Ormeus Ecosystem extends contract with COTI and signs $2.4 million deal Ormeus Ecosystem has extended its initial contract with COTI for another two years as part of a newly signed $2.4 million deal. Ormeus Ecosystem will embody the wireframe of a diverse network of businesses that can operate on different blockchains or sidechains independently while simultaneously creating an interoperable cross-chain network. There are a series of tokens that will function within the ecosystem, including the soon to be issued collaborations Ormeus Cash (OMC) and ECO. OMC is a dynamic semi-stablecoin based on our Trustchain technology that leverages COTI’s multiDAG capability. The COTI MultiDAG is similar to Ethereum, as a common decentralized infrastructure and is the basis for a multitude of different tokens and smart contracts and one main coin for paying fees. Moreover, the MultiDAG will enable merchants and enterprises to issue their own tokens. Some of the benefits of the COTI Trustchain protocol include high scalability, buyer-seller protection, low transaction costs, and much more. ECO is the token that will be the ‘gas’ or fuel of the whole ecosystem, to power, protect and authorize data on the network. ECO securely links businesses and data together, while continuously innovating to develop a fully-fledged asset-backed smart economy. Between these two new concepts, we are creating the next generation of digital currency. “We’re impressed with some of the latest developments at COTI, including their Global Trust System and Universal Payment System. With all the umbrella services offered as part of COTI’s Trustchain technology, we’ll be able to maximize our merchant offerings and work together with COTI to make crypto payments widely accepted anywhere around the world,” said John Barksdale, an Ormeus Ecosystem advisor.  John BarksdaleCOTI CEO Shahaf Bar-Geffen added: “COTI’s Trustchain technology aims to become an open and seamless standard for cryptocurrency payments in online and offline environments. We’re pleased that The Ormeus Ecosystem will continue to utilize our technology to open up new business opportunities.” Shahaf Bar-GeffenTo find out more, visit COTI, Ormeus Cash, Ormeus Eco. * * * * * COTI ResourcesWebsite: https://coti.ioTelegram group: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf      Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI is deploying its Global Trust System (GTS) on Chainlink Trust is foremostA trustworthy environment is essential for the widespread adoption of cryptocurrencies. To further this cause, COTI has developed a unique Trust Score node as part of its Global Trust System (GTS) to monitor user behavior and calculate trust scores as part of its consensus mechanism. This Trust Score node is now offered as a service on other chains as part of COTI’s mission to introduce more trust and adoption to any blockchain system. COTI’s GTS is made up of a blacklisting layer to flag fraudulent actors, transaction classification to differentiate high-risk and non-risk activity, and a trust scoring mechanism based on accumulated information and historical performance. The COTI GTS connects to all networks and analyzes transaction and behavioral data, updating each entity’s trust score in real-time. By using the COTI GTS, malicious parties can be actively identified, while reputable behavior is tracked and incentivized. COTI and ChainlinkCOTI has initiated the process of integrating its GTS mechanism into Chainlink’s oracle and smart contract framework. This will add support for trust-based events in smart contracts, enabling user incentivization in line with a predetermined trust score threshold. For example, a user will be eligible to receive tokens if his/her Trust Score is above a given threshold for one year or, alternatively, users could receive a bonus for transacting in a trustworthy manner.  By fully migrating our TrustScore and ranking mechanism and applying it to any infrastructure, more and more blockchain networks will be able to address the issue of trust between unknown parties. “Behavioral tracking and trust-based incentivization are chiefly missing in the crypto world. By deploying a reputational scoring system like the GTS, more enterprises can maintain trust between transacting parties. We’re excited to break ground on this endeavour with Chainlink, a leader in oracle network solutions, and advance how blockchains connect with third party data sources”, said COTI CEO Shahaf Bar-Geffen. * * * * * For more information on COTI, you can visit coti.io and follow us on Telegram.About COTICOTI is an enterprise-grade fintech platform that enables cross-chain interoperability and is built on its own DAG-based chain. It supports extreme scalability and low transaction costs and is supplemented with payment-specific requirements. COTI has developed COTI Pay, a holistic digital payment solution, which empowers enterprises to build their own payment networks and stable coins. This enables businesses to regain control over their money and data and enjoy the best of cryptocurrencies and credit card processing. COTI Pay further supplies the world’s first buyer-seller protection system that provides crypto dispute resolution, refunds, and chargebacks. About ChainlinkChainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to large enterprises ( Google, Oracle, and SWIFT) and leading smart contract development teams. Learn more by visiting the Chainlink website, Twitter or Telegram. If you’re a developer, visit the developer documentation or join the technical discussion on Discord. * * * * * COTI ResourcesWebsite: https://coti.ioTelegram group: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
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COTI Universal Payment System (UPS) AbstractOnline payment platforms have yet to catch up with the times and are restrained by limited functionality and the lack of viable cryptocurrency solutions. PayPal and various other platforms are practical, but do not provide a full feature set designed to address digital payment requirements, inclusive of low FX costs and instant settlements. The COTI Universal Payment System (UPS) reconciles the functionality of PayPal and other online payment gateways with that of the cryptocurrency world. COTI’s UPS provides a comprehensive payment solution that combines all existing support systems of traditional payment processors with the added value of digital assets. This includes: - Instant payments for merchants: funds are credited to the merchant immediately and are backed by stable coins, which reduces friction and high costs for all parties by eliminating price volatility and FX costs.
- Universal processing of fiat and cryptocurrency: COTI’s UPS enables buyers to choose from many popular cryptocurrencies like Bitcoin and Ethereum, as well as fiat.
- COTI-X: allows consumers and businesses to buy, sell and swap crypto to and from fiat in the COTI Pay app.
- Low fees: the COTI UPS eliminates the need for third party processors, which significantly reduces costs.
- Buyer-seller protections: COTI’s Universal Payment Solution covers physical and virtual purchases, as well as crypto and fiat payments.
- COTI Interest: allows merchants to earn interest on stable coin account balances within the COTI Pay app.
- Prepaid cards: virtual debit cards can be used in-store (e.g., NFC Tap and Pay, or QR code payments) and online for merchants not yet accepting crypto.
- COTI Pay Plugins: allow the processing of crypto or fiat payments on any online store (e.g., Shopify, WooCommerce, Magento).
- COTI SDK: allows developers to add retail payment features to any application.
- COTI Whitelabel: enables merchants to issue their own coin and loyalty programs on COTI Pay. Merchant coins and loyalty points will remain internal to the COTI ecosystem.
