotion. At a later stage, the game will transform into a virtual reality (VR) game. By utilising a cloud gaming platform developed by Phase Gaming & utilizing Colossus Grid, people could play this game with any device without concern for hardware requirements
  • This organic collaboration will allow Phase Gaming and Colossus to grow their communities for their platforms & use cases (Cloud gaming platform + Games + Colossus Grid + Colossus tokens & NFTs)

Draft Roadmap:

Cloud Gaming Platform & Decentralized Grid Infrastructure for The Metaverse:

  • MVP version 1: Building the cloud gaming platform and using COLX with additional benefits. Local data center PCs will be used initially.

  • MVP version 2: Colossus Grid infrastructure development will continue in parallel as the cloud gaming platform works are being realized. Eventually software using users’ local machines / resources will be built to run different applications.

  • MVP version 3: Colossus Grid infrastrıcture to empower the metaverse: When MVP v1 and v2 are complete, using decentralized grid structure in cloud gaming platform will be the next step to reduce overheads, latency and increase COLS adoption.

  • MVP version 4: Extend use case of grid computing for other areas

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NFTs / Metaverse / Play&Earn:

  • Milestone 1: 1000 NFTs to promote Colossus on Solana & Asherah World (MMORPG) for additional funding:

    • Staking these NFT’s will be possible (ie. aside their secondary market values, they will be considered as 2million COLS and if users stake their NFTs, they will get the same amount of rewards as 2 million COLS staker)
    • Early access key for Asherah World. There will be a test server for rolling out new materials. With this, people with special NFTs will get access to new ideas from the game. By experience on the early concepts, they will have an edge over everyone else.
    • Asherah World will have Colossus Guild in the game with a backstory, exclusive quests & rewards will be made available for NFT owners
    • Colossus Guild Arena is a special event found by Colossus Team within the Asherah World for special periodic rewards, such as badges and titles
    • COLS NFT will be linked to a special kind of pet for mini game in Asherah world.
    • Pet battle system is part of the non-combat side within the game. On the other hand, users can battle anywhere in the game.
    • At first the NFTs will be linked with mystery eggs for hatching pets at a certain date
    • Minting price will be same for all NFTs but rarity will vary
    • 1st Gen NFTs can be recruited/breeded at a later stage (two 1st Generation NFT Holders can get one 2nd generation NFT with special utilities).They will be needing 2 genesis NFTs and 2 Million $COLS to be able to buy 2nd generation NFTs.
    • NFT owners will be whitelisted to participate in the private sale of Colossus Finance (COLFI) token.
    • 10% royalty on NFTs will also help future development of the project
  • Milestone 2: NFTs earned by games created by Phase Gaming, can be staked with COLX rewards in return.

Kindly note NFT mechanics might be subject to change depending on development and token economy

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Blockchain:

  • Milestone 1: Network consensus for changes, swapping from COLX’s own blockchain to Solana blockchain as a utility token.

  • Milestone 2: ColossusXT Swap to Solana network with a grace period of 6 months after swap starts. 100% claimable for the first 3 months, 80% claimable in month 4, 60% claimable in month 5, 40% claimable in month 6; unclaimed amount goes to locked multi-signature contract for marketing activities, floating liquidity, and governance with vesting schedules (limited to max. 8% of the circulating supply).

  • Milestone 3: COLS/SOL LP Incentive program

  • Milestone 4: Colossus Finance token raise (COLFI token generation)

  • Milestone 5: Colossus Finance DEX v1: Swaps on Solana network (COLS/SOL, COLS/COLFI)

  • Milestone 6: Colossus Finance DEX v2: NFT marketplace for in-game NFTs

  • Milestone 7: Colossus Finance DEX v3: Add Resource AMM DEX & resource liquidity pools

  • Milestone 8: Check to adapt privacy component on Solana

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Staking (Deep Dive - COLS Staking & NFT Staking):

Staking Tiers:

COLS Staking Contract to emit the same amount of block rewards (1200 COLS per minute = 12,096,000 COLS weekly), but as weekly payouts to the stakers.

Contract first checks the amount sent by the user wallet vs. the tier levels below.

Example:

Let’s say only two users are staking in the Colossus ecosystem, User A contributed 100,000,000 COLS, User B contributed 1,000,000 COLS.

As User A’s wallet amount is higher than 30 Million COLS, it multiplies the amount by 2.5x to normalize staking weights.

  • User A weight in the ecosystem = 100,000,000 x 2.5 = 250,000,000 COLS
  • User B weight in the ecosystem = 1,000,000 x 1 = 1,000,000 COLS
  • Total staking weight in the ecosystem = 251,000,000
  • User A gets 250,000,000 / 251,000,000 of weekly rewards
  • User B gets 1,000,000 / 251,000,000 of weekly rewards
    image

NFT Staking:

Each game will have 150 NFTs rewarded in different ways with 5 levels of rarity.

Phase Gaming & Colossus will set 10% royalty on NFTs, any sale on secondary markets will generate additional revenue to be reinvested in the project.

Each NFT represents a value in COLS based on the table below, which constitutes the staking weight.

Example:

Let’s say only three users are staking in the Colossus ecosystem, User A contributed 100,000,000 COLS, User B contributed 1,000,000 COLS, User C contributed a Legendary NFT.

As User A’s wallet amount is higher than 30 Million COLS, it multiplies the amount by 2.5x to normalize staking weights.

