Due to the budget bug within ColossusXT self governance mechanism 108 Million ColossusXT superblocks in total were missed in Q1/Q2 2018.
In order to strengthen and stabilize the ARMIS (i2p) layer initially we will need an assortment of hybrid, i2p, and static nodes. In our initial assessment these were allocated for this purpose but were missed due to the budget bug.
In order to make the network ready for ARMIS without creating spikes on the supply, our proposal is to add 4.5 Million Colx / monthly to the development budget for the fixed period of 24 months (4.5M x 24 = 108M Colx; Missed amount in 2018 due to bug).
In combination with the existing development fund, this will allow team to setup extra nodes and masternodes to stabilize the network. These additional 4.5M Colx monthly for the period of 24 months will only be used by the team to strengthen and stabilize ARMIS integration.
Budget system optimization: for dev fund, 150 Colx per block will be removed and combined in monthly superblock to optimize Colx blockchain.
Yes to approve increasing our core dev fund allocation by extra/ additional 4.5 Million / monthly for 24 months, or
No to disapprove.
You will need at least 1 running Masternode to Vote for this proposal
Proposal Name: NewBudgetSystem
proposal-hash = 17066c3decc42c5dd5514ccdb4bc0e670ed9df5f5be7eed52b97d8baeb97fd86
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 system voting 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 17066c3decc42c5dd5514ccdb4bc0e670ed9df5f5be7eed52b97d8baeb97fd86 yes
“mnbudget vote-many proposal-hash no” to vote against
Then go to "mnbudget getinfo NewBudgetSystem” to check the status
mnbudget getinfo NewBudgetSystem
“TotalPayment”: 25000.00000000, (Proposal Fee)
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 and ARMIS 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.
The governance 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 “governance system projection”.
Later on, the network will take the governance system projection and finalize it. This is the stage where the rest of the masternode network will compare their projection to the finalized governance system voting and if they match they will vote “Yes”. If more than 10% of the network votes yes on the finalized governance system vote, then when the next superblock (block: 1209600) is reached, the network will reach consensus.
We encourage all Masternode owners to join the Official Discord community.
We appreciate your continued support, thank you for voting!