We know how overwhelming it can feel to be the victim of a ransomware attack and how your business cannot operate due encrypted or locked files. This page delivers insight on why your files were encrypted or locked, and the options you have to decrypt ransomware. As a ransomware recovery service provider, we have helped thousands of clients successfully recover their data and decrypt their data.
Evaluating all options will include analyzing the encrypted files, and the least desirable option to pay the ransom demand if necessary. Our process helps provide critical insight into decrypting ransomware and the available options that clients have.
By the end of this piece, it is our goal to show you what is involved to successfully recover your files. This guide outlines what steps and research are necessary to decrypt or unlock your files from a ransomware attack.
You’re the victim of a ransomware attack
You arrive to work and start noticing suspicious alerts coming from your servers, and none of the databases are functional. Your co-workers are frantic and cannot access any of their data. You investigate further and find all of the files on your network are renamed and discover ransom notes, and a screen asking you to email someone if you want your data back. You finally realize that you are a victim of a ransomware attack, and all of your files are locked or encrypted.
3 Common Ways Your Files Were Encrypted or Locked
Ransomware succeeds when businesses have poor security hygiene. Organizations that lack policies & procedures around data security will have a higher risk of ransomware attacks
. Here are some of the most common ways to fall victim to a ransomware attack:
Open Remote Desktop Protocol Ports (RDP)
Businesses that have improperly configured network security may leave their Remote Desktop Protocol (RDP) ports open. Unknowingly, this is the equivalent of leaving the front door unlocked when you leave your home: it provides an opportunity for cyber attacks to come through with little deterrence.
Once a hacker is connected to your network, they can install ransomware and additional back doors to access your network at a later date. A large percentage of ransomware attacks still use this method of attack because so many organizations are not even aware of this security vulnerability.
Ransomware can infiltrate your network by a malicious email campaign known as a phishing attack. Ransomware operators use massive networks of internet-connected devices
(botnets) to send phishing emails to unsuspecting victims. These emails intend to trick the receiver into clicking on a malicious attachment or link, which can secretly install the ransomware virus or other malware.
Phishing emails are becoming increasingly difficult to detect as cybercriminals find clever ways to make a malicious email look legitimate. This underscores the importance of security awareness training for everyone in the organization, not just the I.T. department.
Compromised Passwords The ransomware operators may have used previously compromised passwords from employees at your organization to gain unauthorized access to the networks.
This derives from the poor security practices of reusing the same passwords for multiple accounts and authentication processes.
If your employees have been using old & weak passwords to access your business data, a cyber criminal can use a previously compromised password to initiate the attack. Remember to always to follow good password hygiene.
The variety of attack vectors highlights the importance of a digital forensics investigation
that can help victims understand how the ransomware came onto your computer and what steps you can take to remediate the vulnerability.
4 Options for Ransomware Recovery
In this section, we cover the options to restore files encrypted or locked by ransomware.
1. Recover files with a backup
If your files become encrypted in a ransomware attack, check to see if you have backups to restore and recover (in order).
- Off-site or offline backup. Having your backup stored in the cloud or offline would protect the data from the virus since it is not accessible at the time of the attack.
- Check your Windows Shadow Copies. Even though most ransomware will delete Windows Shadow Copies, you might get lucky and find them intact.
- Check your on-site backups. We observe that most on-site data is either manually deleted by the attacker, or encrypted by the ransomware virus.
2. Recreate the data
Even though your files are encrypted by ransomware, you might be able to recreate the data from a variety of sources as outlined below:
- Recreate the data from paper copies. When you have clean systems and physical copies of your data, you can re-enter the data manually from paper copies into your computers and servers.
- Piece together data from email. Email exchanges are a great way to salvage some of your data from email attachments.
- Database mining. Some ransomware variants only encrypt a small part of a database or backup files so you can pull out good, usable data.