As User C has a Legendary NFT, worth of 500,000 COLS

  • User A weight in the ecosystem = 100,000,000 x 2.5 = 250,000,000 COLS
  • User B weight in the ecosystem = 1,000,000 x 1 = 1,000,000 COLS
  • User C weight in the ecosystem = 500,000 COLS
  • Total staking weight in the ecosystem = 251,500,000
  • User A gets 250,000,000 / 251,500,000 of weekly rewards
  • User B gets 1,000,000 / 251,500,000 of weekly rewards
  • User C gets 500,000 / 251,500,000 of weekly rewards
    image
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Token Contract on Solana

  • Premine same amount of COLX supply for 1:1 swaps. After COLX to COLS swap, burn most of the unclaimed amount and keep part of it locked via multi signature contract for marketing activities, floating liquidity and governance with vesting schedules (limited to max. 8% of the circulating supply)
  • Create a staking contract
  • Mintable (as per current mechanics):
    • 1500 COLS per minute
    • 1200 COLS for staking rewards
    • 150 COLS for development fund
    • 150 COLS for governance
  • Burn elements:
    • Game related purchases & NFT marketplace
    • AMM DEX / resource marketplace usage
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Voting

You will need at least 1 running Masternode to Vote for this proposal.

Proposal Name: Colx_Network_Change

proposal-hash = b4a440e65b2dcac387d5c21d9eefcb498a53dcb0ef987dedd478b199edbc817c

How to Vote?

In Wallet Governance

Masternode owners will now be able to cast their votes on COLX proposals with ease by way of the governance portal within the wallet. This will save time and remove the frustration of previous complicated voting mechanisms.

To participate in COLX governance budget proposals by using a new graphical user interface , download our new Update COLX Core v1.2.4 here (if you have not done so already):

https://colossusxt.io/downloads-wallet/

Governance UI article/ How to:

https://wiki.colossusxt.io/index.php?solution_id=1045

Alternatively:

Go to Tools > Debug Console > then you vote:

Correct usage is " mnbudget vote proposal-hash yes | no "

" mnbudget vote-many proposal-hash yes " to vote in favor:

mnbudget vote-many b4a440e65b2dcac387d5c21d9eefcb498a53dcb0ef987dedd478b199edbc817c yes

“mnbudget vote-many proposal-hash no” to vote against

Then go to "mnbudget getinfo Colx_Network_Change” to check the status

“Name”: “Colx_Network_Change”,
“URL”: “https://bit.ly/3lyaqHR-colx-network-change”,
“Hash”: “b4a440e65b2dcac387d5c21d9eefcb498a53dcb0ef987dedd478b199edbc817c”,
“TotalPayment”: 25000.00000000, (Proposal Fee),
“TotalPaymentCount”: 1,
“BlockStart”: 2203200,
“BlockEnd”: 2246401,

2 Likes

Hello @Xquad ,

I know we have had discussions on telegram PM before, but I thought I should voice out my opinions publicly as well.

I think the direction to more to an L2 on Solana is not the best solution, yes there is hype on the network, but they are not changing anything fundamentally on the network level. Yes, they bring about super fast tx, but why not just fork the Solana chain and have your own L1, super-fast chain.

Project Vision: Align to Gaming / Cloud Gaming & Infrastructure / Metaverse / Web3 / NFTs, Mix “Share & Earn” with “Play & Earn”, keeping the long term focus on privacy oriented decentralized computing

Since COLX is moving its vision in a different direction I think it’s best that you explore more options before committing to a network.

Solana has some advantages as an L2

  • Fast transaction
  • Super hyped
  • Growing community

But you also lose many aspects to building without your own network.

  • Control over what the governance does with its utility SOL token is another aspect too loose as well.
  • The COLX community will have little say over what happens in the SOL network.
  • Bound to SOL limitations.

I think COLX is more suited to be a layer 1 even with a migration, yes there has been a lot of overhead with maintaining the current network moving the focus away from the utility of things, which is what the new goals are aligning towards, but there is an alternative path forward.

Check out Cosmos Network they allow new L1 to be built very easily using Starport. You would get direct governance on-chain for this application-specific chain, you would get POS directly inbuilt, and easy setup and less dev overhead in maintaining the chain as the core Cosmos SDK team is building this for you, where you can upgrade the chains later. Also if you select cosmos you can Import the NFT modules, IBC modules and build things natively if you like or interoperate with other networks to receive specific things.

  • Your own token economics model
  • Your own application-specific needs can be added in as modules (even as a future upgrade on your own chain)
  • You can continue maintaining this chain independently or merge with the upstream development at Cosmos-SDK as it matures further.
  • Ability with IBC to work cross-chain out of the box.
  • You can fine-tune the network to up to 20k tps. ( i believe there is ongoing development to bump that up to 100k tps, in the coming years).
  • CosmWasm, means you can continue smart-contract and application-level development (using Rust as well)
  • Super huge developer community from cross-chain for support and development.

Full Disclaimer, I am personally invested in the Cosmos Network, also have a project Shade Protocol being built as an L2 on top of a cosmos network chain called Secret Network

I think another alternative is Polkadot, which is still a little behind in development compared to Cosmos with respect to their interoperability solutions, others that can come close to this is Polygon, which is even further behind with the solutions offered.

With continuing to be an L1, you can design new token economics that the core team can be more sustainable so you are not just working on a part-time and volunteer basis.

3 Likes