The fintech sector is the market that COTI is aiming towards. Due to the fact that numerous projects have failed to address the cross-border challenges and other concerns in the payment sector, there is a significant market need for this.
The project may have a sizable market share and offer reliable payment services. The platform is still extremely new, thus full merchant, market maker, and mediator adoption is necessary before it can achieve full scale.
What Is COTI?
It is impossible to emphasise the exponential rise of blockchain, which has been rightfully hailed as the foundation of the upcoming technological revolution. Easy and quicker financial transactions have drawn praise among the many options it provides.
The payment industry is quickly embracing potential blockchain solutions to address cross-payment issues. Because of this, many platforms in the market seem eager to explore what efficiencies may be gained from this developing technology in the quickest and most disruptive manner possible. COTI is one of many sectors making use of this technology. It examines the potential of blockchain technology and enables businesses to create their own payment system, earning it the moniker “Currency of the Internet.” You will discover all there is to know about COTI in this manual.
The layer 1 blockchain platform known as COTI, which stands for “currency of the internet,” provides decentralised payment solutions and allows companies, organisations, and governments to create their own coinage. For instance, users can create branded stablecoins to expand their customers’ payment alternatives.
The next generation of digital currencies are represented by COTI, which is an enterprise-grade platform, according to the company’s website. It is also asserted to be a fast, scalable, simple, transparent, and reliable payment mechanism.
COTI developed a payment network that aims to address fundamental issues in the financial industry, much like platforms in other industries, such as Airbnb in the accommodation industry and Uber in the transportation industry. It attempts to enhance both buyers’ and sellers’ online payment experiences.
In the end, COTI introduces established practises from the traditional financial sectors to the blockchain environment. These standards include DeFi’s fundamental use cases as well as finance, remittance, loyalty schemes, and cross-platform payments. In order to reach agreement, the network also contains a proprietary staking variation called Proof of Trust (PoT), which combines PoW with DAG.
To provide a clear and direct link between the fiat world and the cryptocurrency world, the platform has also added bank accounts and VISA debit cards. Cardano is one of the partnership agreements that COTI finalised. The team has put in around $500,000 into COTI, which accepts ADA Pay and is integrated with several fiat currencies.
The history of COTI
COTI was established in June 2017 and has its headquarters in Gibraltar on Line Wall Road. The team at COTI is made up of seasoned professionals with a variety of professional backgrounds, but they are all drawn together by a passion for blockchain, decentralisation, and privacy. Engineers, programmers, bankers, and researchers from various related businesses are on the team.
Since then, COTI has made a commitment to addressing the obstacles that come with traditional trading services, such as rules, security concerns, high energy usage, and a lack of widespread confidence in blockchain technology. It accomplishes this via a scalable, quick, and exclusive infrastructure and a DAG-based protocol. The platform had 10,000 users as of October 2021, and its goal is to conduct more than 100,000 transactions per second (TPS)
How does COTI work?
As previously said, COTI was established with the goal of creating a decentralised payment network that enables companies to operate as efficiently as possible. It is made up of parts that make it operate, such as the Trustchaim consensus algorithm, the Multi DAG data structure, node clusters, and Proof of Trust.
The foundational technology behind the COTI ecosystem and its products is trustchain. An original agreement algorithm based on machine literacy is at the centre of this. By assigning trust scores to data and organising it into chains, this drastically lowers transaction costs and increases transaction speed.
Trustchain is based on a multi-directed acyclic graph (DAG) data structure, which is more akin to a graph than a blockchain, according to the network’s whitepaper. Scalability has been known to be aided by multi-DAG. Multi DAG, in contrast to blockchain technology, is a data modelling or structuring tool that records transactions on top of one another, allowing for simultaneous operation of numerous nodes.
Overall, the COTI platform includes network layers, infrastructure, and services to create a complete, adaptable payments solution.
Proof of Trust (PoT) consensus
Proof of Trust is the consensus algorithm used by COTI. Proof of Trust, in contrast to Bitcoin’s PoW algorithm, uses less energy. Like PoW, Proof of Trust operates by assigning a Trust Score to every network user instead than relying on mining, and it uses DAG to provide efficient scalability.
Enhancing good network behaviour, lowering transaction costs, and improving good network service are the three main goals of employing Trust Score. For instance, in the case of Bitcoin, higher scalability always results in increased energy use. To address this problem, COTI employs multiple DAGs. It gives this cluster a name and assigns a trust score to each transaction. You must therefore be linked to previous transactions with the same Trust Score level in order to participate in the network.
