Coti kind “Coin of the Internet” is a decentralized payment protocol. With the Coti network, any company or even government can issue their own cryptocurrency. By combining the advantages of distributed ledger technology (DLT) with traditional payment mechanisms, Coti aims to be the de facto decentralized payment solution in the global retail industry.
COTI’s mission is to build a highly scalable global payments system. It’s something that the earliest Proof of Work (PoW) cryptocurrencies like Bitcoin couldn’t and there is a reason for it. As the number of users increases, transactions related to PoW cryptocurrencies like Bitcoin are getting slower. Therefore, these cryptocurrencies are not suitable for global payments. On the other hand, Coti-related transactions are even faster as the user base grows, which makes Coti a better and more efficient solution to serve global trade as a payment mechanism.
Coti can enable a faster, more trust-based and less expensive payment mechanism. Trust plays an important role in Coti transactions. In the Coti network, an innovative algorithm called the Chain of Trust algorithm creates consensus between buyers and sellers. Since Coti uses ac-graph technology to build its data structure, all transactions in the Coti network are directly connected instead of being connected by blocks.
Before we start tackling the exact problem that Coti is trying to solve, we need to understand its potential. We know that Coti aims to become a big player in the online payments industry. So let’s first figure out the potential market that Coti is targeting.
The global online payments industry market size is more than $ 3.286 billion in 2019. It will reach more than $ 17.643 billion by 2027 and grow by 27.3% from 2019 to 2027. The increasing use of smartphones worldwide is driving such incredible growth in the size of the online payments market.
To meet the growing demand for online payment services, the world needs a reliable, faster, and truly scalable payment mechanism, which is the most important feature of any successful payment mechanism or system. It is always expected that cryptocurrencies will change the payments industry forever. But cryptocurrencies have not proven to be successful to the extent that people have imagined. Well there are many reasons for that.
To stand a chance in the competitive traditional payments industry, a crypto-based payment mechanism must be highly scalable. It should also be user friendly. Without these features, a cryptocurrency payment mechanism is unlikely to become a mainstream payment system.
The majority of early cryptocurrencies like Bitcoin suffered from a serious problem. As the user base grows, these cryptocurrencies experience delays in processing transactions. That means these cryptocurrencies are not ideal solutions for global trading as they are not scalable. Added to this is the lack of trust between the counterparties involved in a transaction, which among other things often leads to chargebacks, losses for the seller and the cancellation of payments. The Coti network has also put in place safeguards to ensure that the merchant’s bank and payment service providers do not suffer chargeback losses. Both trust values and sales are included in the calculation of a seller’s working reserve.
Currently, PayPal also has a similar mechanism in place to prevent chargeback issues. But Coti’s sales reserves are among the lowest in the industry. The merchant’s circulation reserve is withdrawn in Cotis COTI tokens and the funds remain tied to the network for a few days. The funds will be released to the seller after the term of the seller’s rotating reserve expires. Features like these help Coti compete with PayPal.
While the underlying technology that powers COTI is extremely complex, the user and vendor centric tools that have been developed have been designed for simplicity.
The COTI Pay app will be available in the Apple App Store, Google Play Store and also as a web app.
COTI will also provide merchants with access to a merchant dashboard that provides detailed data and reporting capabilities for their COTI Pay transactions. In this dashboard, merchants can choose which COTI Pay supported currency they want to accept and their preferred payment currency. The dashboard will also provide merchants with wallet-like functionality that will allow them to pay COTI Pay wallet holders and to other merchants who support COTI Pay, as well as the ability to use the COTI-X facility for currency exchange .
COTI offers a complete POS (Point Of Sale) software suite that integrates seamlessly with COTI Pay. By using COTI POS, retailers benefit from all the advantages of COTI Pay and can accept regular credit and debit card transactions at the same time. On the consumer and merchant side, only access to the mobile app is required to facilitate payments.
COTI has developed the COTI Dime, a stable price coin that is tied to 10 cents USD. COTI Dime only exists within the COTI platform and serves as a price stabilization method that ensures everyday suitability and popularity with users and dealers.
COTI Trustchain is based on the DAG (Directed Acyclic Graph) infrastructure, a blockchain solution that is much more scalable and efficient than a traditional ledger. Trustchain TestNet, with a limited number of nodes, is currently running at 10,000 TPS and will exceed 100,000 TPS after production. This means that from day one, the COTI network will be able to support and maintain levels of transaction that outperform older networks like Visa and Mastercard.
COTI has created COTI-X, an internal interoperability and payments layer on the COTI platform that serves three main purposes: a payment machine for multiple currencies, a direct transfer of one currency into one currency in another currency and, above all, a liquidity aid on the COTI platform. By converting COTI coins into COTI dime and other crypto / fiat currencies. COTI has dedicated a special group of 45% reserve tokens to create and facilitate liquidity for COTI and COTI Dime via COTI-X without the need for external exchanges or liquidity providers.
COTI has developed an arbitration service that provides dispute resolution through a decentralized collective of highly trustworthy network participants and enables the same or higher level of dispute resolution as established by COTI for legacy payment solutions such as PayPal, Mastercard or Visa.
By creating the COTI platform, COTI offers businesses and governments the ability to issue their own currency in addition to our infrastructure, which is essentially what we call our entire platform white label. and expertise usually required. In this way, our solution and the COTI network can expose billions of users served by businesses and government agencies.
Data protection is fundamental to COTI, which means that transactions cannot be traced back to a specific user as multiple addressing is done with a one-way hash for each transaction. Users and merchants must go through KYC and follow AML processes to participate in the COTI ecosystem.
By switching to a share-based financing model, COTI is opening up to stakeholders to a certain degree of transparency and accountability and representing its status not only as a crypto project, but also as a real company.
Incentive bonuses for customers, dealers, partners and node operators.
Update
Buy directly on the exchange.
Currently, COTI is traded on many different exchanges with a total daily trading volume of approximately $ 8.7 million. The exchanges that list this token include: Binance, Gate.io, Kucoin, WazirX …
Coti is a decentralized payment protocol that enables partners to issue a private cryptocurrency. Coti’s vision is to build a highly scalable project that can solve problems that POW blockchains like Bitcoin cannot solve. Through this article, you must have some understanding of the basic information about the project in order to make your own investment decisions. CoinCu is not responsible for your investment decisions. I wish you every success and a lot of profit from this potential market.
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