Dear cryptoinsiders , following our continued commitment to spot the most aspiring projects to help you make better decisions about the your future crypto investements .
ColossusXT (COLX) features a secure, untraceable, electronic currency. It is open source, decentralized, and freely accessible to all.
Quarter 3 2018 brings us a closer to a profound edition to the COLX framework. We call this custom privacy technology ARMIS which will come standard on every node installation.
As we continue to make improvements to our blockchain technologies, with the culmination of work resulting in the release of a distributed computing project called Colossus Grid, our focus is always on user privacy. Let’s dig deeper into what ARMIS will do for users of our platform.
ColossusXT is a community-orientated, energy efficient coin with a strong focus on decentralization, privacy, and real-world implementation.
COLX currently provides users anonymity in transactions through the zerocoin protocol, however as is common with many cryptocurrencies, some personally identifiable information may be leaked at the network layer when making a transaction. This privacy leak is addressed with ARMIS.
It's been a little while since we had a project update, so let's try to pack in what is going on lately into this snapshot;#colx #spreadthegrid #privacy #blockchaintechnology #crypto #cryptocurrency #CryptoNews pic.twitter.com/ce9gOrq9y5
— ColossusXT [not giving away ETH] (@ColossusCoinXT) August 27, 2018
ARMIS is a free, decentralized, anonymity technology based on I2P’s open specifications. Our technology uses both encryption and sophisticated routing techniques to create a private overlay network across the internet which strengthens a user’s privacy. This protected network allows users to hide their geographical location by obfuscating their ip address, replacing them with encrypted identities.
For a typical cryptocurrency transaction a user creates a message which is broadcast to the blockchain’s network which consists of nodes. These nodes communicate with each other by directing messages using ip addresses. This means it may be possible to geographically trace a transaction over the open internet from start to finish. Even though technologies exist which offer anonymity in transactions, a user is taking a risk broadcasting a transaction as some of the network nodes may be logging ip addresses. An adversary with enough resources could use this information to determine where a transaction originates.
Users can try to hide IP addresses with TOR or a VPN however both of these options have various weaknesses which can be attacked. So what can cryptocurrency users do to mitigate these treats? They can rely on the protection of ARMIS via the COLX blockchain framework. Connecting to the COLX network will obscure their node’s ip address making passive surveillance impractical while improving COLX’s censorship resistance.
Over the next weeks please stay tuned for additional information regarding ARMIS and it’s eventual Beta release. As with ZeroCoin protocol, testers from the community will be chosen to help us hone this unique technology.
By The COLX Team .
Is it worth it ?
Colossus’s value proposition is quite unique, and rather intriguing in its concept , it stands quite alone in this particular aspect of privacy , so it may have carved itself a safe niche.
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