3. Breaking the ransomware encryption The harsh truth is that the majority of ransomware encryption is unbreakable.
This impossibility is a tough concept for many of us to accept, given the technological advances of our society. Does this mean you should skip looking into whether the ransomware encryption can be broken?
This option should always be explored if presented by a ransomware recovery firm, although the final choice is yours to make. We will lay out a real life example at Proven Data below to outline why this was a great decision for a company that was infected with ransomware.
While it tends to be rare, there are poorly constructed ransomware encryptions that have been broken by security researchers. If you can avoid paying a ransom, you should at all costs.
There can be flaws in the malware or weaknesses in the encryption. Businesses can look at these options, especially if time is on your side. There are also free ransomware decryption resources
that provide tools for previously decrypted ransomware variants. A client of ours had hired a ransomware recovery company to recover their files until we discovered at the very last moment through our analysis that the encryption was breakable. With less than 20 minutes to spare, we saved the client out of paying a $450,000 ransom.
Why can’t most ransomware encryption be broken? Ransomware is a cryptovirus, which means it uses cryptography in combination with malware to lock your files.
Modern cryptography uses sophisticated mathematical equations (algorithms) and secret keys to encrypt and decrypt data. If strong encryption is used, it can take thousands, if not millions of years to break the encryption given the strength of today’s computers.
Encryption is a security tool created with the intent of data protection. It is a defensive tool to provide security, privacy, and authentication. Sadly, ransomware attackers are using it as a weapon against innocent victims.
How do I know if the encryption can be broken?
You can start off with this free ransomware identification resource
to determine the feasibility of decryption. You will need to upload the ransom note and a sample file into the ID-Ransomware website, and it will tell you if there is a free decrypter or if it is an unknown ransomware variant.
Please note that the tool is not always 100% accurate. If the variant is still under analysis, you will need a malware or encryption analyst to determine whether or not there is a possibility for decryption.
Encryption is designed to be unbreakable, which is why security researchers can’t simply make a tool for ransomware decryption. These unbreakable encryptions protect our bank accounts, trade secrets, government data, and mobile communications, among other things. It would be a significant security concern if there were a master decryption tool that could break encryption algorithms.
4. Paying the ransom to decrypt ransomware files If the encryption is too strong, the only way to obtain the decryption key for your files is to pay the ransom.
Many ransomware victims don’t have time on their side because they are facing significant business disruption. Each minute that passes could be a lost client, or worse for a medical organization.
Here is a list of the most prevalent ransomware variants that are known to be “cryptographically secure,” which means that Proven Data or the security community has confirmed the encryption is unbreakable:
- Lockcrypt 2.0
- Cryptomix Revenge
- Mr. Dec
I don’t want to pay the hackers ransom.
Businesses and individuals have the option of choosing not to pay the ransom in a ransomware attack to regain access to their files. For personal, political, or moral reasons, there has been resentment of the ransomware economy, and victims do not have to engage in extortion. If paying the ransom is the only option, you should know what to expect before considering moving forward.
How a ransomware recovery specialist can help
If you do decide to use a ransomware recovery company and if there is one thing you get out of this article, it is this: You should always question how a ransomware recovery company is recovering your data.
If you are unsure, asking the right questions will ensure a transparent experience:
- How are you recovering my locked / encrypted data?
- How much will ransomware recovery cost?
- Do you have experience with this variant?
A ransomware recovery specialist
can analyze your current situation and determine what options are available to you at the time of the inquiry. A competent and experienced ransomware recovery company should be able to provide the following:
- Understanding the ransomware variant and what to expect
- Malware analysis to determine if the encryption can be broken
- Consultation on the attack vector which caused the attack and preventative methods
- Compliance program that screens the bitcoin wallet for links to sanctioned entities
- Digital currency readily available to facilitate the ransom payment expeditiously
- Modification of non-functioning or poorly-functioning decryption programs that are causing delays in decrypting your files
- Repairing damaged databases or files
Understanding how your files were affected by ransomware in the first place will provide you with the insight needed to prevent another attack. Whether you choose Proven Data or another company to decrypt your ransomware files, it’s important to know what unknowns there may be out there. Our threat intelligence that we’ve gathered from the thousands of previous cases enable you to make informed decisions in helping restore your data after a ransomware attack.