IntroductionCryptocurrencies have experienced prolific growth as of late, although Bitcoin’s utility for everyday transactions is severely constrained. While Bitcoin payment gateways are useful for simple peer-to-peer payments, business to consumer (B2C) transactions remain challenging, and the most apparent of these challenges lies in cryptocurrency volatility. This has constricted adoption amongst merchants, as the value of a payment may be worth significantly less just seconds later. Furthermore, the wide variety of cryptocurrencies has created a network of divergent protocols, which has limited consumer adoption. Transactions are also irreversible, making all sales final with no recourse for buyers or sellers. Finally, regulation is nearly impossible because anonymity is inherent to digital currency protocols. Shortcomings from both the traditional online payment world and the crypto sphere exacerbate one another, resulting in a vacuum of customary buyer and seller services. COTI’s Universal Payment System can fill this vacuum by introducing trust into the crypto world through buyer-seller protection and efficient crypto-to-fiat and fiat-to-crypto transactions. For buyers, COTI’s Universal Payment System provides a built-in buyer-seller protection system, which is a first of its kind, and is designed to eliminate transaction risks for buyers transacting in crypto and fiat. Furthermore, by accepting a large number of cryptocurrencies, COTI’s Universal Payment System makes transactions simple and streamlined for buyers and removes the need for multiple wallets. What’s more, the platform enables anyone to pay with crypto, even when merchants don’t yet support crypto transactions. COTI’s Universal Payment System solves the volatility problem once and for all for both buyers and sellers. By immediately switching crypto payments into stable coins or fiat currency using COTI-X, COTI’s internal settlement layer, merchants are protected from market volatility and enjoy the added benefit of instant settlements. By reconciling the best features of traditional online payment platforms with the best of cryptocurrencies, the COTI Universal Payment System will be poised to radically change online payments. The platform COTI is creating can maintain trust for all parties by reducing potential risks for both buyers and sellers, while substantially reducing fees due to the platform’s peer-to-peer nature. We’re Making Cryptocurrency FunctionalDigital payment instruments in the United States and around the world consist of complicated financial settlement processes, costing merchants up to 4 percent in processing fees for purchases and involving up to twelve different entities (each a distinct point of failure). Meanwhile, losses from retail fraud in the US alone are continuing to reach all-time highs. As it stands, the software that moves the vast majority of money around the world today still utilizes legacy systems created during the late 1970s. In the absence of compelling alternatives, consumers have been confined to the status quo. Since the creation of Bitcoin in 2008, blockchain communities have attempted to make cryptocurrencies a useful complement to traditional payment instruments like credit cards, debit cards, and cash. However, fundamental user-experience challenges, such as unintuitive QR code interfaces, complex address strings, new security protocols, and network capacity issues have hindered commercial adoption. Various scaling solutions, such as multi-layer protocols and Proof of Stake (PoS) consensus algorithms, show considerable promise for improving the speed and utility of blockchain transactions, but create issues of complexity and incompatibility for merchants. A variety of mobile wallets are promoting cryptocurrency payment solutions but unfortunately rely on existing legacy infrastructures. These wallets utilize virtual Visa and Mastercard debit cards with high fees and require bank accounts, physical cards and multiple tiers of centralization. Digital payments on these platforms are subject to low transaction limits (in some cases, less than $100), as well as Apple’s restrictions for NFC access on iOS devices. Justifiably, these systems have extremely low consumer adoption due to high friction compared to typical payment cards. It is critical that cryptocurrencies become widely accepted by merchants, as is the case with traditional payments, in order to gain mass adoption. Many companies have recently developed wallets and apps that enable retail blockchain payments, but they are universally dependent on existing payment networks. The promise of cryptocurrency has not been realized due to the need for credit cards, linked accounts, and centralized payment infrastructures to facilitate purchases. The solution to blockchain payments is to create a cross-network solution that solves merchant and consumer needs, instead of building cryptocurrency acceptance over existing networks.COTI’s Universal Payment System represents a milestone in cryptocurrency utility for both merchants and consumers. It is the first network specifically designed to support everyday cryptocurrency payments by enabling instant, low fee transactions in-store and online. Using a simple SDK, the COTI Universal Payment System enables developers to add retail payment features to any app, streamlining cryptocurrency acceptance for merchants and eliminating volatility exposure. It also provides instant settlements backed by a stable coin (interest-based asset), which protects merchants from clearance and settlement overheads.  While decades of retail payments confirm the pain points of fraud and processing costs for merchants, we find that consumer needs are distinctly different. Consumers evaluate payment instruments against five basic criteria:  In order for a viable cryptocurrency/fiat payment network to achieve meaningful scale, the following is required: 1. Real-time transactionsMerchants and customers should receive successful transaction confirmation within seconds. 2. No consumer-facing feesConsumers will not pay a premium to use blockchain cryptocurrencies because such a cost represents negative value in their decision-making process. There should be zero fees on the consumer’s end with competitive spending incentives. 3. Broad acceptanceCryptocurrencies should be usable for daily expenditures to encourage consumer adoption. Otherwise, the mindshare required to maintain “front of wallet” utility cannot be attained. Meeting and dramatically exceeding these expectations will be challenging, but any new payment network must solve both consumer and merchant needs. We believe that COTI’s Universal Payment System satisfies all the core consumer requirements necessary to disrupt the status quo of legacy payment systems. COTI’s Universal Payment SystemCOTI’s Universal Payment System is an open network that enables instant cryptocurrency and fiat payments for both online and in-store transactions.  The COTI Universal Payment System facilitates payments from any wallet, coin and merchant across the globe. The vision for this new universal network is to become an open and seamless standard for cryptocurrency payments in online and offline environments. COTI’s Universal Payment System enables developers to integrate retail cryptocurrency payment features within their own apps. By creating the most simple and straightforward network, COTI will facilitate widespread cryptocurrency acceptance — no longer requiring multiple payment gateways, processors, associations and financial institutions. The COTI Universal Payment System ExperienceIn the COTI Universal Payment System, transactions are designed to be as simple as possible. With just a single tap and scan, the COTI Universal Payment System verifies user cryptocurrency balances against a public index rate and generates a proprietary transaction for any fiat- or crypto-based payment. The COTI Consumer Ecosystem The COTI Universal Payment System solves the deficiencies of both fiat and cryptocurrency payments by making them seamlessly interchangeable. On the one hand, the COTI Universal Payment System unlocks cryptocurrencies from the confines of digital payments and makes them readily convertible into goods and services through supported payment systems and the COTI-X exchange. On the other hand, it creates a definitive liquidity network by freeing cryptocurrency from individual holders, thus making transfers simple, safe and transparent.  With the COTI Universal Payment System, purchases with cryptocurrencies can be significantly cheaper, faster and simpler than existing solutions. In addition to the COTI native token, COTI’s UPS enables buyers to choose from many popular cryptocurrencies like Bitcoin and Ethereum. As a well-known service, PayPal relies heavily on is its buyer-seller protection service, although it only covers purchases of tangible goods. BitPay does not cover any purchases, which makes transactions irreversible and leaves buyers exposed to potential fraud. COTI’s Universal Payment System provides buyer protection by covering physical and virtual purchases (when applicable), as well as crypto and fiat transactions. COTI guarantees buyer-seller protection on all eligible payments made in the COTI Universal Payment System. To connect the COTI Universal Payment System with other payment rails, the COTI Universal Wallet provides users with access to virtual prepaid cards linked directly to their wallets. These cards enable users to send payments from their COTI wallets when transacting with merchants who do not yet accept cryptocurrencies. In the COTI Universal Payment System, users will be able to specify their preferred currency any time they create a virtual debit card. When a purchase is made using a card linked to a currency that does not match the transaction currency, COTI-X will automatically convert the currency amount from the prepaid card to the transaction currency, thereby mitigating third-party exchange fees. To this effect, using COTI’s universal prepaid cards will be the simplest and fastest way to cash-out cryptocurrencies. The COTI virtual debit card can be used to make payments online and anywhere where Visa or Mastercard are accepted offline.
The COTI Universal Payment System’s prepaid cards are issued instantly, so there is no need to wait for a plastic card to arrive. - View the TrustScore of any Merchant
By fully migrating our TrustScore and Ranking mechanism and applying it to any infrastructure, we will empower any network to address the issue of trust between unknown parties. COTI’s ranking mechanism can track the behavioral data of network entities, which is crucial for any service running on any platform, infrastructure or chain. In the framework of COTI’s Global Trust System (GTS), malicious parties are actively identified and addressed, while reputable behavior is tracked and incentivized. Moreover, the engine is customized per use case, as each industry faces varying levels of risk. By using the reputational scoring system, any infrastructure and chain will be able to leverage efficient behavioral tracking — a data layer that is chiefly missing in the crypto world — in order to maintain trust scores and risk indicators for all consumers and merchants. The Trust Scoring Algorithm considers the following parameters when determining Trust Scores: - Account balance — the aggregate value of transactions for each participant over a specific period of time.
- Dispute occurrence — the amount of transaction disputes that the participant has been involved in, if any.
- Disputes won — the amount of disputes that were resolved in favor of the participant.
- Disputes lost — the amount of disputes which were resolved in favor of the counterparty.
- User ratings — the ratings that other transacting parties have assigned to the participant, calibrated according to the Trust Scores of the parties providing the ratings.
