Overview of the current project COTI
Today we will talk about such a project as "Coti" (Currency Of The Internet). The Coti project is aimed at meeting the needs of sellers and buyers, solving their current problems.
Coti (Currency Of The Internet) is a decentralized global payment system with its own crypto currency designed for:
- p2p-payments: direct transfers of funds between participants. It can also be transfers via payment cards, transfers in other crypto-currencies, transfers in the COTI crypto currency.
- merchant payments: payment for goods and services of sellers on payment cards, using popular payment systems such as PayPal, as well as in crypto-currencies, including Coti's own currency
All these types of payments will be available in a single purse Coti, implemented as a web application and mobile application, as well as in payment gateways on the sites of sellers. Which is, undoubtedly, a big plus.
The main advantages of Coti:
Tens of thousands of transactions per second and instant transfers are provided by its own distributed registry called Cluster. It is based on the DAG distributed registry technology
In technologies such as DAG, the increase in network participants directly affects the improvement of scalability. This creates a positive correlation between the number of network users and the speed of transaction confirmation.
The advantage of DAG technology is not only the speed of transactions, but also the ability to operate the network without commissions (by increasing the ease of mining). Thus, DAG-technology makes it possible to make high-frequency micropayments, for example, less than 1 centimeter in size. And such advantages can not be provided by any other crypto currency. After all, for heavy blockchain systems, microtransactions are unprofitable, since they involve a high commission, as well as a low processing speed and confirmation.
This project also boasts excellent throughput Coti - tens of thousands of transactions per second.
Zero commission for buyers and very low (close to zero) commission for sellers, support for high-frequency micropayments.
Another advantage of this project is that it is not just a new crypto currency, but a whole payment ecosystem, which includes the following components:
-Scoring mechanism (Trust Scoring Engine). Evaluates the interaction between buyers and sellers, giving each participant a rating of trust.
-Based on the DAG own register "Cluster" and the consensus "Trust Chain", based on the rating (points) of the trust of participants. This ensures fast transactions (especially for participants with a high trust rating), as well as low costs and commissions of the system.
-Exchange for currency exchange. The ability to freely convert funds with Fiat support and crypto currency. Complemented by the automated work of a market maker to maintain fair profitable courses.
-System of mediation-reconciliation (Mediation System). It resolves disputes between participants, using a crowdsourcing network of participants with high confidence ratings and reputation in the network, the science of data, game theory. Allows you to resolve disputes fairly and efficiently - without increasing transaction costs. In addition, sellers and buyers can optionally use escrow accounts. If the buyer requires a refund and wins the dispute, the funds are written off from the seller's reserve stock, or (if that stock is not enough) are provided from the Reserve Credit Facility of the Coti system simultaneously with the formation of the seller's debt to that fund.
The above mentioned advantages very strongly distinguish the project against the background of other projects and also its competitors.
Initially, COTI will be an ERC20 token. These tokens will then be exchanged for the tokens of their own distributed cluster "Cluster", which is based on DAG technology.
This project has an excellent team with experienced advisors, among whom there are bankers, and partners of law firms.
The project team distinguishes the following payment problems:
Traditional payment systems (Visa / Mastercard) have numerous shortcomings - from high commissions to low-level approval of transactions. In addition, about 2 billion people are not served by banks. Also, the user of payment cards does not control exchange rates and his cards do not support the exchange of funds for crypto-currencies.
On the other hand, crypto-currencies, such as the ethereum, were faced with network overload, which led to scalability problems, high commissions and increased transaction speed.
The project Coti is very promising and has a chance of success. The project team solves these problems and combines the best in traditional banking systems with all the best digital currencies in the world. We wish the project team success and set goals.