If you require a company with such experience, we’re standing by to assist 24/7.
Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter. The winner of the Q2 AMA Contest is:
Shenbatu Q: Why does your blockchain exist and what makes it unique? A:
ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Q: What is the Colossus Grid? A:
ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. Q: When will zerocoin be fully integrated? A:
Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition. Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else? A:
Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story. Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon. A:
The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018. Q: When will your github be open to the public? A:
The GitHub has been open to the public for a few months now.
You can view the GitHub here: https://github.com/ColossusCoinXT
The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master Q: Why should I use COLX instead of Monero? A:
ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector. Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd? A:
You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed. Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂 A:
ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing. Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid? A:
What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing.
Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base? A:
As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend. Q: Can you compare CollossusXT and Golem? A:
Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections. Q: How do you guys want to achieve to be one of the leaders as a privacy coin? A:
Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology. Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned? A:
The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available. Q: Has colossus grid had the best come up out of all crypto coins? A:
Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network. Q: How far have Colossus gone in the ATM integration A:
ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement. Q: How does COLX intend to disrupt the computing industry through Grid Computing? A:
Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income. Q: What kind of partnerships do you have planned and can you share any of them? :) A:
The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid. Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future? A:
ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet. Q: How innovative is the Colossus Grid in the privacy coin space? A:
Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy. Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it! A:
ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space. Q: What is the reward system for the master node owners? A:
From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information. Q: What other marketplaces has the COLX team been in contact with? Thanks guys! Love the coin and staff A:
ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements. Q: What do you think about the new rules that will soon govern crypto interactions in the EU? they are against anonymous payments A:
Blockchain technology is just now starting to become clear to different governments.
ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites.
Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology.
While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world. Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace! A:
Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface. Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect? A:
ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question. Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution? A:
The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications. Q: Why should I choose Colossus instead of another 100,000 altcoins? A:
Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper! Q: Will there be an option (in the future) to choose between an anonymous or public transaction? A:
Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions. Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ? A:
Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally. Q: What is the TPS speed that colx blockchain achieves? A:
ColossusXT achieves between 65-67 TPS depending on network conditions currently. Q: Plans on expanding the dev team? A:
As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it. Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ? A:
Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid. Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap? A:
There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development.
The roadmap can be found here: https://colossusxt.io/roadmap/ Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL. A:
ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore. Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project? A
**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply. Q: what is the next big exchange for colx to be listed ? A:
There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
Q: How will Colx compete with other privacy coins which claim to be better like Privacy? A:
- CoinSwitch (Crowdfunding)
- Plaak (Crowdfunding)
ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics. Q: Does COLX have a finite number of coins like bitcoin? A:
No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake Q: What are the advantages of COLX over other competitor coins (eg. ECA)? A:
The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks. Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?) A:
The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom. Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now? A:
Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work. Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it? A:
ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question. Q: When do you plan to list your coin on other "bigger" exchanges? A:
ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding. Q: What was the rationale behind naming your coin ColossusXT? A: Colossus
was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin. Q: Can you give any details about the E Commerce Marketplace, and its progress? A:
The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development. Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage? A:
The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for. Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions. A:
ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng Q: What are the usp's of colx in comparing to other privacy coins? A:
Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain. Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3? A:
ColossusXT intends to be listed on all major exchanges globally. :) Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)? A:
The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs. Q: Will ColossusXT join more exchanges soon?? A:
Yes. :) Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc. A:
As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019. Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues? A:
One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018. Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues? A:
Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases.
For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward. Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future? A:
The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners.