 - Buy Crypto and Make Swaps Between Crypto/Fiat Using the COTI Wallet
The COTI Universal Payment System supports a variety of currencies, making it an easy-to-use payment solution. COTI’s UPS is backed by the COTI-X currency exchange, which provides network participants with continuous access to liquid markets in a range of digital and fiat currency pairs. Any user who wishes to buy crypto or make swaps between crypto assets will be able to do so instantly using the COTI wallet.  The COTI Universal Payment System abstracts the complexity of currency exchanges from end users. The exchange functions as a foundational layer of the COTI Universal Wallet’s applications and services, operating in the background to ensure that participants’ currency exchange requests are fulfilled immediately. Rather than presenting an orderbook and bid/ask prices on every order, the user is presented with a single fixed rate, inclusive of any fees. COTI UPS users can make instant and secure transfers to users holding COTI Universal Wallets. Transfers will be instant with low-to-zero fees (depending on the user’s Trust Scores and selected currency). COTI Universal Wallet users will be able to use their wallets as de facto bank accounts for the purpose of holding funds in both digital and fiat currencies. At the start, funds can be deposited into COTI Universal Wallets using cards, bank wires, and several leading digital currencies. The COTI Universal Payment System offers unique, cross-platform consumer incentive plans. Consumers earn loyalty points on all their purchases, regardless of their payment method (fiat/crypto). To this effect, COTI’s Universal Payment System is the world’s first reward program that provides crypto payouts for any token. The loyalty plans can be based on COTI’s native coin, stable coin, or any merchant-dedicated token.  The COTI Universal Payment System is adopting appropriate AML and KYC procedures to ensure that its network cannot be used to facilitate money laundering or other illicit activity. COTI’s Universal Payment System is inherently not conducive to money laundering, as any COTI Universal Wallet holder must undergo onboarding procedures. Notwithstanding its commitment to AML and KYC, the COTI Universal Wallet is similarly committed to protecting user privacy and has appropriate consumer data protection mechanisms in place. The added value of using the COTI Universal Wallet is that consumers only need to go through the KYC process once and have access to any merchant and any cryptocurrency through the COTI wallet and ecosystem. The COTI Merchant Ecosystem- Crypto Payments On Any Website
COTI strives to expand its range of services with merchant crypto processing solutions. This will enable merchants to receive crypto payments on their website without needing to support crypto transactions on their own, nor to be subjected to volatility risks. This is because COTI enables instant settlements denominated in the merchant’s stable coin, or any other currency of choice. This solution encompasses a ‘Pay with crypto’ button that can be easily integrated into merchant websites. COTI’s Universal Payment System offers a simple working mechanism, as it integrates with a merchant’s checkout flow and can be added as a payment option in the shopping portal. Any cryptocurrency payment sent by a customer gets credited to the merchant’s wallet account. The merchant benefits by gaining access to a global customer base and a hassle-free mechanism to receive borderless digital currency payments. Both the customers and merchants benefit from low crypto transactional costs, compared to high fees levied by credit card processors. Using such virtual token payments also eliminates high foreign exchange rates.  The COTI Universal Payment System supports payments in Bitcoin, Bitcoin Cash, Ethereum and all other popular cryptocurrencies. It offers easy to use tools for merchants to set up their accounts and begin accepting digital currency payments. COTI’s UPS can be easily integrated with leading e-commerce platforms like WooCommerce (WordPress), Shopify, Magento and more. After completing account setup, merchants are granted access to the COTI Universal Payment System dashboard, which enables them to view their cryptocurrency balances, payments, checkouts, and other necessary details. All payments sent through the COTI Universal Payment System are on-chain payments. Transactions are recorded in real-time on the respective cryptocurrency blockchain and rely on blockchain mechanisms for validation, authentication and fraud elimination. - Traditional Payment Method Support
 As part of our Universal Payment Solution, COTI removes the barriers of adoption for any merchant by offering both crypto and traditional payment processing. The COTI Universal Payment System also utilizes a payment processing gateway to accept fiat/credit from consumers, while providing the added value of instant settlements utilizing the COTI stable coin, or any other token offered on the platform. This will assist COTI with generating more adoption by providing the necessary features expected from well-known payment platforms. In subsequent stages, the COTI UPS will enable credit issuers, like banks and e-commerce companies, to issue their own token in the COTI network and benefit from immediate access to network users. Traditional payment solutions like PayPal have a lengthy dispute resolution process that can take up to several months to be settled. COTI’s unique dispute resolution system consists of a decentralized collective of highly trusted network participants who vote on disputes. This allows the network to offer decentralized human-input services to participants in cases of fraud, error and counterparty abuse. The arbitration service creates a rolling reserve for each merchant to cover possible claims, as well as a system-wide Reserve Credit Fund (RCF) to guarantee it. - Trust-Based Rolling Reserve
The COTI Universal Payment System employs a performance-based analytics algorithm to evaluate sellers. High merchant performance drives down hold periods, which encourages sellers to perform better over time while increasing buyer confidence. In a best-case scenario, top sellers will see their hold times virtually eliminated and can obtain their funds near instantaneously. The rolling reserve is a share of a merchant’s transactions that is temporarily set aside to cover potential business risks, such as when a merchant loses a mediated dispute and must compensate the consumer. The arbitration service creates a rolling reserve for each merchant to cover possible claims and a system-wide Reserve Credit Fund (RCF) to guarantee it. Compared to traditional payment systems, the required size of a merchant’s rolling reserve is calculated based on the merchant’s Trust Score. The rolling reserve is used when a merchant has lost a mediated dispute and is required to compensate the consumer. Merchants that do not meet the rolling reserve requirements will forfeit their ability to sell goods and services in the COTI network. - Interest on Accrued Balances
Many crypto investors store their digital assets on exchanges or in cold storage for long-term safe keeping. However, this strategy doesn’t contribute to increasing wealth and investment holdings. To this end, merchant accounts are supplemented with interest accounts that enable them to earn interest on their accrued balances. In the COTI Universal Payment System, merchant accounts can earn interest on accrued balances, which is an easy way to earn supplemental revenues from their balances, instead of being tied to other platforms like PayPal and BitPay. In COTI’s Universal Payment System, the entire lifecycle of a transaction — authorization, clearing, and settlement — occurs immediately. With digital assets, the cryptographic keys and digital imprint provide trust and security without the need for time-consuming steps. Funds are credited to the merchant immediately and are backed by stable coins, which reduces friction and high costs for all parties. The entire process is made up of a few simple steps that require a few seconds to complete instead of three days. Instant settlements in COTI are backed by a stable coin generator that ensures the transaction from the merchant’s end and removes all settlement risks and delays.  The COTI Universal Payment System provides access to a dashboard that supplies detailed data and reporting functionality on fiat and crypto transactions. Merchants can choose which currencies they wish to accept, as well as their preferred settlement currency. They can also select their preferred settlement time and whether they wish to hold their balance and earn interest, or settle instantly.  COTI Pay BusinessMerchants will have access to a CRM where they can view instant settlement limits and prices and choose the amount they wish to withdraw. The dashboard COTI MainNet EcosystemApart from the COTI MainNet being the catalyst for the COTI Universal Payment System, it will also support third party usage and streamline integrations via:also provides merchants with wallet-like functionality that enables them to make payments to COTI Universal Wallet holders, to other COTI merchants and to access the COTI-X exchange. Whitelabeled and Dedicated Merchant TokensCOTI’s Universal Payment System supplies a fully customizable and modular solution that supports developers in creating white-labeled payment networks and tokens for specific use cases.  - Instant Settlement Issuers and Marketplaces
