COTI Solutions: A Revolutionary Payment System

cryptopal2 (29)in #blockchain • 7 years ago

Stuck in digital payment systems that charge you over the top fees? Still using traditional payment systems which often take a lot of time?

The future of digital currency payment system is entering into a revolutionary innovation with the birth of COTI. COTI or Currency of the Internet is a decentralized online payment system which seeks to address the common challenges associated with the blockchain-based payment solutions.

The Chain Technology Payment System Challenges

In the recent years, we have seen the growth in popular interest as well as adoption of several cryptocurrencies and blockchain technologies. But despite this success, cryptocurrencies are still facing various challenges that have marred their goal of achieving universal adoption. These challenges include the following:

• High transaction fees
• Difficult to manage and complicated support needs
• Lower Transaction Throughput because of challenges in Scalability
• Longer settlement periods
• Security and trust issues due to lack of buyer and seller protections aswell as absence of regulations

The next-generation COTI cryptocurrency will be bringing in solutions to these pain points in digital payment systems.

So, How Does COTI Works?

COTI offers a blockless payment system that will operate based on a DAG or Directed Acyclic Graph. As opposed to a blockchain this cluster platform is expected to improve the payment transaction throughputs while remaining at relatively lower costs. The enhanced protocol aims to increase scalability and address various security and trust issues.

COTI is primarily designed to address buyers and merchants issues with the current generations of blockchain technology. One of the main features of this promising digital payment system is the Trust Score approach wherein trust-based scores will be assigned to every user account and will be used as the driving factors of the necessary transaction approvals as well as the associated fees. Users with high trust scores will pay lower or even zero fees and those with low scores will expect to pay higher fees. Another notable feature of the COTI framework is the Mediation Service which is patterned to provide quick and effective settlement in times of disputes based on tested arbitration procedure. Included in COTI platform are the set of rules that shall bound the overall payment system along with a jury of mediators.

COTI users will need to open an account via a COTI wallet. Each user will be provided with private and public keys which will be randomly generated. The user can enjoy the benefits of payment system designed to work in the digital sphere. Unlike the faults commonly associated in traditional digital payment systems, COTI allows a more convenient payment system that is relatively easy to accept and at the same track.

What Benefits Can I Expect With the COTI Platform?

The COTI solution can benefit both the merchants and buyers in many ways:

• Buyer and Seller protection
• Lower and Even zero fees which means increased revenue and profits
• Reduced false positive transactions
• Highly Secure and Private Payment System
• Faster settlements turn-around time
• Simple and hassle-free payments
• Efficient Micro payment method