PoT allows for the simultaneous execution of numerous transactions as opposed to PoW, which linearly accepts transactions. This resolves the scaling problem.
MultiDAG layer
Let’s contrast it to Ethereum’s MultiDAG to help us better grasp this. First and foremost, it’s crucial to recognise that both share a decentralised infrastructure that operates as a gateway for a variety of tokens and smart contracts while utilising a single native token for transactional purposes.
COTI makes advantage of MultiDAG to let token issuers brand their offering and establish their own rules based on their requirements and use cases. Token issuers are given complete control over their network through COTI MultiDAG, allowing them to establish their own regulations. This allows for limitless instances and tokens without affecting the network’s performance.
All of the COTI ecosystem’s fundamental characteristics, such as low costs, speed, consistency, privacy, scalability, and regulatory compliances, are retained by multiDAG instances. As a result, fees for transactions on this MultiDAG are paid in COTI, which raises demand for the coin and raises the network’s value.
MultiDAG 2.0
The platform is already working on a better version of MultiDAG called MultiDAG 2.0 with the introduction of Trustchain 2.0. The key benefit of this is that users will be able to simultaneously issue their tokens on the trust chain and conduct transactions using them across a variety of wallets, including COTI pay and other networks that are enabled.
COTI for business
Offering firms optimum financial solutions is one of COTI’s key goals. Companies and organisations can handle all different kinds of payments with COTI Pay. Additionally, COTI Pay can process payments using credit cards, stablecoins, cryptocurrencies, and native coins.
Users will be able to use the new COTI Native assets as a funding mechanism for retail and business transactions with the new release of COTI Pay Business.
What makes COTI unique?
The COTI network appears to differ in a number of ways. First of all, it is recognised as the first platform established on a worldwide scale to produce a stablecoin with stable prices, enabling users to issue their own stablecoins and to fully control their data.
Another distinctive aspect of COTI is privacy. Since transactions cannot be traced back to a specific user, the platform places a high priority on data safety. For each sale, it generates several addresses with a one-way hash to do this.
Since users must comply with Know Your Customer (KYC) requirements and Anti Money Laundering laws in order to access the ecosystem, COTI also appears secure.
Use cases of COTI
Processing tools
The COTI platform is creating the capabilities necessary for businesses to begin accepting payments from users of the COTI Pay wallet. Customers who browse websites of COTI Pay-based merchants but do not have COTI Pay wallets will be able to receive invitations thanks to these solutions.
Additionally, retailers will have the option of integrating COTI Pay through an iFrame or API with their websites and payment methods. Major e-commerce systems like Shopify, eBay, and Magento will enable the integration procedure.
Debit cards
Users of COTI Pay have access to debit cards that are immediately compatible with COTI Pay wallets for a simple integration process. The purpose of this is to make it simpler for people who haven’t used COTI Pay to make payments using their wallets.
Users of COTI Pay will have the option of selecting their chosen currency when they create a virtual debit card. The COTI-X capability also aids users in handling various currencies. COTI-X evaluates the currency and converts it to the corresponding amount of the card-linked currency when a transaction is made using a card linked to a currency that differs from the payment currency. This increases transparency and eliminates the need for exchange fees charged by middlemen.
Wallets
Offering a multi-currency wallet that provides quick and easy access to COTI Pay is another application for COTI. Numerous consumer payment methods are compatible with these wallets.
Peer to peer transactions
Users of COTI Pay will be able to send money quickly and securely to friends and family who also have COTI Pay wallets. Notably, these transactions have very low fees (based on customers’ Trust Scores and the currency of choice).
Nearby wallet-to-wallet transactions
Additionally, COTI Pay wallet owners will be able to send money safely and quickly to other COTI Pay wallet owners by way of close physical proximity.
Safe storage of digital and fiat currencies
Users of COTI Pay can store money in both digital and fiat currencies in their COTI Pay wallets, just like they can in bank accounts. Additionally, consumers will have access to major cryptocurrencies like bitcoin and ethereum as well as bank wires, credit cards, and COTI Pay wallets to deposit money into.
