COTI - Currency Of The Internet — Digital currency built for payments
Official Video
Website: https://coti.io
What is Coti?
The new platform is basically a payment network that is powered by the creation of its own token. They state that they are setting what should become the standard for all digital payments that seek to use a cryptocurrency rather than a fiat currency. That is clearly quite a bold statement to make, so they could be making life harder for themselves by being so brash in what they are saying.
The company states that the current payment options, outwith the cryptocurrency solution, has a tendency to have rather large transaction fees that are just not necessary. They also note that their solution is going to be significantly safer as a result of the blockchain technology and they will also be able to process the transactions for a fraction of the current cost.
WHAT DOES THE NAME ‘COTI’ STAND FOR?
The name ‘COTI’ stands for the ‘Currency of the Internet.' The COTI team believes that, within a few years from now, digital currencies will play a central role in the lives of individuals and merchants everywhere. Our vision is for COTI to become the Currency of the Internet by being the first digital currency to achieve widespread adoption in payments.
WHAT PROBLEM DOES COTI SOLVE?
The world has changed a lot in recent years and new forms of commerce — including peer-to-peer transactions, online marketplaces, and cross-border eCommerce — are becoming commonplace. The existing payments networks are not ideally-suited to dealing with these new forms of commerce. While digital currencies offer the promise of lower transaction fees and higher approval rates, they face scaling challenges and low rates of adoption. Moreover, they are not equipped to deal with the protections that consumers and merchants have grown accustomed. COTI combines the best of traditional payments systems with the best of block-chain technologies to offer a new way for individuals to pay and a new way for merchants to accept payments. And it does this in a way that is faster, easier, more cost-effective and more trusted than existing payments networks.
WHAT IS THE TRUST PROTOCOL?
The Trust Protocol is COTI’s underlying technology. It consists of two main elements: Trust Scoring and Decentralized Mediation. COTI’s Trust Scoring system scores the trustworthiness of individuals and merchants based on their behaviors over time. Merchants with impeccable trust records pay zero processing fees, while merchants with less-than-ideal records incur higher fee settlements.
COTI’s Decentralized Mediation system relies on independent mediators to reach consensus on transaction disputes that occur within the COTI network. This method ensures that disputes resolved in a fair, fast and cost-effective manner. COTI’s mediators paid for their efforts in COTI’s native digital currency.
COTI’s native digital currency, XCT, cannot be mined. However, COTI’s mediators serve a miner-like function within the COTI network. Miners are paid in units of XCT when they successfully reach consensus
The Advantages of Coti.
There are a number of advantages associated with using Coti, and primarily it has to be the trust and anti-fraud aspect. This added level of security does mean that you have less to worry about when using this option as your payment processor, and then there is the speed of transactions which are also mightily impressive.
Because of the blockchain technology, it does mean that a multitude of transactions can be processed at the one time, and at a considerably faster speed than available elsewhere. Also, because the middleman has been removed from the process, it also means that the fees for the transactions will be considerably lower than elsewhere.
The Financial Aspect of the Coti ICO.
There is a slight problem when it comes to the financial side of things simply because they appear to be rather reluctant to reveal full details of what to expect with the ICO. This is because of them conducting a private sale at the time of writing and the ICO has not yet started.
However, we do know that it is their aim to raise a total of $60 million during the fundraising part and that it is believed as much as 42% of all tokens minted are going to then be available during this phase. There are also various areas that are not going to be allowed to participate in the ICO part including the United States.
Quite simply, we are going to have to wait just a little bit longer to then see what is in store from a financial point of view with this particular cryptocurrency.
Transactions
The number of transactions that coti is set to handle per second is amazing, it is set to increase the number of transactions being carried out per second to Ten Thousand Transactions Per Second. Also coti network guarantees instant transaction, there will be no delayed transaction with coti network.
Transaction Cost
COTI network seek to set the right standard of how transaction should work in digital currency transactions. In the light of this, the cost of transaction will be low and affordable.
Customer care
COTI has an initiative to have agents who will be available, they will be responsible for interacting and dealing with various issues that might arise between buyers and sellers.
COTI is a great project with a great future. I encourage you to participate in the ICO and hold the coin, investing in COTI is a great decision.
For more informations
Website: https://coti.io
Facebook: https://www.facebook.com/COTInetwork/
Whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
Telegram: https://t.me/cotichannel
BountyOx username: helal24