COLX Core version 1.0.4 Update

Pavik is Ali :)

This is a new minor-revision version release, including various bug fixes and improvements.

Please report bugs using the issue tracker at github:

https://github.com/ColossusCoinXT/ColossusCoinXT/issues

Mandatory Update

The COLX Core v1.0.4 is a mandatory update for all users. The budget and reward rules have been updated and will require this mandatory update beginning on block 388,800, which will occur on June 30th, 2018. Please update your wallets immediately. After block 388,800, wallets that have not been updated to v1.0.4 will no longer be able to connect to the ColossusXT network.

How to Upgrade

Shut down wallet. Wait until it has completely shut down, then run the installer on Windows or just copy over /Applications/COLX-Qt (on Mac) or colxd/colx-qt (on Linux).

Windows/Mac Wallet Installation Guide:

https://gdoc.pub/doc/e/2PACX-1vRbH2hJnsCzdXX_VpBYVFYRBFjFJQ-Tsxdj-g7yAMKctV66NQhEXOB07M3rvWdC_t5FVcxAmBF_lpNh

Linux Wallet 1.0.4 Installation Guide:

https://gdoc.pub/doc/e/2PACX-1vSXjVutFCfePr-imysTT0ak0wVaGe4bBugomjMH8C7Sp1gtWTy7xYU0gKDwO7J-lpvt2wmQkfxUbPyS

Notable Changes

Important Changes to secure Dev Fundings/New Coin Parameters

To help fund the development of the ColossusXT project toward our roadmap goals and and to increase POS Staking and Masternode rewards, the block reward will be adjusted from 1000 COLX per block to 1500 COLX per block. The new block reward distribution will be as follows:

  • 80% (1200 COLX per block) will go to users for Staking and Masternode rewards. (This will be an advantage for this user group as it will be 200 COLX higher per block than actual distribution)
  • 10% (150 COLX per Block) will go directly to the official Developer Fund Address.
  • 10% (150 COLX per Block) will be used for proposals/budget system.
  • Transaction Fees will now go directly to the official Developer Fund Address rather than being burned.
  • If there are no proposals approved in the budget payment cycle, these funds will be routed to the official Developer Fund Address.

Change Log

COLX Rebranding

Default data dir and config file renamed from ColossusCoinXT to ColossusXT.

DNS seed address updated

For reliability there are 3 official seed nodes now.

BIP65

This BIP describes a new opcode (OP_CHECKLOCKTIMEVERIFY) for the COLX scripting system that allows a transaction output to be made unspendable until some point in the future.

New version notification

Wallet will notify you whenever a new version is available to download.

Minting

Negative staking amount fixed. Wallet restart is no longer required to start minting when mintable coins appear.

Checkpoint

New checkpoint added that corresponds to the first block with min stake age 8 hours.

Masternode and budget

Small fixes related to the budget payment system.

Start masternode in the GUI

Start masternode buttons in the GUI now are working correctly.

Segfault colx-cli getinfo

Bugfix related to getinfo command while loading block index.

colxd — help

Bugfix related to the — help command in the daemon.

Segfault with -enableswifttx=0 / -enableswifttx=false

Bugfix related to the -enableswifttx option.

Windows installer ask for admin privileges

You no longer have to run windows installer as admin manually. It will ask you for elevated privileges.

These blocks are created once a month and are a singularly important vehicle for the community to control decisions regarding development, online presence and policies: They contain community members’ proposals.

Basically, in these proposals members suggest how the 10% of the block rewards that are reserved for these purposes should be spent. The content of a proposal can span one or several budgeting cycles of 30 days.

Anyone can submit a proposal for a transaction fee of 1000 COLX, which are burned after submission, regardless of the community’s decision towards the proposal. All submitted proposals are then voted on in the superblock. Only masternodes have the right to vote, and in order for a proposal to be accepted, it needs to earn the approval of 10% of masternodes.

An accepted proposal can be submitted to the blockchain via the relevant developer for an activation fee of 1000 COLX. The author of the proposal can apply for reimbursement of both the submission and activation fees inside the formal proposal; of course, this can only be granted if the proposal is accepted.

In order to improve chances of success for a proposal, it is recommended that the author first seek informal discussion and suggestions from other community members. They can then formulate a pre-formal proposal and post it for open discussion in the COLX forum. After all suggestions have been thoroughly considered, the final proposal can be submitted to the superblock as described above.

Summarised Steps:

STEP 1) Discuss idea with community on Discord

STEP 2) Once you think the idea is solid, bring the discussion to the next level at https://forum.colossusxt.io/, specifically in the Budget & Governance Proposals –> Pre-Proposal Discussions category.

STEP 3) Now it is time to create a final version of your proposal and add it to https://forum.colossusxt.io/. This time, in the forum in the Budget & Governance Proposals section.

STEP 4) Proposal submissions are ‘frozen’ 72 hours prior to the following ‘Super Block’ which happens every 30 days. Depending on your strategy, you may want to submit your proposal late to perhaps grab some funds that have not been requested yet. Typically though, you simply want as much time as possible to get as many votes as possible!

STEP 5)Submit your proposal

STEP 6) How to vote

This entire process is completed in the Debug Console.

  • mnbudget prepare < name of proposal > < info link > < how many payments > < starting block > < payment address > < amount or payments >

INFO
To obtain the next superblock (starting block) go to the Debug Console, and type: mnbudget nextblock

  • Record the hash >
  • mnbudget submit < name of proposal > < info link > < how many payments > < starting block > < payment address > < amount or payments > < preparation hash >

Record the vote hash >

  • create your details to post Proposal

< Proposal Name >;

hash=

“mnbudget vote-many < vote hash > yes” to vote in favor

“mnbudget vote-many < vote hash > no” to vote against

“mnbudget getinfo < name of proposal >” to check the status

(You can vote on your own proposal)

STEP 7) View the list of proposals

STEP 8) Wait for vote to finalize

If you have done all the above well, and received little to no ‘resistance’ to your proposal, then you can reasonably expect it to be accepted. But, even good proposals can be ‘bumped out’ when there are many other great proposals fighting for limited funds. So, keep working hard to make sure everyone’s questions are answered etc. to get those votes!

Conclusion

The COLX Core v1.0.4 is a mandatory update for all users. The budget and reward rules have been updated and will improve the development funding of ColossusXT.

Please Update your wallets prior to block 388,800 which will occur on June 30th 2018. Wallets that have not updated after June 30th 2018 will no longer be able to connect to the ColossusXT network.

Website: http://colossusxt.io/

Whitepaper Download: https://colossuscoinxt.org/whitepaper/

Roadmap: https://colossuscoinxt.org/roadmap/

Discord: https://discord.gg/UatyC

Telegram: https://web.telegram.org/#/im?p=@colossuscoin

Twitter: https://twitter.com/ColossusCoinXT

Instagram: https://www.instagram.com/colossuscoinxt/

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