maniecool: COTTI

The Fever about cryptocurrency is increasing, people have heard about it, and more and more people want to find more about it, and find a way to be a part of it. When blockchain technology came, so many things changed, for better, we say. So many businesses have improved, so many companies have started using crypto currencies in their work. The new ideas are coming every day. People want to invest in the new projects. We have the biggest tool in the world, and it is called the Internet. The internet is a enormous base of information where we can do anything. Internet has connected the entire world. One of these projects is Cotti

Here is an Overview of the project
COTI

The new platform is basically a payment network that is powered by the creation of its own token. They state that they are setting what should become the standard for all digital payments that seek to use a cryptocurrency rather than a fiat currency. That is clearly quite a bold statement to make, so they could be making life harder for themselves by being so brash in what they are saying.

The company states that the current payment options, outwith the cryptocurrency solution, has a tendency to have rather large transaction fees that are just not necessary. They also note that their solution is going to be significantly safer as a result of the blockchain technology and they will also be able to process the transactions for a fraction of the current cost.

THE COTI VISION AND MISSION

COTI’s vision is to build a decentralized and scalable payments network to facilitate efficient global commerce. This will set the standard for a next generation payment solution that is trust-driven, instant, cost-effective and supportive of a multi-currency wallet. By reconciling cutting edge distributed ledger technologies with the best of traditional payment solutions, COTI will be poised to spearhead the mass adoption of digital currencies in the mobile era. COTI mission to build a flawless and affordable e-Commerce industry, Coti solution aims to connect merchants and customers that use digital currencies, which currently has a $300 billion market cap. Coti can process tens-of-thousands of transactions per second, bringing their scalability to the same level as Visa.

THE FEATURES OF COTI PLATFORM

A new approach of the Trust Protocol is used in this payment system for building trust between transacting parties.

Based on the behaviors of buyers and sellers over a period of time, this protocol systematically scores the trustworthiness between them.

A seller with a less-than-ideal record pays higher fees while a seller with a flawless reputation pays zero processing fees.

A decentralized system is also featured in this protocol and it efficiently reaches consensus on disputes using mediators.

The mediators are rewarded with XCT just as Bitcoin miners receive Bitcoin for their mining efforts.

COTI wants to change the way we pay. By utilizing a technology called Direct Acylyc Graph (DAG), COTI can provide faster transaction with zero fees for buyers and low to zero fees for sellers. It is time to fix the current payment system and make it more human. COTI aims to revolutionised the way consumers and merchants connect, share and pay. It aims to build countless bridges for many payment applications.

The Technical Aspect.

Built on the Ethereum platform, it does mean that there are a whole host of advantages that come with using Coti as a payment processor. Of course, there is the general stability of Ethereum to fall back on as well as the way in which it is regarded as being extremely safe due to the nature of the blockchain.

the new project is going to make full use of Smart Contracts in order to ensure that both parties are able to complete their side of the agreement. This eliminates the prospect of fraud occurring on the platform. To further enhance this aspect, they have also introduced a trust score, which is done via the blockchain and, therefore, cannot be altered in any way. This trust score shows whether or not there have been any issues with the user to help people to determine if they are an individual that they should be dealing with.

Furthermore, they are also going to seek to offer a debit card that can then be used for payments in a variety of locations. This part operates in the same way as other pre-paid debit cards, but it still makes use of the Smart Contract concept.

The Advantages of Coti.

There are a number of advantages associated with using Coti, and primarily it has to be the trust and anti-fraud aspect. This added level of security does mean that you have less to worry about when using this option as your payment processor, and then there is the speed of transactions which are also mightily impressive.Because of the blockchain technology, it does mean that a multitude of transactions can be processed at the one time, and at a considerably faster speed than available elsewhere. Also, because the middleman has been removed from the process, it also means that the fees for the transactions will be considerably lower than elsewhere.

The Financial Aspect of the Coti ICO.

There is a slight problem when it comes to the financial side of things simply because they appear to be rather reluctant to reveal full details of what to expect with the ICO. This is because of them conducting a private sale at the time of writing and the ICO has not yet started.

However, we do know that it is their aim to raise a total of $60 million during the fundraising part and that it is believed as much as 42% of all tokens minted are going to then be available during this phase. There are also various areas that are not going to be allowed to participate in the ICO part including the United States.

Quite simply, we are going to have to wait just a little bit longer to then see what is in store from a financial point of view with this particular cryptocurrency.

Few of the major problems that COTI solves are:

COTI requires zero fees for payment transactions to be completed and verified. Banks and cryptocurrency transfers usually involves a hefty transactional sum to be deducted for every payment on the system.

Traditional payment methods and Bitcoin payment is way too slow for the modern era. Paypal takes days, Bitcoin takes hours to verify a transaction. COTI transfers happen instantaneously.

The COTI payment method is trust generative, thereby minimizing the chances of fraud on the system.