 As the COTI Universal Payment System expands to support more and more consumers and merchants, a marketplace for instant settlements driven by token and stable coin issuers can be created with a variety of services, inclusive of: 1. Credit or factoring products provided to merchants to solve cash flow problems. 2. Earning of interest on account balances and crypto transactions 3. Managed balance accounts 4. Lending platform issuers 5. Bank-supported stable coins that can be redeemed to the merchant’s bank account immediately 6. Tokens backed by local merchant currencies that can be cashed out instantly 7. Existing stable coins with real use cases 8. Insurance products for high risk merchants. Acquirers typically do not send funds to merchants due to high CHB ratio, fraud to sale, fraudulent activity, etc. 9. Stable coin marketplace that provides merchants with the option to select their preferred settlement currency. Coin issuers, or potential issuers like banks, will also have the opportunity to add their stable coin as a settlement currency. In the future, we may have geolocalized stable coins to reduce merchant conversion costs. These tokens can be issued on the COTI MainNet for streamlined deployment, price stability, high scalability, and low fees. 10. Remittances with instant transfers and settlements with minimal fees.  *The image is only for illustration purposes and does not represent commercial agreementsSummaryThe COTI Universal Payment System provides a gateway to support payments for goods and services and lowers the barriers to entry for merchants aiming to upgrade their payment infrastructure while eliminating intermediary costs. Utilizing COTI’s Universal Payment System as a payment method in online and offline environments opens up new business opportunities, while optimizing traditional payment processes, particularly where instant settlements are concerned. The COTI Universal Payment System is backed by a network of tools and services that support both crypto and fiat payments and can be seamlessly integrated into any merchant interface. COTI creates a feasible link between merchant economic activity facilitated by fiat and crypto payments and COTI’s UPS as a medium for effectuating all transaction activity. * * * * * COTI ResourcesWebsite: https://coti.ioTelegram group: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI’s action-packed technological roadmap for the second half of 2019We’re well into Q3/2019 and have a few more months of tech developments to tick off our list until we commence 2020 with fresh new goals Our mission at COTI is to make cryptocurrencies fit for real world use and mass adoption. Our technological progression to date has moved mountains towards these aims and with the recent introduction of our interoperability solution, which enables communication between different payment systems, it’s becoming even more realistic. Our technological innovations for Q3/Q4 2019 are focused on two main targets encompassing our MainNet and Universal Payment System, each with their own set of milestones. Now, let’s dive into our technological roadmap for Q3/Q4 2019. MainNetWe launched the COTI MainNet on 4 June, 2019, which was the first official release of the COTI network proper. Some of the key technological innovations from the public MainNet launch included an initial version of the arbitration system to safeguard buyers and sellers from errors, fraud and counterparty abuse, as well as an enhanced privacy layer to protect transactions in a way which has not yet been possible for blockchains. Our DSP consensus innovation added an extra layer of security, solving the fundamental problem of double spending for all high performance distributed ledgers. Other MainNet advancements included one-click payment requests, which enable any merchant to easily integrate PayPal-like payment buttons on their website for instant checkouts. Moreover, we introduced Trust scores to resolve the lack of trust faced by most blockchains and released the node manager, which provides an automated way of discovering neighboring nodes. We’re forging ahead with even more MainNet developments through to the end of 2019. These are some of our upcoming milestones:  TestNet Node Manager and History Nodes — Q3 2019The Node Manager is a mechanism that promotes network discovery and connectivity, enabling anyone to join the network as a node operator and run any type of node. We’ve already released the initial version and have moved on to creating an Automatic Network Discovery Algorithm (ANDA). This will offer an automated way to discover neighboring nodes and uphold network decentralization for added security. As for History Nodes, they are crucial because successful payment systems typically process one billion transactions per year. With a transaction size of approximately 5KB, this means that one year will produce several terabytes worth of transaction data. That is a lot of storage space, and it will not be resourceful for a single node manager to store all transaction records. This is where History Nodes come in, providing the necessary service to store complete transaction history. We have commenced work on the first implementation of our TestNet Node Manager and History Nodes.  History Nodes ArchitectureMainNet node operator and staking model — Q4 2019COTI provides a decentralized solution designed to enable secure and trustworthy payments. This solution relies on the distribution of Trustchain responsibility to several types of nodes that are run by users. Nodes are needed to verify transactions and to ensure that the COTI network remains safeguarded against potential fraud and cyber manipulation. Network participants are required to stake COTI coins in order to run nodes. Critical nodes in our system, like the DSP Node and Trust Score Node, require higher trust scores and more coin staking to run their respective nodes. We have released the first version, which validates an operator’s eligibility to run network nodes and are working towards an official release to support node staking. Ability to issue new tokens — MultiDAG, ClusterStamp — Q4 2019With the ClusterStamp, older transactions are sent to the history nodes every set of intervals, and only the latest transactions are maintained by the whole network. This prevents the Cluster from growing to an unmanageable size. The ClusterStamp also provides a useful reference point for performing a system-wide audit to ensure that there are no inconsistencies or possible fraud. As for the MultiDAG, it means that COTI won’t be bound to one instance of a DAG. The COTI MultiDAG is similar to Ethereum, as a common decentralized infrastructure is the basis for a multitude of different tokens and smart contracts and one main coin for paying fees. Moreover, the MultiDAG will enable merchants and enterprises to issue their own token. Our R&D team has already begun working on the full specification for the ClusterStamp and MultiDAG in preparation for the Q4 2019 timeline.  MultiDAGGlobal Trust System (GTS) — Q4 2019To mitigate risk and ensure a trust-based system, we are introducing the COTI Global Trust System (GTS), which blacklists users tied to fraudulent activity. We are also implementing classification techniques to categorize transactions based on their associated risks. Finally, our proprietary scoring mechanism, a byproduct of transaction classification, measures the trustworthiness of a user in any cryptocurrency network. The COTI GTS empowers any infrastructure or chain to leverage efficient behavioural tracking — a data layer that is chiefly missing in the crypto world — to calculate trust scores and risk indicators for consumers and merchants. All components of COTI’s GTS can be integrated seamlessly into any blockchain network and do not require any further technological implementations from existing platforms. COTI’s Universal Payment SystemOur second major target for Q3/Q4 2019, besides the new MainNet developments, is to further advance our Universal Payment System. This provides merchants with a holistic digital payment solution that enables them to enjoy the best of cryptocurrencies and credit card processing. Some of the advantages are instant settlements, no FX costs, fraud protection, buyer-seller protection and more. Some of our milestones for Q3 and Q4 2019 include:  Universal Payment SystemCrypto Gateway — Q3 2019COTI’s crypto processing solution will enable merchants to receive crypto payments through their website with instant settlements in their currency of choice. This includes the ability to embed a simple ‘pay with crypto’ button on the merchant payment page for quick checkout. We’re in the process of implementing the entire platform specifications. Once it’s ready, we will embed the solution with select partners. Credit card processing — Q3 2019This network iteration enables fiat and credit card transactions to be accepted by merchants with instant settlements, which will assist COTI with increasing adoption. Instant settlements in latter stages will enable any credit issuer like a bank or e-commerce company to issue its own token in the COTI network with immediate access to COTI network volume and users. COTI Pay white label — Q4 2019White-labeling the COTI Pay platform will enable merchants and enterprises to build their own payment platform and accept payments from consumers. We’ve already released the first version of the COTI Pay white label platform. We are now on the road towards implementing customization options and building a bridge to enable existing infrastructures to embed a COTI Pay-like solution. Universal Payment System — Q4 2019This system iteration enables cryptocurrencies and credit card transactions to be accepted by merchants in one universal payment system with instant settlements, which will assist COTI with increasing adoption. By using the Universal Payment System, merchants will have access to better financing, which will provide them with an instant line of credit or the ability to earn interest when deferring their settlement period.  COTI Pay — Universal payment systemBy completing our technological roadmap through to 2020, we believe that COTI will be that much closer to revolutionizing crypto adoption and becoming the infrastructure upon which future payment services are built. * * * * * For all of our updates and to join the conversation, be sure to check out our Telegram group. Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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Introducing COTI’s Global Trust System (GTS), an advanced layer of trust for any blockchainBy Dr. Nir Haloani, COTI’s CTO COTI CTO, Dr. Nir HaloaniSummary:- A trustworthy environment is absolutely essential for the widespread adoption of cryptocurrencies.
