Currency of the Internet (COTI) is a new payment network designed to compete with traditional payment platforms such as Visa, Mastercard, and PayPal. The developers aimed to create a simple and secure payment platform capable of scaling to global levels.
COTI is developing a scalable and blockless protocol (Trustchain Protocol) that can be used by any industry. Based on a directed acyclic graph (DAG) data structure, COTI’s distributed ledger can process 10,000+ transactions per second.
The developers of COTI wallets promise fast transactions with low-to-zero fees. Users also will have an opportunity to transfer funds from one currency to another by posting orders on COTI’s exchange. Right now, the platform supports USD, EUR, GBP, and several major digital currencies, including COTI tokens.
The development team aims to create a fully decentralized platform which is capable of scaling. To achieve that goal, COTI will use an innovative DAG-based distributed ledger technology that utilizes Trust Scores as the key mechanism for reaching faster consensus when confirming transactions.
COTI is compatible with other payment systems. COTI users will have access to debit cards that link directly to their COTI wallets. The cards will allow payments from users’ COTI wallets even when dealing with companies that didn’t implement COTI. The card-linked currency, through use of COTI’s exchange, will automatically convert to the purchase currency, which will eliminate unnecessary exchange fees.
COTI consumer benefits include:
Simple peer-to-peer (P2P) payments
Personal details aren’t given to merchants
COTI merchant benefits include:
Low-to-zero fees translate to higher profits
Increased cash flow due to instant settlements
Reduction in unnecessarily declined transactions (false positives)
Equitable chargeback mechanism
A secure and private payment network
Full KYC and AML regulation
The development team consists of 30 people mostly specialized in financial services and software engineering.
The concept of the project looks really promising. The company, however, has yet to release an MVP, which is expected in Q3 2018. When released, the platform will be faced with such competitors as Visa, MasterCard, PayPal. That’s why COTI actively seeks out partnership deals – Bancor, Processing.com, Stox, Wings, Transact Europe, GlobaliD and WEB3 are already cooperating with COTI.
The developers managed to attract more than 40,000 members to their Telegram group. COTI’s official twitter page has 18,000 followers, which proves that crypto community is interested in the project. All COTI ICO investment details are available on our site.