COTI — the new currency of the Internet

Today the name of the shopping Internet sites Amazon is known to everyone. This name is now everywhere, there are even rumors that Amazon is trying to enter the healthcare market. Climbing on Amazon Olympus has largely coincided with a rapid growth of e-Commerce. And the pace of development of this sector of the economy is really amazing. It is expected that in 2022 the volume of online sales reached almost $ 650 billion, and it is only in the United States. Yet globally, the turnover resulting from the implementation of remote transactions of purchase and sale for the specialists ' forecasts to 2021 will reach 4.5 trillion dollars, i.e., increase more than two times, compared with the year 2016 (1.9 trillion. $).

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However, despite the fact that the global e-Commerce continues to gain momentum, there are still serious problems with cross-border payments. In the McKinsey report for June 2016 was noted that the conduct of the average cross-border payment is required within three to five business days. Don't forget that international payments, in spite of such dubious quality, and even cost a lot of money: companies like PayPalthat charge for their services rather big Commission.

Over the past few years has developed many solutions to these problems. One suggestion is the use of blockchain technology. Satoshi Nakamoto suggested using the bitcoin cryptocurrency, which allows parties to Transact directly based on only the cryptographic proof, i.e. without third party verification. It seemed like a great option. However, retail sellers are reluctant to accept bitcoins. This is partly due to the variability of the price of this cryptocurrency, partly from lack of confidence. In addition, the majority of cryptocurrencies, including bitcoin, have a slow rate of confirmation of transactions: per second handled by no more than a dozen operations. For comparison: a typical Visa for a speed of 56,000 transactions per second.

Newer solution based on blockchain technology, has positive answers to all three questions above: transactional trust, fees and transaction rate. COTI is a digital currency created specifically for payments. Called the "currency of the Internet", it can be used to further promote the growth of a global e-Commerce.

COTI: transactional trust, the fees and the transaction rate
Network core COTI, associated with bacchanal, is controlled by three key components — the system trust evaluation, mediation and currency exchange. The mechanism of trust evaluation COTI uses a proprietary algorithm to assess the creditworthiness and reliability of buyers and sellers: analyzes user behavior in the past and based on all the collected information is displayed score. Thanks to this mechanism of trust evaluation, which is a component of the blockchain, COTI is a happy medium between cryptocurrencies with a low level of confidence and banks, where the level of trust depends on a third party. It's really a mutually beneficial way.

The evaluation mechanism of confidence also affects the amount of fees charged. The value of commissions for each of the parties will depend on the selected currency and the resulting "trust points". Users with an impeccable record of trust will pay per transaction is much less than users with a low level of confidence. Lower costs will be borne by those using more stable currency. The scoring system managed by the COTI network, detects users who have powerful economic incentives for honest and trustworthy deals. In addition, the mediator still persists: users can make a transaction directly through the platform blockchain third parties such as PayPal, VISA or Bank that is not needed.

Finally, the network COTI boasts instant confirmation of the transaction, its speed is 10,000 transactions per second. This is in sharp contrast with those of other cryptocurrencies, both from the point of view of speed of confirmation, and from the point of view of the transaction. Native currency COTI, XCT, able to scale, and is the common denominator of all fees and charges in a Network. All transactions are recorded in a decentralized "Ledger" and can be independently verified.

COTI could become "the currency of the Internet" that the world was looking for. It is able to significantly reduce transaction time and reduce costs for all parties involved. COTI combines the best aspects of traditional payment systems with the best aspects of cryptocurrencies. Buyers and sellers will benefit from the adoption of the new standard.

Website: https://coti.io/
Whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
Token Economy: https://coti.io/files/COTI-Token-Sale-Summary.pdf