As the team declares COTI should be a cross functional tool for payments, fees, mediation, merchants and also stimulate node operators. COTI is the world’s first blockchain protocol optimized for decentralized payments, designed for use by merchants, governments, payment dApps and stable coin issuers. COTI Pay, our first app, already boasts a network of 5,000 merchants and 80,000 users. COTI uses a DAG (directed acyclic graph) ledger to address the shortcomings of blockchain platforms that make them unsuitable for supporting mainstream and everyday transactional needs. COTI tokens will initially be issued as ERC-20 tokens until the launch of the COTI main net, at which time the tokens will be converted to COTI native tokens on the COTI network transaction ledger.
However, they face the challenge of scalability and low adoption rate. Our today’s ICO review is of the company that targets these obstacles by developing a decentralized network that integrates the benefits of both the systems. Hedging services COTI recognizes that one of the barriers preventing merchant acceptance of digital currencies is the volatility they may be exposed to between the time a payment is received and the time of settlement.
Today’s online payment industry has billions of people involved with over a trillion dollar transaction volume which is further expected to grow in the coming years. Though online traditional payment systems can offer scalability and faster transactions, they charge high fees. This is where digital currencies can offer an amazing alternative by facilitating greater security and low fees.
It is supposed to be faster, safer and cheaper to use than anything else on the market right now, including VISA or other cryptocurrencies. This results in high price volatility, which is the last thing you want for a currency that is created specifically for payments. High volatility is good for speculators, traders, but not for real word business. Most of e-commerce is based on low margins and very high volume of sales.
COTI will remove this barrier by creating an internal derivatives market that enables network participants to enter forwards contracts and buy and sell put/call options that are denominated in COTI coins. The margin requirement will be lower for network participants with high Trust Scores and higher for those with low Trust Scores. COTI is currently in discussions with several institutes that are willing to serve as market makers. To provide an easy-to-use payment solution, COTI is developing a currency exchange that provides network participants with continuous access to liquid markets in a range of digital and fiat currency pairs.
COTI aims to address such shortcomings by combining traditional payment methods with traditional currencies. COTI network users can expect low-to-zero fees, buyer-seller protections, a robust Trust Scoring Engine and decentralised Mediation System. COTI is the world’s first blockchain protocol optimized for decentralized payments, designed for use by merchants, governments, decentralized payment networks and stable coin issuers.
Although ideally you would be a merchant, since you get more benefit by being the originating source of the transactions. COTI – Currency Of The Internet, the world’s first blockchain protocol optimized for creating decentralized payment networks and stable coins. COTI targets the online payment industry which has a great potential. By providing a thorough solution that offers benefits like decentralization, security, low fees and scalability along with an added layer of trust and a native currency exchange. All of this and a dynamic team with crypto-friendly Gibraltar as their registered country, COTI has a lot of potentials.
Using their COTI wallets, users can transfer funds from one currency to another by posting market or limit orders on COTI’s exchange. The currencies supported at the outset will include USD, EUR, GBP, and several leading digital currencies, including COTI tokens. Without having to withdraw their holdings from their COTI wallets, users will be able to pay/receive funds in whichever currencies they choose, regardless of their counterparties’ preferred currencies.
It is advertised on the website as “Digital currency built for payments”. It is supposed to be fast and scalable, like VISA payments (thousands of transactions per second), secure and decentralized like Bitcoin. On top of this, it promises a “Trust Scoring Engine, Mediation System, currency exchange and decentralised governance”.
- It is advertised on the website as “Digital currency built for payments”.
- On top of this, it promises a “Trust Scoring Engine, Mediation System, currency exchange and decentralised governance”.
Based on a directed acyclic graph (DAG) data structure, COTI’s distributed ledger will allow 10,000+ transactions per second. At the same time, COTI sets itself as a generally accessible, fast, simple and convenient payment system with global cryptocurrency. But neither the statements of the team nor the whitepaper explains how the project, which doesn’t even have a prototype yet, could be preferable and competitive to such payment systems as Visa, PayPal and MasterCard. Another concern connected with COTI token, that is supposed to be a world stable cryptocurrency. As of now, COTI is a risky ERC-20 token, and it’s not clear when they will be converted in unique COTI tokens and how they will avoid volatility on the market.
Even a 5% variation in the price of COTI can eat up a retailers’ profits. COTI (Currency of The Internet) aims to build a decentralized and scalable payments network to facilitate efficient global commerce. Combining distributed ledger technologies with traditional payment solutions, COTI aspires to set a next-generation decentralized payment solution that is trust-driven, instant, and cost-effective.
COTI has already released the private version of the Mainnet (code is available on GitHub). COTI token is the native digital currency of COTI network, linking consumers, merchants, mediators and node operators.
Meaning that end-users will be able to transfer their holdings from one currency to another, without having to withdraw their holding from their COTI’s wallet. Moreover, it will allow the network’s participant to pay and receive funds directly in whichever currencies they wish, regardless of their counterparties’ preferred currencies. Despite the intense competition within the online payment industry, neither digital currencies nor traditional electronic payments, has yet introduced a comprehensive solution for the online payment industry. While traditional online payment systems (e.g. PayPal and Visa) have the ability to scale high-volume of transactions, with fast execution time, they represent major drawbacks in terms of transactions fees.
Supported by a native digital currency, Currency of the Internet (COTI) is a payments transaction network created to be used as an alternative to traditional payment systems like Visa, Mastercard, and PayPal. COTI is a currency and a payment platform designed to be simple, transparent, trustworthy, instant and scalable for global commerce. COTI is creating a scalable and blockless protocol (Trustchain Protocol) that can be utilized by any industry that has need of high throughput and trust to operate.
COTI sets itself apart from other payments solutions, by providing a thorough solution that consists of innovative trust mechanism, decentralized mediation system, multi-currency wallet (Fiat and Crypto) and native currency exchange. The driver of the COTI ecosystem will be the COTI coin, a native digital currency. COTI is a FinTech company that has developed a base protocol, known as the Trustchain, which aims to address technical challenges plaguing other existing cryptocurrencies and limiting their mass adoption as means of payment. It includes consumer wallets, merchant processing tools and a digital currency exchange facility.
Not decentralized, this isn’t the next bitcoin, but it’s a very cool distributed payment solution. We know they have quite a few merchants onboard already, and they are expanding. Fullnodes are low spec and can be easily run by someone for the rewards.
This is a monumental project and you can’t argue the team lacks ambition or vision. But, as much as the business whitepaper presents all the wonderful ideas and features, it never explains how they will be delivered. According to whitepaper and token sale summary COTI digital currency – (COTI) – is the center of the network, that manages the cooperation between consumers, traders, mediators and node operators.
Consumers, merchants, mediators and node operators will use COTI tokens for all interactions. COTI tokens will serve as the common denominator of payments, fees, and mediation and incentivize node operators in the COTI network. COTI users will be able to make instant, secure transfers to anyone who holds a COTI wallet.