- COTI has developed a unique Trust Score node in its infrastructure to monitor user behaviour and calculate trust scores as part of its consensus mechanism.
- The Trust Score node is now offered as a service on other chains as part of COTI’s endeavour to introduce more trust and adoption to any blockchain system.
- This Trust Score node is part of COTI’s Global Trust System (GTS), made up of a blacklisting layer to flag fraudulent actors; transaction classification to differentiate high-risk and non-risk activity; and a trust scoring mechanism based on accumulated information and historical performance.
- The COTI GTS connects to all networks and analyzes transaction and behavioral data, updating each entity’s trust score in real time.
- By using the COTI GTS, malicious parties will be actively identified, while reputable behaviour will be tracked and incentivised.
IntroductionTrust is the most important aspect for any effective monetary system. While the distributed architecture of blockchain technology on which cryptocurrencies operate has many advantages, user anonymity on blockchain has provided criminal users with the ability to conceal their identity and illegal activities. In order to distinguish law-abiding users from potential threats in the blockchain ecosystem, COTI is presenting an innovative Global Trust System (GTS) that can analyze historical fraud to profile transactions and classify them into risky and non-risky categories using several machine learning techniques and finally calculate a reputation score for every user. The lack of regulation in borderless technologies presents the challenge of preventing fraud and market manipulation. This is typically handled by central authorities like governments and central banks, as an essential requirement for money to work is trust. Trust has worked as a pillar for monetary exchanges from early civilization, beginning with barter systems and moving on to broader aspects of society-wide monetary systems. Without trust, the honest exchange of goods or services in return for currency payments would be infeasible, and cryptocurrency is no exception in this regard. A trustworthy environment is absolutely essential for the widespread acceptance of cryptocurrency. Transparency is a great generator of trust, and it has a long history as a tool for anti-corruption and anti-money laundering. A trust mechanism in the form of a reputation score for all users transacting in any blockchain network could alleviate potential illegal activity which negatively impacts good actors. The COTI Global Trust System will enable any infrastructure users to identify and avoid risky parties when sending transactions. In order to mitigate risk, we have built a proprietary scoring mechanism that interprets the trustworthiness of a user in any cryptocurrency network. Global (Cross-Chain) Trust Scoring System Transaction Profiling and Scoring MechanismRisk is inherent in any transaction, and the potential for fraud exists between any number of transacting parties. While certain measures can be taken to reduce such risks, each party places trust in the other to fulfill its end of the agreement. In order to mitigate this risk, we are introducing the COTI Global Trust System (GTS), which first creates a blacklist of users that are known to be tied to fraudulent activity. Secondly, we are implementing classification techniques to profile all transactions based on their associated risks. Finally, the scoring mechanism, a byproduct of transaction profiling, is a measure of trustworthiness at the user level. The BlacklistBlacklisting is one of the primary techniques that organizations use to safeguard the public from financial scams, malicious web pages and many other forms of Internet fraud. In our approach, blacklists identify entities that good actors should avoid transacting with. Our blacklist is continuously updated with all known fraudulent entities, so that users can fully vet them prior to transacting. Once the fraudulent entity is identified, the scoring mechanism generates a warning to inform users of the entity’s blacklisted status, thus providing the benefit of lookup efficiency. Transaction Profiling and Classification Every transaction has a specific pattern and this pattern recognition is the key to differentiating high risk and non-risk transactions. We leverage the information gained from past transactions associated with an address and identify similarities between new transactions and an established prototype. Any such similarity would determine a new transaction’s propensity to be risky. We use a variety of machine learning techniques to successfully perform this classification task. Transactions are analyzed based on a set of quantifiable characteristics and are then classified into specific subclasses through a distance function. Successful profiling largely depends on the degree of classification accuracy. What is the COTI Universal Trust Score?User trust scores can be viewed as a combination of contributing bonuses and penalties, such as contributions from successful transactions and penalties from irregular behaviour. It seems natural that each of these contributing factors would decay over time, so that more recent events have the most influence over the current user trust score. It would also be logical for different components of the trust score to decay at different rates depending on their severity. For example, if someone has committed serious fraud, then the penalty will decrease slowly with time. This is in contrast to the penalty for a small misdemeanor, which will decay faster and have a smaller long-term impact. To compute the Trust Score of any entity, two basic components are required: feature variables and labels. The feature variables include every possible attribute that we should measure for a user at a specific point in time (e.g., prior data, actions on the network, etc.), while the labels assign a value to each of these cases. We generally think of the feature variables as determinants of data point positioning in a high dimensional space, and the labels as deciding how to illustrate it.  In the COTI GTS, we define general purpose features that are then used for the ongoing TrustScore (TS) calculation (in the past k transactions / in the past t timespan). Some of the features include: - Number of successful transactions
- Number of disputed transactions (disputes lost)
- Number of transactions attempted or made that do not adhere to the network’s rules (with no obvious fraudulent intentions)
- Number of possible attempts to double spend/defraud. Actions like this must be critically dealt with to prevent a participant from perpetually building up a high trust score only to attempt defrauding other participants. There should either be a permanent and significant reduction in the participant’s Trust Score, or an extremely slow increase in the Trust Score.
- Frequency of network use. We cannot expect ordinary users to use the network with the same frequency as merchants, so the user type is taken into account.
- User type — the wide range of possible users impacts the trust score awarded to each user type and classification.
- Network centrality
COTI Universal TrustScore Ranking Mechanism The TrustScore of every entity within the network is appointed in three steps. The first step is the creation of a profile and blacklist analysis based on historical interactions, fraud and blacklisting, as well as analyzing real time behavior of all entity interactions. The blacklist provides good actors with a list of potentially fraudulent entities that they should avoid transacting with. The second step involves a classification module to differentiate good actors from malicious ones. Based on the classification, a metric in the form of a risk score indicates a user’s degree of involvement in malicious transactions. The risk score metric serves as a basis for reputation scoring. With a successful classification algorithm, a scoring mechanism will designate various user categories. Users with a reputation score below a certain threshold are identified as bad actors. A continuously updated blacklist works as an operating manual for secured transacting across any blockchain network. The COTI GTS aggregates and connects to all networks to analyze transaction and behavioral data and update each entity’s trust score in real time. By connecting directly with any infrastructure, the COTI reputational management system will be able to collect and analyze all the transactions and specific events related to each platform and ecosystem and adjust the TrustScore feature accordingly.  How it works:Reputation scoring is widely used in many domains to measure the trustworthiness of a target (e.g., a user or service) based on accumulated information and historical performance. Users observe events that immediately follow a target’s behavior, which determines how they perceive the experience. Events depend on a context and can be, for instance, voiced opinions, transactions, or signed documents. As such, a target’s reputation is a collective measure of trustworthiness accumulated from user experiences. In reputation systems, users can rate the behavior of other users by expressing their direct judgements. The COTI GTS layer aims to calculate the resulting reputation score by collecting, distributing and aggregating the pieces of evidence (events) concerning a target’s behavior in any blockchain network. As a result, before transacting with a target (whether internal or external), the user can consider the target’s reputation and only transact if it is deemed trustworthy. The COTI GTS framework uses several models to aggregate trust information and compute scores, namely flow-based reputation models and subjective logic. Flow-based reputation models provide an automated way to aggregate all available trust information.  In the first phase, The COTI GTS will be integrated into top infrastructures and aggregate TrustScore information from all of them: - The COTI Reputation Database and classification will be set per infrastructure.
- Each infrastructure or dApp build atop an infrastructure can connect directly with the COTI GTS through REST API.
- The COTI GTS will also be available publicly on the COTI domain for tracking and searching specific address-related insights and reputational information
- Any transaction on any network can use the API to receive the address TrustScore and base flow, consensus and approval.
- The TrustScore can be easily integrated into any application, smart contract, or oracle use case.