Our goal is to make this process as easy and accessible as possible to our community. Q: Will there be an article explaining the significance of each partnership formed thus far? A:
Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt Q: What potential output from the Grid is expected and what would it's use be? For example, x teraflops which could process y solutions to protein folding in z time. A:
There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models.
The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX.
All individuals will not have access to infinite grid resources. Q: Is there a paper wallet available? A:
Yes, see https://mycolxwallet.org Q: Is there a possibility of implementing quantum computer measures in the future? A:
This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers
use, a quantum computer
bits—known as qubits
. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values. Q: Do you plan to do a coin burn? A:
No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed. Q: Can I check the exact number of current COLX master node and COLX staking node? A:
Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer.
Block explorer: https://chainz.cryptoid.info/colx/#!extraction Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)? A:
We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand.
The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project.
Disclaimer: This is not all YouTubers, but many. Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks! A:
The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :) A:
The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone. Q: Does COLX have master nodes? A:
Yes. ColossusXT has masternodes. Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption???? A:
There is already this option.https://mycryptocheckout.com/coins/ Q: What do you think your community progress till now? A:
The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday. Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work. A:
Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC). Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap? Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail. A:
Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter. Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture? A:
The Colossus Grid. Which has been explained within this AMA in a few different ways. Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day! A:
Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
Q: Will the whitepaper be available in Portuguese? A:
- Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
- Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
- Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
- Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
- Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
Yes. We will be adding some language bounties to the website in the future. Stay tuned. Q: Notice in your white paper there are future plans for decentralised governance and masternode voting. While all that is great, how do you plan on mitigating malicious proposals from getting through by gaming the system (i.e. bot votes, multiple accounts, spam,etc)? A:
You cannot game the system. Masternode owners get 1 vote. Q: Been a massive fan of this project since Dec last year, anyways what was the reason you guys thought of putting XT at the end of Colossus. :) A:
XT symbolizes ‘extended’ as the coin was forked from the original Cv2 coin. Q: Do you plan a partnership within the banking industry to capitalize on such large amounts of money being moved continuously? A:
The focus will be on the Colossus Grid and Grid computing, with the option to participate in the financial sector of Blockchain through Polis Pay, and other partnerships that can be announced in the future. Q: When will be COLX supported By The Ledger Wallet? A:
Integration with cold storage wallet is planned. I myself (PioyPioyPioy) have a Nano Ledger S and I love it! Q: Where do you see yourself in five years? A:
The goal 5 years from now would be to be a leading competitor in cloud computing and storage. Providing government, private cybersecurity, and individuals with efficient solutions to Super-computing, cloud storage through Blockchain infrastructure. I would like to see hardware options of connecting to the grid to utilize resources after the Colossus Grid is online, and I think this can contribute to many use-case scenarios. Q: How can I suggest business partnerships and strategic ideas etc to the ColossusXT team? A:
Join us in Discord. Members of the team here are active daily, you can also contact us at: [[email protected]
) Q: A great project requires good funding. How do you plan to incorporate fund sourcing and management into the long-term planning of this project A:
Check out our governance section within the whitepaper. :) Website: https://colossusxt.io Whitepaper: https://colossuscoinxt.org/whitepape Roadmap: https://colossuscoinxt.org/roadmap/ Follow ColossusXT on: Twitter: https://twitter.com/colossuscoinxt Facebook Page: https://www.facebook.com/ColossusCoin/ Telegram: https://web.telegram.org/#/im?p=s1245563208_12241980906364004453 Discord: https://discord.gg/WrnAPcx Apply to join the team: https://docs.google.com/forms/d/1YcOoY6nyCZ6aggJNyMU-Y5me8_gLTHkuDY4SrQPRe-4/viewform?edit_requested=true Contribute an idea
: https://colossusxt.fider.io/ Q2 AMA Questions: https://www.reddit.com/ColossuscoinX/comments/8ppkxf/official_colossusxt_ama_q2/ Previous AMA: https://www.reddit.com/ColossuscoinX/comments/8bia7o/official_colossusxt_ama/
Not only is Verus one of the most technologically advanced cryptocurrencies to date but they have an extremely active and passionate development team with decades of experience. The lead Technical Developer of Verus is a former VP of Microsoft who also co founded the Java and .NET platforms.
