Launched in August 2013, colossuscoin was one of the many crypto-currencies launched last year as interest for digital currencies rose in the wake of bitcoin’s wider scale adoption and fame. Like many other recent digital currency creations, colossuscoin is based on scrypt-based mining and a proof of stake algorithm rewarding existing owners as well as more efficiently available for mining on regular computers. It also was launched with sub-one minute confirmations to provide quick transactions verifications. Among other features, as per its name, the digital currency also is scheduled to produce a ‘colossal’ supply of coins, with an approximate distributions of 550 billion units. As a result of the large scale expected distribution, as well as ease of mining, colossuscoin was never meant to battle against bitcoin based on value, as much as provide an efficient alternative payment solution based on digital technology.
Due to its massive production, prices of colossuscoin never reached substantial values. Nonetheless, the crypto-currency was picked up by a few exchanges including Cryptsy, CoinedUp, and COINS-E. As is typical for alt-coins, colossuscoin was offering for trade in bitcoin valuations, trading under the COL/BTC moniker. However, colossuscoin trading at Cryptsy and CoinedUp has been shelved altogether, while it exists only as COL/LTC at COINS-E. The ending of COL/BTC trading is due to the currency becoming devalued in bitcoins below the minimum value of one Satoshi (0.00000001 BTC). Falling below the Satoshi level has effectively blocked the ability for 1 unit trading. As a result of the delisting, it has also caused colossuscoin from being removed by CoinMKTCap’s list of digital currency market capitalization calculations.
Liquidity Constraints in 2021 – What is the Best Path Forward?Go to article >>