 What is next?In the upcoming weeks we will: - Announce our first infrastructure partners who will be integrating the COTI Global Trust System
- Release the first version that will support two top infrastructure scoring layers
- Partner with oracle and third party data providers to enhance events and aggregations supported by the platform framework.
SummaryBy fully migrating our TrustScore and Ranking mechanism and applying it to any infrastructure, we will empower any network to address the issue of trust between unknown parties. COTI has developed a ranking mechanism to track the behavioral data of network entities, which is crucial for any service running on any platform, infrastructure or chain. In the framework of COTI’s reputational scoring system, malicious parties are actively identified and addressed, while reputable behaviour is tracked and incentivised. Moreover, the engine is customized per each use case, as each industry faces varying levels of risk. By using the reputational scoring system, any infrastructure and chain will be able to leverage efficient behavioural tracking, a data layer that is chiefly missing in the crypto world, in order to maintain trust scores and risk indicators for all consumers and merchants. * * * * * For other COTI news, you can stay up to date on our Telegram channel.COTI ResourcesWebsite: https://coti.ioTelegram group: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
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COTI opens trading competition on Binance DEXThis is your opportunity to get in on the action and earn potential rewards by trading up The COTI BEP2 token has listed on Binance DEX, and in celebration of this major event, we have decided to hold an airdrop competition! Participants will have the opportunity to earn 150,000 COTI tokens. Campaign Period: 4 weeks, from Friday 26 July, 2019 08:00 AM (UTC) to Friday 23 August, 2019 08:00 AM (UTC), split into 4 one-week rounds.We will be holding a total of four rounds with the top 5 traders per round and 5 additional random traders who will be rewarded according to the table below. If the total trading volume over the duration of the entire competition is above $4 million, then 100 BNB will be equitably divided amongst all participants with at least 5,000 COTI in total trading volume.  Check out the guides below to make sure you’re prepared before the competition:Terms and conditions:- Trading volume is comprised of buys and sells and excludes wash trades. COTI reserves the right to disqualify participants exhibiting any possible form of market manipulation tactics or wash trading.
- All data will be compiled into a database to determine the winners and the selection process will be publicly available to ensure transparency.
- Competition rewards will be airdropped to the relevant Binance Chain addresses within 72 hours of the competition’s closing.
* * * * * Risk disclaimerCryptocurrency trading is subject to market risk and price volatility. COTI will not be held liable for any losses or damages incurred as a result of participating in the competition or trading on the Binance DEX platform. Please seek financial counsel if you are uncertain about any possible risks which may arise from the foregoing. * * * * * For any questions, you can reach out to us at support@coti.io, or drop us a message in our Telegram group. Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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You guys are awesome for several reasons. It is a current trend to migrate to Binance chain, but you are offering three type of tokens and it is just great. Secondly, you have created a bridge that does the swap fast and easy. I have never seen such a great effort before.
Thanks for the support and the kind words. COTI is putting a lot of efforts to provide the best. We have a very strong dev team. |
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COTI has been listed on Binance DEX, making cross-chain interoperability that much more of a reality Less than a month ago, we opened the bridge between COTI’s Trustchain and Binance Chain, enabling seamless swaps between COTI coins and COTI BEP2 tokens. Just prior to that, we submitted our proposal to be listed on Binance DEX and received immense support from both the COTI and Binance community with many upvotes and positive engagement. The COTI BEP2 token is now listed on Binance DEX after receiving a majority vote from the Binance Chain validators! Swaps can be made between the COTI BEP2 token and the COTI coin through the Cross Chain Bridge. COTI’s Cross Chain solution will open up COTI to Binance’s ever growing ecosystem while bringing new abilities to BEP2 tokens, such as dispute resolution, the Trust Score Protocol, one-click payments and more. We couldn’t have done this without all of the contributions and collective efforts from the Binance community and COTI supporters! In creating an interoperability solution, we saw how this very concept came together amongst our community members and supporters. We are aiming to encourage the mass adoption of cryptocurrencies and make them fit for real-world use cases and with this incredible milestone, we’re one step closer. * * * * * For more information on COTI, you can visit our website and join our Telegram group or channel.COTI ResourcesWebsite: https://coti.ioTelegram: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI is amplifying its data transparency in partnership with XangleCOTI has always been about transparency, and we’re now partnered with Xangle to make doing what we say and saying what we do even more transparent. View our Xangle profile here. Everyone has come to know what the cryptocurrency boom has brought with it in terms of ethical and questionable contenders. There have been countless discussion loops around non-transparent token metrics, pump and dump schemes, crypto projects with no real use case and ICOs with empty promises. The possibility of quickly turning a profit in a nascent industry with lack of regulatory oversight in many regions has attracted companies that are only in it for the money and short-term gains. This is why companies like Xangle have recently emerged and are working to ensure information transparency in the crypto industry. Xangle is the most accurate disclosure platform for crypto assets and is the ultimate source of business intelligence, analysis and news for token projects. All companies featured on the Xangle platform must undergo a comprehensive vetting process to ensure that investors receive all the necessary information to make informed decisions. At COTI, we always want to instill confidence in our community. We’re building an entire technology based on trust, so it’s only natural that we have the trust of our entire network. This is why we’re excited about our partnership with Xangle and continuing to ensure transparency across all of our product life cycles and business activities. All of Xangle’s findings are included in a due diligence report that is published for both exchanges and institutional clients. You can visit COTI’s Xangle page anytime for up to date token information, partnerships, roadmap developments and more. About XangleXangle is a public information disclosure platform that aims to bring legitimacy to the global crypto asset market. While it serves as a raw data platform for the general public, it also provides due diligence for exchanges and institutional grade reports for the traditional corporates based on its comprehensive information framework. Xangle’s standard for information disclosure is based on the established disclosure framework of the traditional financial market such as DART (S.Korea), EDGAR (US) and international credit rating corporations (S&P Global Ratings, Moody’s, Fitch). These have been re-interpreted to meet the needs of the crypto market. Xangle covers the full scope of fundamental information needed to perform due diligence, including both ‘on-chain’ token data, company and business information. By bringing many projects, exchanges and investors together in one place, Xangle is set to enable effective information discovery and the adoption of crypto assets by traditional players. * * * * * We invite you to check out our official Xangle profile here.
For more information on COTI, you can visit our website and join our Telegram group or channel.* * * * * COTI ResourcesWebsite: https://coti.ioTelegram: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI GroupCOTI partners with BIFROST to develop its interoperability solution
COTI’s latest partnership with BIFROST is advancing interconnected blockchain solutionsFor digital currencies to be widely adopted, there is an inherent need for interoperability between ledgers and currencies to eliminate friction. The recently developed COTI Cross Chain Bridge is a game-changer that enables COTI’s Trustchain to communicate directly with other MainNets, creating an interconnected value chain. Now, BIFROST will be able to harness this capability to build its own bridge and import COTI’s dispute resolution system and POS support into its platform.  BIFROST is a middleware platform that connects between dApps and third party protocols. Earlier this year, BIFROST released a pilot version of Ethereum and its TPS rose to 750, with gas fees dropping by 75%. BIFROST also recently demonstrated that they can combine Ethereum and other protocols using EVM (Ethereum Virtual Machines) for scalability to increase Ethereum’s TPS to 3,000 using Amazon Web Services (AWS). “We’re looking forward to break ground on our new interoperability solution, and COTI is uniquely positioned to drive these efforts forward. BIFROST is proud to be among the projects that are working towards creating interconnected blockchain systems,” said Dohyun Pak, BIFROST’s CEO and co-founder.  Dohyun Pak, BIFROST’s CEO and co-founderCOTI CEO Shahaf Bar-Geffen added: “We believe that as more blockchain-based protocols work together to create a unified internet of value, the chances of making digital currencies mass adopted will increase exponentially. We’re excited about the strides that the Korean market is taking towards this objective, and are pleased that BIFROST is at the fore of innovation.” COTI CEO Shahaf Bar-Geffen* * * * * For further information, visit COTI and BIFROST. You can also join COTI Telegram group, and BIFROST official global community. Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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Binance Dex Proposal Vote GuideCOTI has just submitted its proposal for listing on Binance DEX! We invite our community to take part in the process by casting votes for COTI and showing us even more of the amazing support we have received from the beginning! Check out this short guide to see how to send in your votes, comments and questions. We’re so happy to have you be a part of this next major step at COTI, see you in the forum! Binance Chain voting guide:Go to the Binance Chain homepage and register here. The process is very quick and simple! Check your mailbox and verify your email before moving forward. Once you register, go to COTI’s proposal: https://bit.ly/2LanimXYou will now see the entire proposal deck, where you can find all the questions and answers related to COTI. Scroll down to the end of the proposal, just before the comments section. You will be able to upvote by clicking on the little up arrow. It’s as simple as that!  We would really appreciate dropping a constructive comment or question about COTI. Now, we have a personal message to you from Samuel Falkon, COTI’s co-founder and VP of business development. Click to watch. Read our latest article announcing COTI to issue a BEP2 token on Binance Chain as part of its interoperability solution and unlock new value.
