- Market Cap
- $88.78M (#199)
- 669.74M / 2.00B
COTI or Currency of The Internet is a project that aims to build a decentralized as well as scalable payments network with the intention of facilitating efficient global commerce. Through combining the distributed ledger technologies with traditional payment solutions COTI actually aspires to set a next-generation dece...Read more
COTI or Currency of The Internet is a project that aims to build a decentralized as well as scalable payments network with the intention of facilitating efficient global commerce. Through combining the distributed ledger technologies with traditional payment solutions COTI actually aspires to set a next-generation decentralized payments solution which is trust-driven, instant and most importantly cost-efficient.
This is why the COTI ecosystem was developed. It has four participants. These are the end-users, the node operators, the mediators as well as the merchants. The network itself is also designed in a way that the goal is to create a decentralized payment network that will integrate the benefits of both traditional payment systems as well as digital currencies.
The COTI Token Explained
COTI is the native cryptocurrency of the network that drives as well as fuels the interactions between the consumers, merchants, and mediators as well as the node operators. It is a medium of exchange, which means that it can be used when making or receiving payments in the COTI ecosystem.
Mediation stakes and payouts are also denominated in COTI coins. Merchants rolling reserve funds are also denominated in COTI coins and automatically can accumulate in the merchant’s account. All of the node operators are incentivized in COTI coins and are required to hold COTI whenever they validate node activity. All of the COTI’s network fees can also be paid through the usage of these COTI coins.
Features of COTI
In terms of features of COTI, you have the cluster. Its distributed ledger is based on a directed acyclic graph (DAG) which is known as the cluster. In DAG-based networks, every transaction has to validate two previous transactions in order to be confirmed. The cluster itself performs multiple types of nodes including full nodes, DSP or Double spend prevention nodes, and History nodes.
Then you have the trust scoring mechanism. Its trust scores are the key mechanism through which new as well as unconfirmed transactions select prior transactions to validate in order to reach the confirmation consensus. A participant’s trust score is determined by a general questionnaire and document verification. To incentivize users to gain this trust score, COTI is designed in a way that scores can be associated with the transaction fees. The higher score you have, the lower the transaction fees you will need to pay. Then you have the confirmation process, where each transaction needs to validate two previous transactions that are in the range of their trust score.
This is further built upon through the mediation system, where the mediators are taking responsibility if disputes arise in the network. They do not approve the transactions and only solve the disputes. They are required when a scenario occurs, such as billing errors, inadvertent transfers, unauthorized changes, undelivered goods or services, and non-conforming goods or services.
Founders of COTI (COTI)
Discussing the founders of COTI, it was founded by two people, specifically, Samuel Falkon and David Assaraf.
Samuel Falkon is the co-founder of COTI Group and works as the VP of business development within the COTI group. He also serves the role of chief revenue officer at Paywize and is the founder of Gil Scott Ltd.
When we discuss David Assaraf, who is the second co-founder of the COTI group, he also co-founded Frequants.
$COTI / USD
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We're monitoring 24 Github repos for the COTI project.
Commits vs. The Market
- Past 4 weeks: 18 commits vs. an average of 58
- Past 12 weeks: 416 commits vs. an average of 244
- Past year: 2,628 commits vs. an average of 1,512
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