With the advent of Blockchain technology, cryptocurrency has been the buzz talk around the fintech industry. Cryptocurrency is stated to be the next mainstream payment method which would replace centralized banking institutions. While the older cyrptocurrencies have proven their products worth there still are large looming questions regarding scalability, acceptability and transaction time.
COTI,(https://coti.io/en/token.html) a company in the payments industry has developed a product which has the potential to revolutionize the Fin-tech sector. COTI involves the best of traditional payment methods and cryptocurrencies.
Few of the major problems that COTI solves are:
- COTI requires zero fees for payment transactions to be completed and verified. Banks and cryptocurrency transfers usually involves a hefty transactional sum to be deducted for every payment on the system.
- Traditional payment methods and Bitcoin payment is way too slow for the modern era. Paypal takes days, Bitcoin takes hours to verify a transaction. COTI transfers happen instantaneously.
- The COTI payment method is trust generative, thereby minimizing the chances of fraud on the system.
Let us dive deep into what the COTI platform has to offer and try to understand how the system works. Basically, the entire network is divided onto three components:
a) Trust Scoring Engine
b) Mediatiom system
c) Currency Exchange
Trust Scoring Engine: The key source of friction in commerce today is the lack of reliable metrics pertaining to the trustworthiness of buyers and sellers. This undermines confidence and reduces the chances of potential transactions, especially in case of cross border payments.
To solve this problem COTI has devised a Trust Score mechanism. The algorithm analyzes user data, behavior and payment statistics to devise a Trust score which acts as a metric for the payment system. Higher your Trust score, zero to lower will be the transaction fees. Lower your Trust score, more you will have to pay (comparatively) for your transaction.
Mediation System: This layer serves the need of decentralized governance, security and reliability. Mediators will help resolve the disputes arising in the system. It will protect the buyers and sellers against errors, fraud and counterparty abuse. Mediation layer provides a mechanism for dispute resolution and aids the Trust Scoring mechanism in payment completion.
Currency Exchange: The COTI platform would serve as an enabler of cross currency payments by allowing then to pay and receive in whichever currency they want. The COTI token would act as a bridge between the supported currencies on the platform.
About ICO and Token Sale: The COTI project has come out with an ICO wherein there have issued 2,000,000,000 COTI coins at $0.1 each. Presently, the private sale is ongoing since February 2018 and the company plans to start the public token sale from 15th June. It has plans to raise funds which will be used in product development and testing. Presently ERC-20 tokens are being issued which will be converted into tokens issued on COTI’s transaction ledger, once the main net is launched.
Because of the Directed Acyclic Graph (DAG) structure of the COTI network, new tokens cannot be created after genesis transaction. Therefore, an additional 2,000,000,000 COTI will be created and locked in reserve, which makes the maximum supply of the token at 4,000,000,000 COTI. These tokens won’t be released before the COTI’s Main net launch and will be used by the company to raise additional funds at later stages.
Apart from a promising product, COTI has global presence with partners across the board. Since mid-April, COTI has signed up 50,000 platform users and 2000 e-commerce merchants around the globe. Such high adoption rate in a short span of time definitely speaks a ton about the viability of the project. COTI counts global payment network processing.com, Transact Europe, Fingemon, Bancor and many other reputable firms as its partner.
With a dedicated team and excellent product, I would rate the COTI ICO as one of the best out there. If the deadlines are adhered to and the company is fast enough to deliver onto its promises, I think it would be a great success story in the payments world. The plans are ambitious and the team is perfectly skilled to deliver the task. If you looking for a promising product to invest, COTI definitely ticks all the boxes. The company is offering 100 free COTI to early wallet adopters who only need to sign up for the COTI at https://coti.io/. So stop procrastinating and click on https://coti.io/en/token.html to find out more about the sale.
Site: https://coti.io/
Facebook: https://www.facebook.com/COTInetwork/
Twitter: https://twitter.com/COTInetwork
Reddit: https://www.reddit.com/r/cotinetwork/
LinkedIn: https://www.linkedin.com/company/coti-ltd/
Youtube: https://www.youtube.com/channel/UCl-2YzhaPnouvBtotKuM4DA?sub_confirmation=1
Telegram: https://t.me/COTInetwork
Whitepaper: https://coti.io/files/COTI-overview-document.pdf
Technical document: https://coti.io/files/COTI-technical-whitepaper.pdf