Not to mention Verus truly has one of the most helpful and friendly communities I've ever had the honor to be a part of.
I'll give a brief description of what Verus can do right now but this is only the beginning of course and there's still lots more to come!
Technical capabilities (current)-
Verus has a unique and new consensus algorithm called Proof of Power, a 50% PoW/50% PoS quantum resistant hashinng algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0, designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, a defense against the centralizing potential of botnets. Unlike past efforts to equalize hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain more hashpower relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is sapling enabled, utilizing zero-knowledge proofs zk-snarks tech and is not "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well.
The real game changer that I'm positive will ensure their longevity are the very soon to be released, exciting upcoming capabilities.-
-Merged Mining: or auxiliary mining is a lesser known cryptographic concept that has been seldom discussed and even less so attempted, but can be found as far back as bitcointalk's earliest days. Unfortunately, development in this area of work has remained largely stagnant due to the numerous difficulties involved in coding it, coupled with the sheer complexity and vast scope involved in the programming work. Fortunately, the development team's years of experience and months of hard work have finally paid off, and now merged mining in it's true form is at last a reality. This means that a miner could find a block for Verus and now hypothetically also earn block rewards for several other projects at the exact same time! With literally nothing to lose, and significantly more to gain, it's a no brainer choice for miners. Now miners who mine for profit can make more with the same energy expenditure, while at the same time still have the option to speculatively mine and hold projects they really believe in or care about. Businesses and individual project creators will benefit too by being able to attach a newly formed project to the hashrate of a larger, more established one. This would provide security and reliability to new projects right away and in their earliest stages, a point where they are most vulnerable. Verus has created the foundation for which any person or business, whether small or large, can safely and easily enter into the blockchain.
-PBaaS: or Public Blockchain as a Service is a revolutionary new take on the blockchain as a service model entirely unique to Verus that offers the tools and necessary means to build on and utilize blockchain technology for business or personal use. It is similar to using a web hosting service to build a website with, but rather than having to build one by yourself from scratch, the service provider supplies the basics and handles all the necessary tasks from general upkeep to infrastructure maintenance. Since Verus doesn't rely on a centralized authority to work, there isn't any one single point of failure in the network, so in the event of a hack, power failure, data breach or loss, Verus' system is immune while the other options aren't. Instead of relying on a centralized system, Verus elegantly does work for the public by utilizing the public to do work.
Imagine if this were implemented on Bitcoin's genesis? I mean imagine if Bitcoin had that feature from the beginning and every other project after it could be mined simultaneously along with it like mining ethereum and Monero along with Bitcoin. Obviously this isn't possible now but it would be a similar concept moving forward.
Most iterations of merged mining before have been somewhat small scale comparatively, just one or two projects tied together for security, rather than an entire ecosystem of coins all working together in one efficient network continuously reinforcing itself like what PBaaS aims to do.
These two new capabilities will seamlessly work hand in hand to usher in a new age and a much welcomed next era for crypto. Imagine starting a new project with complete security from attack. Imagine as a miner, being able to mine several coins together all at the same time without expending any additional energy or expense. Imagine this but for the entire crypto economy with a streamlined, cohesive, and energy efficient ecosystem of merge miners and stakers backing large scale, truly decentralized, safe, secure, and private crypto projects. Now imagine the day has come when you no longer have to use your imagination to have this, the foundation has already been built..
For more information-
This is their website- https://veruscoin.io
And their Medium page filled with informative articles and helpful guides- https://medium.com/veruscoin
Give Verus a look, I'm certain you won't be disappointed.
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