The COTI price update as of now is $0.1756. In the previous 24 hours, its trading volume was $27,484,254, and its value has decreased by -1.46%. As of now, COTI's live market cap is $152,539,728, and it is ranked as the #393 on the Coincu. COTI has a circulating supply of 2,000,000,000 and a maximum supply of 2,000,000,000.

What is COTI (COTI)?

COTI (COTI) is a decentralized payment protocol built on blockchain technology. It is a unique fintech platform that empowers enterprises to create their own payment solutions and digitalize any currency, resulting in time and cost savings.

COTI serves governments, merchants, the stablecoin sector, and users of payment dApps.

By leveraging the decentralization of blockchain, payment applications built on the COTI network can eliminate intermediaries and operate independently from any single organization.

The challenge of online payment

Optimizing user benefits in the online payment industry remains a challenge, despite the intense competition, including cryptocurrencies and traditional electronic payments.

While established online payment systems like PayPal or Visa excel in handling high transaction volumes and fast execution times, they have significant limitations in terms of transaction fees, especially for cross-currency and cross-border transactions.

Cryptocurrencies offer the potential for more secure payments with lower transaction fees. However, their limited availability, size, and highly volatile prices present challenges. As a result, cryptocurrencies account for less than 0.1% of online payments.

COTI technology

To understand the operation of the COTI protocol, it is essential to comprehend its key components.

The COTI Cluster

COTI utilizes a Directed Acyclic Graph (DAG) model called a Cluster instead of relying on a blockchain-based database. In the Cluster, each transaction must validate the previous two transactions. This ensures transaction speed and high scalability as the number of users increases.

The Cluster operates through four types of nodes:

• Full nodes: These nodes select sources for new transactions to attach to, perform Proof of Work (PoW), and enable new transactions to join the Cluster.
• DSP nodes: DSP nodes update all clusters and transactions. They supervise every transaction within the COTI network. Individuals must deposit a significant number of COTI tokens to become a DSP node and receive rewards on the network.
• History nodes: These nodes store the complete cluster history. Retrieving the entire account history can be done from the History nodes.
• Trust Score nodes: These nodes calculate and store participants' trust scores and KYC status. Anyone can run a Trust Score node by depositing COTI tokens.

The Trust Score Mechanism

Trust scores play a crucial role in the COTI network. Trust Score nodes calculate the trust score which new transactions consider when validating the previous two transactions.

Trust scores are initially determined through user-supplied questionnaires and KYC documents. They subsequently take into account transaction evaluations, the number of disputes against and in favor of a counterparty, and ratings from other users.

Trust scores range from 0 to 100. Users with high trust scores enjoy lower transaction fees, while those with low trust scores face higher transaction fees.

Mediation system

COTI includes a mediation system to resolve disputes that arise within the system. Mediators are responsible for handling cases involving accidental money transfers between users, unauthorized charges, unsuitable goods/services, and undelivered goods/services.

The advantages of COTI for an online payment system

• Scalability: The COTI network can process over 100,000 transactions per second (TPS), significantly faster than traditional payment systems.
• Simplicity: COTI provides seamless and user-friendly tools for both users and merchants.
• Buyer and Seller Protection: COTI offers a dispute resolution system that safeguards users against errors, fraud, and partner abuse.
• Cost-effectiveness: COTI eliminates intermediaries and the need for expensive mining, resulting in reduced costs and energy consumption.
• Stable prices: COTI incorporates price-stable technology, crucial for widespread blockchain adoption in payments.
• Instant: COTI's technology enables instant transactions, peer-to-peer payments, and money transfers.
• Security: COTI's distributed ledger technology eliminates single points of failure, enhancing security.
• Anonymity: Transactions on the COTI network cannot be traced, and users must undergo KYC/AML procedures to participate in the COTI ecosystem.

Roadmap

For detailed information about the COTI roadmap, please visit this link.