Follow COTI for our news and updates: Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI to issue a BEP2 token on Binance Chain as part of its interoperability solution and unlock new value Summary:- COTI is among first mainNet native coins to issue a BEP2 token
- COTI will be issuing a BEP2 token and bridge COTI’s Trustchain with Binance Chain
- suance took place on 5 July 2019, while the bridge launch is scheduled for 10 July, 2019
- COTI’s Cross Chain solution will open up COTI to Binance’s ever growing ecosystem while bringing new abilities to BEP2 tokens such as dispute resolution, the Trust Score Protocol, one-click payments, and more
- COTI will be submitting an application to Binance Chain community to get listed on Binance DEX
* * * * * COTI believes that for digital currencies to be widely adopted, there is an inherent need for interoperability between ledgers and currencies to eliminate friction. However, the choice of underlying blockchain technology cannot be easily modified because transactions only have scope within their blockchain address space. To solve these issues, COTI develops a cross-chain gateway between the COTI MainNet and other MainNets. It allows for seamless integration with the added value of supporting native ledger features, such as scalability, staking, governance, buyer-seller protections, one-click payments, trust scoring and more. This enables communication between different DLTs for cross-ledger operations, regardless of address differences, ledger implementations, and consensus mechanisms. COTI is in the process of issuing a BEP2 token to be used on Binance Chain as part of its interoperability and universal payment solution. The bridge COTI is building to link COTI’s Trustchain with Binance Chain is set to launch on 10 July, 2019 and will enable seamless swaps between COTI coins and BEP2 tokens. Enterprise clients and merchants using COTI’s technology will be able to easily swap Trustchain-based tokens and Binance Chain tokens, and leverage the ever growing Binance ecosystem. This integration is also poised to provide cross-chain support, as apps developed over Binance Chain can use a number of COTI’s services. Such services include dispute resolution, the Trust Score protocol and one-click payments, as well as POS and pre-paid card support, which enable Binance Chain tokens to be widely accepted. Dispute resolution enables Binance Chain users to take advantage of buyer-seller protections when transacting in the Binance ecosystemThe arbitration layer is a protocol designed to solve buyer-seller disputes. Disputes are resolved by an arbitration jury randomly selected from a large pool of highly trusted network participants. The arbitration process is fully decentralized and not susceptible to collusion or third party bias. By integrating with the COTI Trustchain’s arbitration layer, Binance Chain will benefit from a dispute resolution token (COTI-B), which can serve as a buyer-seller protection mechanism. This is a feature that is largely absent from current crypto-based payment systems.  The Trust Score Protocol on Binance Chain enables the Binance ecosystem to leverage efficient behavioural tracking, a data layer that keeps trust scores for all consumers and merchants.COTI has developed a ranking mechanism to track the behavioral data of network entities, which is crucial for any service running Binance Chain. Malicious parties are actively identified and addressed, while reputable behaviour is incentivised. Moreover, the engine is customized per each use case as each industry faces varying levels of risk.  One-click payments add a frictionless payment option to Binance Chain.Most blockchain platforms don’t provide the infrastructure and tools required for embedding a Pay with PayPal-like button to accept digital payments simply and instantly. COTI has developed the Payment Request feature in its infrastructure as a solution for one-click payments. It provides consumers with the ability to make purchases without filling in personal details and forms during the checkout process. Using COTI’s Payment Request feature, Binance Chain dApps can embed a payment button on every ecommerce website.  POS and pre-paid card support enable Binance Chain tokens to be accepted everywhereCOTI has developed integration tools for in-store point of sale (POS) devices and has signed a partnership enabling it to issue international prepaid cards using digital coins. By creating an interoperability system, COTI will enable Binance Chain-based tokens to be widely accepted in stores using prepaid cards. * * * * * COTI will be submitting an application to Binance Chain community for Binance DEX listing approval soon and will add liquidity support and more features shortly after. For more information, visit COTI. Follow COTI for our news and updates: Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI ERC-20 Token Interoperability Since blockchain technology was first introduced to the world nearly 10 years ago, the number of different blockchains and protocols has increased exponentially. However, instead of this evolution resulting in a highly interconnected internet of value, all blockchains to date, including Bitcoin and Ethereum, have existed in isolation. This isolated state has precluded the many blockchains from interacting with one another, hampering the exchange of value among chains and limiting the mass adoption of blockchain technology. As a result, finding a solution that allows for cross-chain transactions has become one of the top priorities in the blockchain industry. COTI’s Cross Chain Bridge is a significant milestone for the entire blockchain space, marking a major step toward fulfilling the vision of a completely interconnected internet of value. COTI’s Cross Chain Bridge allows for seamless integration with almost any blockchain in existence with the added value of supporting native ledger features, such as scalability, staking, governance and more. The platform is now fully connected to the Ethereum blockchain and has the capabilities and development plans necessary to scale. This new functionality, which is achieved through a combination of smart contracts, enables Ether to be transferred cross-chain from Ethereum’s blockchain and accurately represented 1:1 on COTI’s platform with a token known as COTI (ERC-20). It is important to note that COTI will maintain the same token supply. Nothing will ever change with regard to that, and we will not dilute or tamper with the supply. One COTI coin can exist either on Ethereum or on the Trustchain, but not on both at the same time.  COTI total supply remains the sameAvailable application scenarios for COTI (ERC-20):- Ethereum smart contracts: the ability to issue a smart contract and use it to deploy contracts on COTI’s platform and allow for more sophisticated payments within the COTI ecosystem, such as subscriptions, conditional payments, lockups etc.
- Liquidity: open a larger market for adoption and increase the liquidity and availability of COTI tokens on exchanges.
- Faster deployment on exchanges: ERC-20 tokens experience simpler and faster listings, as they are supported by all exchanges.
- Immediate support for hardware wallets: due to technical differences between the COTI Trustchain infrastructure and common blockchains, COTI has not been supported across hardware solutions to date. However, this is a task the team is working hard to overcome, and hardware support will be available in the coming months. As we add support for ERC-20 tokens, it will be possible to store tokens on a cold wallet like the Ledger Nano S or Trezor and stake your coins through it to make earnings via specific dPOS and POS networks.
