- Mar 14, 2018
- 79
- 4
Technology era has made online shopping a trend, I’m sure none of you have ever been exposed to this door. For a bit more clarity, a recent commercial market report gives figures: the online payment industry covers more than 1.6 billion people worldwide. The volume of transactions has exceeded $ 2 trillion by 2016 and is expected to double by 2020, the volume of mobile payments at US stores is expected to grow at aggregate rates. Every year is 80% in the period 2015–2020. Transaction volume is expected to reach $ 500 billion by 2020 and user growth is expected to increase simultaneously, with more than 150 million mobile users in the same year.
However, the online payment system still has many difficulties such as:
- Fees are too high, some payment systems have too many service fees: payment fee, maintenance fee, transfer fee etc.
- Data processing time is too long, can even take weeks.
- Lack of confidence sharing mechanism. Current credit ratings and ratings are in the market and are not transferable on a platform. Consumers and sellers who have worked hard to get high ratings can not move seamlessly into another market without rating the cumulative credibility.
- Lack of multi-currency support. While credit card support money, the user does not control the exchange rate.
And to address these pressing issues, the “COTI- CURRENCY OF THE INTERNET” project was born.!!!
What is COTI?
To solve the problems of the old payment system, COTI is developing a variety of technologies that will work in concert to provide consumers and merchants with a vastly improved payment experience utilising a globally decentralised digital currency, Currency Of The Internet (COTI), and a comprehensive payment ecosystem characterised by a number of key features:
- Instantaneous remittance that utilises distributed ledger technology in the form of a DAG (directed acyclic graph) structure.
- A global Trust Scoring Engine, which automatically assesses the interactions between buyers and sellers over time, assigning each network participant a unique Trust Score. Trust Scores provide a numerical representation of the relative value that each participant contributes to the COTI network and are used to assign network fees.
- A Mediation System that resolves disputes between transacting parties and maintains the integrity of the network.
- Currency exchange integration that provides network participants with a means of moving seamlessly between currencies — both fiat and digital — by aggregating liquidity from internal and external liquidity pools.
- COTI is developing a suite of applications and services that will provide consumers, merchants and crowdsourced mediators with seamless connectivity to the COTI network. For consumers, the COTI wallet and debit card will facilitate the secure storage, transmission, and exchange of digital and fiat currencies. For merchants, COTI’s processing solutions will facilitate the acceptance of payments in a variety of fiat and digital currencies while substantially lower processing fees. For mediators, the dedicated client will enable mediators to contribute to, and be compensated for, the successful resolution of transaction disputes.
The COTI ecosystem was designed using innovative distributed ledger technology with the goal of providing a superior payment solution that outpaces current legacy card networks and cryptocurrency technologies. The COTI base protocol, native currency, Mediation System and Trust Scoring Engine wer conceptualised to produce a comprehensive payment solution for merchants and consumers that is both decentralised and scalable.
I believe that capturing the future trend accurately will help this project grow brightly, of course I can not tell you everything here, but you will find many more interesting if you follow Watching their moon paper, I put the link below.
COTI project development team:
This project is backed and supported by a team of experienced and dedicated professionals who hold expertise in their area of work. The core members of this project are:
Shahaf Bar-Geffen
CEO
A talented person with many years of experience in the profession. The wall is Co-founder vs CEO of WEB3
Erol Hallufgil
Research & Software Engineering
Specialist in Research & Software Engineering. Developers Team Leader of TechChain Solutions
Tal Dadia
Research Engineering
He has worked with many major projects such as IDC Herzliya, Berlin Social Science Center (WZB), Atidot etc.
Information about selling and allocating tokens:
The token sale for COTI (XCT) is currently ongoing as the private sale is now being conducted. The amount of tokens that will be issued is currently unknown.
More infonation:
Website: https://coti.io
Whitepaper: https://coti.io/files/COTI-overview-document.pdf
Telegram: https://t.me/COTInetwork
Facebook: https://www.facebook.com/COTInetwork
Twitter: https://twitter.com/COTInetwork
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Success comes from ideas, starting with enthusiastic people and flying high by the whole community
-Author: Hoangvuhk3110
-Link Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1805177
