Altcoin Review: Colossuscoin V2 Cryptocurrency

Altcoin Review: Colossuscoin V2 Cryptocurrency

Dubbed the future of payment methods, Colossuscoin V2 is a decentralized internet currency that can facilitate quick payments across the world. The pe

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Dubbed the future of payment methods, Colossuscoin V2 is a decentralized internet currency that can facilitate quick payments across the world. The peer-to-peer system is quite energy efficient, and it can therefore be a great option for Bitcoin which is associated with high energy consumption. The system’s high-energy efficiency is attributed to the Proof of Stake (PoS) which is a method that secures a coin’s blockchain.

Concerning the system’s ability to facilitate instant payment, the users of the system enjoy a reliable scrypt protocol which provides unmatched stability and quick accessibility. The currency is also equipped with a myriad of security features. A good example of these features is wallet encryption which allows the users to secure their wallets. The users can view their transactions and account balances privately with encrypted wallets. The transactions are confirmed in minutes, allowing the user to enjoy steady transaction processing.

Using public-key cryptography, Colossuscoin V2 reduces risks of attacks by more than half. In public-key cryptography, both private and public cryptographic keys are generated which allow the users to secure their accounts adequately. And the best thing about the public-key cryptography network is that it is maintained by coin holders.

When it comes to gaining coins, the system uses the PoS algorithm to create new coins for the users. The algorithm requires less computing (small amount of CPU) to secure the blockchain and to create new blocks in the network. To perform these two tasks, the algorithm uses fewer coins making it cost efficient. The PoS mining can only be done with scrypt algorithm, and as it stands, the currency is unmineable.

At the time of launch, the company created 550 billion coins and distributed about 380 billion coins to the users, and it continues to make money through the users. When sending the coins, the users are charged a transaction fee of 0.1% or 10 coins, whichever is higher. The coins mature after a hundred blocks. The company uses 75% of the gathered fee to develop the platform, and the rest goes to coin stakers who open their wallets each 14 days.

Recently, the company developed a new COL 2.0 Client for Linux, Windows, Android and Mac OS. It also came up with an updated Wallet Client that offers better connectivity and quicker syncing times.

On the side of markets, the Colossuscoin V2 uses CV2 as its exchange trading symbol. The hybrid PoS/PoW altcoin can be traded on a number of platforms and with several other cryptocurrencies, including Bitcoin. Some trading platform for CV2 include: Gatecoin, Bittrex, CoinEx and Crypto-Trade.