Hello,
For those of you who are not familiar with ColossusCoinXT ($COLX), I will detail some information below and I will provide information about the upcoming coin burn dates.
ColossusCoinXT is an open source, community driven, environmentally conscious cryptocurrency and an alternative to bitcoin that features better anonymity. It allows people to store and invest their wealth in a non-government controlled currency and make almost instantaneous and completely anonymous transfers with close to zero fees. Colossuscoin was founded as an long-standing, energy-efficient and environmentally friendly digital cryptocurrency and this concept is being continued.
That being said, ColossusCoinXT ($COLX) is basically the new version of Colossus Coin ($CV2).
There is still an ongoing swap on Novaexchange which started on 28 September and will last until 28 December 2017 for $CV2 holders in a 2 to 1 ratio (ie. Give 200 $CV2 and take 100 $COLX).
At the time of writing this, around 15,6 billion $CV2 are already swapped, so 7,8 billion $COLX is used from the $COLX swap reserve (the remaining amount for swap is currently around 4,2 billion $COLX).
Basically by 28 December 2017, following will take place:
- All swapped $CV2 in novaexchange will be burnt by the first week of 2018 (novaexchange will be doing this operation after swap ends by 28th of Dec)
- All unclaimed unswapped COLX coins will be destroyed (*reserve 5%) by sending them to an unrecoverable address with no keys.
The result will decrease the supply of the new ColossusCoinX Currency.
For more up-to-date and detailed information please follow this link
What will happen to the swapped CV2 Coins on NovaExchange?
NovaExchange.com will send the CV2 Coins to a predetermined burn address after the swap is over.
Destroy address for old CV2 coins:
CGTta3M4t3yXu8uRgkKvaWd2d8DQvDPnpL
DO NOT SEND COINS TO THIS ADDRESS!
*What is this "5% reserve" you are talking about?
This is a reserve for initial funding of services and to get added to more and Bigger Exchanges. The 5% of the remaining amount of the $COLX swap reserve will be used for marketing & promotion.
Last words (My take on the situation)
These days, $Colx is currently moving around 1-2 satoshi range, I will personally keep holding and staking (see my old detailed post for windows wallet staking if you like) as I see that the community is growing and positive things are happening.
Thinking simply in a theoretical way, if there would be around 3 billion unswapped $COLX by 28th of December, it will mean 1/4 of the total supply of 12 billion will be burnt, therefore I also think this is gonna be letting $COLX rise in value (even the amount would be less than 3 billion).
If you liked this short info on the upcoming ColossusCoinXT coin burn, please upvote, resteem, comment below and share in different mediums to let cryptocurrency world be aware.
Happy investments and have a great day!
You can also find more detailed info in below platforms or get in touch with ColossusCoinXT community:
Bitcointalk
Telegram
Website
Twitter
Slack
Youtube
The contents of this post is only for informative purposes and do not include any investment advice in any way.