February 2020 Budget Proposal - Part One

This part of the budget will be dedicated to covering some costs of our Blockchain Developers.

4.95 Million COLX in total from 10% to proposals for all phases will go into the Blockchain Development Fund if you vote YES
Blockchain Developer Costs:
2 Blockchain Developer’s [Part-time] = about 5K US$ | monthly

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

Proposal Name: DevelopmentFund21
Amount: 4950000 COLX
Payments Counts: 1

proposal-hash = 5e0d477822b7e684e723a482e7bb3f289c8cd6082a8e16dc7ebf60594d043c13

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 Non-Mandatory Update COLX Core v1.2.1 here (if you have not done so already):

Governance UI article/ How to:

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 5e0d477822b7e684e723a482e7bb3f289c8cd6082a8e16dc7ebf60594d043c13 yes
“mnbudget vote-many proposal-hash no” to vote against
Then go to "mnbudget getinfo DevelopmentFund21” to check the status
mnbudget getinfo DevelopmentFund21

“Name”: “DevelopmentFund21”,
“URL”: “http://bit.ly/2Ok5t4F-february-budget-one”,
“Hash”: “5e0d477822b7e684e723a482e7bb3f289c8cd6082a8e16dc7ebf60594d043c13”,
“BlockStart”: 1252800,
“BlockEnd”: 1296001,
“TotalPaymentCount”: 1,
“RemainingPaymentCount”: 1,
“PaymentAddress”: “DF9ozSCCyqg6bdmy5SyVgr2WV4ctLriDTh”,
“TotalPayment”: 4950000.00000000

What are these funds being used for?

The Development team is the heart of COLX. It is important that the ColossusXT Development team continues to grow within our technology sector. All major tech companies aggressively compete to hire gifted Developers. Coding bridges the universal divide. It is the one language that connects different nationalities and countries. Maintaining a blockchain, and development of the Colossus Grid is not an easy task and these funds will be used to compensate our developers and hire more gifted developers as ColossusXT aims to compete more aggressively in the blockchain and technology sectors.

This proposal will use the next Masternode Budget Superblock (BlockStart: 1252800 - BlockEnd: 1296001) for Payment of our Blockchain Developers and expansion of our Blockchain Developers.

What is a superblock and how does it work with the budget system?

The budget system has many stages, first, a proposal is prepared and submitted to the network. It requires at least 10% of the network to vote yes to make it into what we call the “budget projection”. The budget projection is simply all of the proposals that qualify to get paid.

Later on, the network will take the budget projection and finalize it. This is the stage where the rest of the masternode network will compare their projection to the finalized budget and if they match they will vote “Yes”. If more than 10% of the network votes yes on the finalized budget, then when the next superblock is reached, the network will create these blocks. Superblocks simply pay one proposal per block until the budget per month is paid.

We encourage all Masternode owners to join the Official Discord community.
Discord: https://discord.colossusxt.io

Thank you for voting!
Colx team