There are a lot many cryptocurrencies available today in the market, however, most of them are majorly used as a store-of-value or for trading purposes with little application in the real-time payment industry. The scalability challenges associated with digital currencies have prevented them from being used for daily transactions.
At the same time, the online commerce across the globe has been growing at an unprecedented rate backed by the technological revolution of mobile and online payment systems. However, the online and mobile payments solutions are inadequate to cater to the demand with a limited market growth that ultimately results in the downgrading of the user and merchant satisfaction.
Moreover, there are multiple issues with the existing payment systems like high processing fees, long settlement periods, the absence of a shared trust mechanism, lack of multi-currency support and much more.
COTI aims to put an end to all these issues by building its own decentralized and scalable payment network which facilitates efficient global commerce. By using the cutting-edge Distributed Ledger Technology (DLT) along with the traditional payments systems, COTI aims at promoting the mass adoption of digital currencies.
COTI aims to provide merchants and consumers with a seamless payments experience using its own digital currency – Currency Of The Internet (COTI) – while creating a comprehensive payment system consisting of several key features.
Key Features of COTI
- Using the Distributed Ledger Technology (DLT), COTI aims to deliver Instantaneous Remittance through a more robust and scalable consensus model based on a directed acyclic graph (DAG) structure.
- Trust Scoring Engine: Each network participant will get a unique Trust Score by assessing the interaction between buyers and sellers. The Trust Score is used to assign the network fees which also determines the contribution by each participant in the COTI network. This way, it removes the dependence of rating on a single centralized marketplace.
- Currency Exchange Integration: This will allow network participants to seamlessly exchange between different currencies – fiat or cryptos. This will be made possible by aggregating liquidity from the external or internal liquidity pools. The exchange will be completed by an automated market maker that keeps fair and orderly market among the range of currencies.
- Mediation System: This helps to maintain the integrity of the COTI network by solving any disputes between the transacting parties. In order to resolve all the disputes fairly and efficiently, the COTI system makes use of data science, game theory and an independent network of crowdsourced mediators.
- COTI is also developing a variety of services and applications in order to establish a seamless connectivity between the participants of the network. For e.g. the COTI wallet and debit card will allow secure storage, transmission and exchange of fiat and digital currencies. The COTI’s processing solutions will look after transferring/accepting payments across different currencies while keeping the processing costs substantially low.
More details on the business can be viewed in the whitepaper.
The COTI Team
The COTI team comprises of a list of veterans who have diverse experience across multiple fields of asset management, cryptography, payment and banking industry. Its advisory team consists of people having worked in prestigious financial institutions like BlackRock, HSBC, Invested Bank, Processing.com and Markets.com.
The COTI team is all set to launch the first phase of the COTI network by the fourth quarter of 2018.