INTRODUCTION:
The world is slowly moving towards the era of economic revolution and heading to a cashless system. With the invention of technology and various new apps, there have been significant developments on the economic forum. Blockchain technology came into the picture in the year 2008 with Bitcoin using it has a means of payment. It was the first digital currency that set the foundation stone for many other currencies to flourish. The digital currency is gradually gaining mass adoption as means of payment. Several digital currencies have come up with the intention of solving cross-border payment but most of them turn to fail due to one reason or the other. This has given birth to COTI which will solve all the problems faced by other payment portals.
An insight about coti
COTI is a FinTech company that has developed a base protocol, known as the Trustchain, this is aiming to solve some of the challenges facing other existing cryptocurrencies and limiting their mass adoption as means of payment. This Trustchain used by coti is a blockless payment system that is based on a directed acyclic graph (DAG) structure and is highly scalable with low-to-zero fees and buyer-seller protections.
The currency of coti
COTI will issue token from ethereum network and it will be used in the coti ecosystem.
• The token price will be set at USD 0.1 per COTI*.
• The token sale will consist of the private and public sale. The minimum contribution in the private sale is
USD 50,000, or the equivalent in other currencies.
• COTI’s intention is to enable a broad base of community members to participate in the token sale. As the total
number of tokens available in the private sale will be capped, COTI cannot guarantee that all prospective
purchasers from the community will be able to acquire their desired allocations during the public sale.
• All of the token sale contributors will be awarded additional discounts based on their lock-up choice.
• Further information regarding timelines, discounts, KYC procedures, restricted countries and supported
payment methods has been made available on COTI’s website.
• ERC-20 tokens will be issued for the purpose of providing an official record of tokens sold. Following the
launch of the COTI main net, the ERC-20 tokens will be converted into coins issued on the COTI network’s
transaction ledger with or without prior notice, at COTI’s sole discretion.
• The ERC-20 tokens will be issued following the launch of COTI's alpha net and post-listing in COTI's exchange
(expected August 2018, but no later than the end of September 2018).
• To further fund the development of the network, COTI may occasionally initiate additional token sales from
the reserve.
*COTI’s price is denominated in USD for ease of use, but COTI will not be accepting USD payments during the token sale.
Problems of online payment
If you ask me, I would say many are the challenges of online payment. I have carefully been gathering my facts for this post after a heated conversation with some colleagues on different occasions asking why the process of making online payment must be difficult especially in Nigeria. These colleagues of mine keep on showering praises on PayPal's approach as simple, cleaner and more efficient because you don’t need to think of solving many puzzles before you can pay. However, it still balls down to the fact that it has some challenges that need to be overcome and these challenges have been carefully studied by COTI and solution have been provided. Below, I have highlighted 5 fundamental problems of online payment in Nigeria and how COTI will solve this problem and you would have to relate with me on why I think Scott is the game changer in online payment.
Chargebacks
A major challenge for business owners in the online payments industry comes in the form of chargebacks, which can create excess costs and ruin brand equity. Too many chargebacks can even mean the end — curtains — for a business.
- Cross-border transactions
Cross-border payments can be slow, inefficient, and expensive, but they play an important role in global trade. Typically, national banking infrastructures can’t handle cross-border payments, resulting in independent and non-uniform development in technologies and software platforms that complicate or stall cross-border transactions.
Conclusion
COTI is the currency of the internet for this reason e-payment can be carried out any stress. Buying of domain is made possible with coti. Establishing of e-stores is made possible with coti.
The following links can lead you to where you can have more information about the project.
Website:https://coti.io
Twitter https://mobile.twitter.com/cotinetwork
Medium https://medium.com/cotinetwork
LinkedIn https://www.linkedin.com/company/25171228/
Writer's bounty0x username. Fred
Ether wallet 0x9C8e57B23654B1903ac7253c9deFc219dB31f64F