COTI is an acronym for “currency of the internet.” It is a Directed Acyclic Graph (DAG)-based enterprise-grade Fintech platform that empowers organizations to build their payment solution and digitize any currency to save time and money.
The COTI network aims to change the face of online payments by completely replacing the centralized banking system with a decentralized, inclusive and self-regulated ecosystem. This could be achieved by implementing blockchain technology. The COTI network will offer users the ability to control their finances, exchange value in any currency or other asset, send money to friends or other recipients with low fees and use it instantly anywhere in the world. The network will also provide a lower cost for transactions and a safer experience. It is designed for use in decentralized payments by merchants, organizations, DApps, and service providers because it provides cheaper, instant, low-cost, and stable solutions without the use of intermediary tools.
Released in beta in November 2017, the COTI network was designed with performance and scalability in mind. In the beginning, the platform will operate as a hybrid blockchain with a centralized ledger of all user transactions, while transitioning to a fully decentralized network with incentive mechanisms that encourage healthy participation on the platform. The first DApp to be launched is called COTI Pay, which describes itself as encompassing finance on the blockchain.
The platform’s native currency is called COTI, which is capable of processing up to 100,000 transactions per second and provides a trust and reputation system that facilitates reliable and instant payments across all platforms. It employs a proof-of-trust consensus algorithm, GTS (Global Trust System), and multiDAG as a universal payment solution.
Who are the Founders of COTI (COTI)?
The COTI team is comprised of engineers, mathematicians, economists, researchers, and veterans from the banking and blockchain industries. Their CEO, Shahaf Bar-Geffen is the co-founder of WEB3, a well-known international digital marketing firm, where he also served as the CEO.
Dr. Nir Haloani is another notable figure in the project. He has over 19 years of experience leading research and development teams at several tech companies and has a solid background in technology and finance. He is a co-founder and former CTO of infirma Technologies (later acquired by IBM). Haloani is the current CTO of COTI.
Other notable mentions include David Assaraf (former chief internal auditor at HSBC Israel), Yair Lavi (former CEO and Finance Director at Plus500UK), Efrat Bar-Lev (former member of WEB3’s mobile department), Eli Hallufgi, and many others.
What is COTI used for?
COTI is an innovative cryptocurrency designed to help everyday people transact online. It offers a decentralized payment solution that utilizes cryptocurrencies, which cuts out intermediaries and eliminates the need for costly mining (which consumes a lot of energy). This way, people can save on fees by cutting out the middleman and allowing transactions to be processed instantly. The overall goal of COTI is to make it easier for everyone in the world to do financial transactions online.
As you might imagine, this type of decentralized technology has a lot of potential applications beyond just cryptocurrency payments red tape, including micropayments, and making it much simpler to send and receive money in developing countries. Currently, people make transactions, P2P payments, and remittances instantly, instead of taking hours or days to clear.
COTI offers a completely decentralized approach where anyone with an internet connection can create their payment network(s) without requiring any middleman or third party. The platform is also designed to help encourage ethical and stable transactions, which is necessary for the mass adoption of blockchain for payments.
What is the unique point of COTI?
There are many payment-oriented blockchain solutions available, but COTI is unique in that it combines blockchain and traditional banking systems to create a seamless transition for new and existing customers. It uses its system as a service (SaaS) platform to enable companies to establish their personalized payment solutions. This enables companies to launch products within just 1–2 months as opposed to months or even years with current solutions. COTI Pay, the first application on its blockchain, can process a wide range of online and offline transactions, including stablecoins, credit cards, and native tokens.
COTI’s “trust score” algorithm aims to overcome the issues of fraud, low liquidity, and high volatility by creating a unique trust rating for each user. This is based on their payment history and product usage, which eliminates the need for a customer acquisition cost and allows users to start using the platform immediately.
It operates without the need for costly mining, which reduces transaction costs and energy consumption. COTI can process over 100,000 transactions per second, compared to 25,000 transactions per second in traditional payment systems or 20 transactions per second in common blockchain protocols.
Additionally, COTI is also the world’s first blockchain optimized for the creation of stablecoins. As a result, each user can personalize their stable coin and reclaim complete control over their monetary resources.
How many COTI coins are in circulation?
COTI(COTI) currently has a circulating supply of 868,672,188 COTI coins and a maximum supply of 2,000,000,000 COTI coins.
How is the COTI network secured?
COTI offers a distributed ledger solution for online payments, eliminating a single point of failure with advanced security. They have introduced a new approach to achieving network consensus using the DAG-based data structure and Trustchain algorithm through a system called The Cluster.
The Cluster is a distributed ledger of all transactions on the network, which is based on a decentralized DAG as opposed to traditional data structures. It achieves scalability through a parallel source selection and confirmation of transactions, as well as its use of COTI’s Trust Scores.
To secure the network, COTI also uses a system called The Trustchain. The Trustchain is not only used to record transactions but is also used to store information about all the COTI nodes in the network; this includes their Trust Scores. The Trust Score is a measurement of the COTI node’s reliability, based on how many previous transactions it has made; nodes with higher scores are more reliable. It can be updated according to each node’s reliability and history. The Trust Score helps make consensus reachable and supports effortless recovery from attacks on network consensus.
How do I buy COTI?
COTI is a game-changer in the blockchain industry for the way payments are being processed in organizations and enterprises. With the use of COTI, merchants, organizations, DApps, and service providers can easily create their payment solution or digitize any currency to manage time and money. It also offers a cheaper method to pay in cash other than using banks, PayPal, Alipay, and so on. For this reason, many exchange platforms have recognized its native token as it offers real use cases. To buy COTI tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy COTI through your trading account.
Which Cryptocurrency Wallet Supports COTI (COTI)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as COTI. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their COTI wallet because offers a simple and interactive interface making it easy for people to navigate its system.