The COTI Treasury: deposit and earn
Rewards from COTI’s ecosystem of products and services are incorporated into one platform by COTI Treasury. Users can deposit COTI in a pool, much like other lending platforms, and receive rewards from the Treasury for their investment. More than 330 million COTI tokens, which were introduced in February 2022, have been placed in the Treasury. The funds obtained through the COTI product ecosystem are continually added to the pool.
You can stake by transferring your COTI to the Treasury pool, and you can always add more tokens to your active deposits. The deposit multiplier and the lock duration will determine the APY in Treasury rewards (COTI) that deposits will get. Deposits also grant users access to the ecosystem and a portion of the total treasury pool.
Your COTI coins can be added again once you’ve deposited them, and you can also withdraw your prizes. You can establish a new lock time, which is often 30 days, three months, six months, or a year, once the initially specified locked period has expired.
What is the COTI token?
The COTI ecosystem’s native currency is COTI. COTI uses energy-efficient Proof of Trust to secure the network. The token is supported by the Trustchain, Ethereum, and BNB Chain mainnets, respectively.
Trustchain: native mainnet of COTI
COTI is an ERC-20 token supporter on the Ethereum network. It is exchanged as a result on significant exchanges and wallets.
BEP-2 and BEP-20 also have COTI, according to BNB Chain.
Tokenomics
With a circulating supply of 1.05 billion tokens and a total supply of 2 billion, COTI is now trading at $0.109. The platform currently has a $115 million market valuation.
Token allocation
Token sale: This includes both private and public sales, and it has a 24-month lock-up duration. It made approximately 30% of the entire quantity of tokens.
22% of the total token supply was set aside by the platform as reserve. It will be applied to strengthen the network’s stability and growth. Additionally, COTI holders might be able to buy tokens that are later released from the reserve.
Team: Tokens will be distributed to the team as rewards for their early and ongoing efforts to stabilise the network. The token is restricted for the first six months before being distributed once every three months for 24 months. They also receive 15% of the entire token supply.
Partners and Advisors: 10% of the entire supply is paid to them.
COTI is primarily utilised for ecosystem-wide commerce. Both costs and stakes are included. To increase the usability and reliability of tokens, the network also provides a wide range of potential payments and other applications. Additionally, COTI holders can contribute money to the treasury pool for DeFi staking and receive benefits. In addition to making payments, COTI holders can conduct transactions across two separate blockchains by using a bridge.
Token governance
Users must stake 100,000 COTI for each Full Node they choose to run and decide how much they are ready to charge every transaction.
To run an Advanced Node and receive a 25% APY, they can invest 250,000 COTI.
Operators of COTI nodes are paid in a fair, effective, and flexible way for their services. The rewards are determined by the methods used for fee distribution and staking requirements.
Roadmap
The COTI ecosystem was established in June 2017 and its whitepaper was published in September 2017—three months later. The roadmap is briefly described below.
Token 1 Sale – Jun. 2018
December 2018 test net release
Jun. 2019 Mainnet
2019 June IEO
Investing – March 2021
Jun. 2021: Main net upgrade
Release of Treasury: September 2021
November 2021 COTI Mainnet 2.0
Additionally, it has disclosed its intentions for 2022, which include the launch of Djed, MultiDAG 2.0, Coin As A Service, and Treasury Upgrades.
Price and price prediction
Several trade professionals have predicted COTI prices in the cryptocurrency world. The currency, for instance, was expected to sell at $0.38 in May 2023, cancel the zero, and trade at $1.1 in May 2027, according to Wallet Investor’s COTI price projection in May 2022.
According to another pricing forecast from Gov Capital, the price will increase from $0.83 in 2023 to roughly $5.1 in 2027.
However, it’s crucial to remember that nothing is certain in the turbulent world of cryptocurrency trading. As a result, you must conduct your own research and stick to your trading strategy before purchasing any coins. Additionally, you ought to never risk more money than you can afford to lose.
How to buy COTI
Many well-known exchanges, including Binance, BinanceUS, and Coinbase, list COTI as a security. To purchase COTI on Binance, adhere to these procedures.
If you don’t already have a Binance account, create one now or log in.
Select the “Market” tab. This is located below the Home button on the site. When you click, it will display a variety of coin pairs that are available and look for COTI. Additionally, it will show the coins that COTI is linked to. Depending on your preference, pick one.
When you click COTI/USDT, the price chart will appear. You can then utilise multiple order types, including a Limit, Stop Limit, and Market order.
Select Buy.
You will be credited after entering the amount you want to spend.