- By issuing COTI (ERC-20), the Ethereum platform will be powered with COTI’s unique capabilities, including:
1. Cross chain support: Ethereum-based apps can solve their payment needs with COTI, while COTI-based apps can grow their scope using Ethereum’s infrastructure. 2. COTI technologies, data, and platforms to be used by COTI (ERC-20): a. TrustScore/ranking API b. KYC/AML server c. Dispute resolution d. Payment requests How does it work?Introducing the COTI Cross Chain Bridge The COTI Cross Chain Bridge is the gateway between the COTI MainNet and other MainNets. The first bridge introduced links to ERC-20 liquidity tokens on the Ethereum MainNet. COTI’s Trustchain coins can cross to other MainNets or cross back to the Trustchain through the bridge. We also plan on embedding the bridge in COTI’s GUI wallet. There are no concrete requirements to swap tokens from our MainNet token to any other platform’s supported tokens, and users can switch between both sides. Swaps through the bridge incur the transaction fees of each respective network.   Read and watch the COTI’s Cross Chain Bridge Tutorial here.* * * * * What’s next?Bridge support between COTI Trustchain and COTI ERC-20 is now live. COTI’s Cross Chain Bridge allows users with COTI coins to cross the bridge and swap their coins to ERC-20 tokens, which adds another level of liquidity support for the entire community. At the moment, users can make swaps from COTI Trustchain coins to COTI ERC-20 tokens. Additional chain support will be added soon to increase capabilities and liquidity. Access the bridge: https://bridge.coti.io/Watch the video tutorial here.* * * * * SummaryAs integrations with additional blockchains continue to be added, COTI’s new cross-chain technology is set to pave the way toward a future where individuals and enterprises can gain access to a decentralized platform offering privacy-protected financial services, such as digital asset management and exchanges, loans and credit payments. The possibilities do not end there, COTI’s cross-chain bridge opens entirely new worlds of opportunities across many industries. COTI ResourcesWebsite: https://coti.ioTelegram: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdfToken economy overview: https://coti.io/files/COTI-Token-Economy-2019.pdf Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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COTI Interoperability and Universal Payment Solution by Dr. Nir Haloani COTI CTO, Dr. Nir HaloaniIntroductionThe current technological landscape for blockchain makes it harder, if not impossible, to build a common interface for distributed ledgers. The ability to increase accessibility, link disconnected systems and enable quick value transfer are crucial factors that will drive the mass adoption of many fintech products. COTI’s universal payment solution and cross-chain support are needed for the widespread adoption of blockchain applications and interoperability amongst them. A number of COTI services can be imported by other chains, including dispute resolution, the trust score protocol, one-click payments and multi-currency ledger support. COTI’s application is built in a way that provides the flexibility in supporting both the infrastructure and ledger layer of today’s most popular and promising infrastructures, such as Ethereum, Binance, Cardano, EOS, Bitcoin and NEO. The crypto industry promotes different model designs favouring functional and performance aspects over others to meet specific business goals. Currently, there are more than a thousand digital currencies and tokens and thousands of blockchain projects under development in different sectors worldwide. The current blockchain ecosystem is too fragmented and complex, with progress being achieved in silos. The variation of blockchain designs and their possible configurations represent a hindrance for enterprises, software architectures and developers. Heterogeneous development drives down blockchain interoperability and compatibility within blockchain networks, as well as existing traditional finance networks. In other words, the ability of blockchains to exchange information between themselves and with off-chain systems is adversely impacted. This lack of interoperability between networks and infrastructures is a threat to the widespread adoption of blockchain applications in technological and socio-economic frameworks. Apart from the existing technical challenges, the lack of interoperability between ledgers also presents business risks. A major concern lies in how to increase interoperability between ledgers and assets while maintaining privacy in each one. Thus, as was the case with the Internet, it’s necessary to provide off-the-shelf software and development tools that simplify developing and deploying distributed ledger (DLT) applications without requiring developers to build certain components from scratch. By addressing the above risks, decentralised applications can grow and become increasingly interoperable and widely adopted. Empowering the COTI ecosystem with multi-token supportIn order to address the problem of blockchain interoperability, software reference architectures for blockchain interoperability should be set up. However, the majority of existing technologies connecting DLTs define an interoperability standard within their platform, not outside of it. Integrating with legacy DLTs and others is challenging to implement, which is why selecting the correct technology is crucial. It is difficult to foresee which technology will be the most suitable, even in the short term without the uncertainty presented by other external factors such as technologies forking, becoming insecure, or being abandoned altogether. In developing blockchain applications, the choice of underlying blockchain technology cannot be easily changed. Migrations aren’t always possible because transactions only have scope within their blockchain address space. Migrating applications is a problem that will soon apply to solutions running on Ethereum. This is an endless challenge, and the solution doesn’t merely lie in designing better and smarter blockchains. Front-end technologies of today will become obsolete in a few years due to planned and unplanned obsolescence. To solve these issues, COTI presents a multi-token strategy and interoperability solution that will support:1. Communication among different DLTs for cross-ledger operations.
2. Adaptable technology that can change to meet new sector-specific requirements and regulations.
3. Abstracting ledger dependent technology to overcome the limits of various architectures, regardless of addresses, ledger implementation and consensus mechanisms.
4. Building apps based on COTI’s ecosystem using other infrastructures, while powering any network with COTI’s unique infrastructure capabilities.
5. The ability to easily support any other infrastructure and integrate it with payment and stable coin apps.
6. Seamlessly integrating a host of COTI services to enrich other infrastructure networks, e.g.: arbitration, payment requests and trust scores.COTI’s universal cross-chain payment solutionOne of today’s challenges related to distributed ledgers is that they exist in silos. Various structures and working mechanisms make it harder, if not impossible, to build a common interface. Moreover, users generally have varying rights in different ledgers. COTI’s application is built in a way that provides the flexibility in supporting the core level and ledger layer of today’s most popular and promising infrastructures, such as Ethereum, Binance, Cardano, EOS, Bitcoin, NEO etc. In the COTI ecosystem, the core application layer supports more than one infrastructure through a dedicated bridge that can be embedded as an off-the-shelf solution independent of COTI’s core infrastructure and solutions.  Selected services that can be imported or used by other chains:Dispute resolution enables users on any chain to benefit from comprehensive buyer-seller protections when transacting on any platform and ecosystem. The arbitration layer in COTI is a protocol designed to solve buyer-seller disputes. Disputes are resolved by an arbitration jury randomly selected from a large pool of highly trusted network participants. The arbitration process (i.e. forming the arbitrator jury, securing evidence, selecting jurors, etc.) is fully decentralized and not susceptible to collusion or third party bias. By integrating with the COTI Trustchain’s arbitration layer, any chain or infrastructure will benefit from a dispute resolution token, which can serve as a buyer-seller protection mechanism. This is a feature that is largely absent from current crypto-based payment systems. A transaction that is eligible to file a dispute on an external infrastructure will send the transaction to COTI’s cross-chain bridge. The transaction token used will then be swapped from the original payload token (e.g., ETH/BEP2) to COTI’s native token. Dispute cases will be opened and all interactions will take place through COTI’s arbitration system until the case is resolved. Once the dispute is resolved, the dispute fee will be deducted. The refund or payment will then be sent to the winning party through COTI’s cross-chain bridge, which converts the transaction back to the original payload protocol.  The Trust Score Protocol enables efficient behavioural tracking, which maintains trust scores for all consumers and merchants on any chain or infrastructure. COTI has developed a ranking mechanism to track the behavioral data of network entities, which is crucial for any service and infrastructure. Malicious parties are actively identified and addressed, while reputable behaviour is incentivised. Moreover, the engine is customized per each use case, as each industry faces varying levels of risk. Trust Scoring is integrated into the original infrastructure through the Trustchain Protocol’s API. The original protocol first sends a request to the TrustScore node with the user’s hash/address. The TrustScore node then returns the current Trust Score associated with the user’s hash. All transactions are sent to the TrustScore node, which supports all infrastructure transaction payloads as input. Certain events can impact the Trust Score of a given user, e.g., disputes, disreputable behavior, etc.  One-click payments add a frictionless payment option to any chain or infrastructure. Most blockchain platforms don’t provide the infrastructure and tools required for embedding a Pay with PayPal-like button to accept digital payments simply and instantly. COTI has developed the Payment Request feature in its infrastructure as a solution for one-click payments. It provides consumers with the ability to make purchases without filling in personal details and forms during the checkout process. Using COTI’s Payment Request feature, any dApp can embed a payment button on e-commerce websites.  Multi-currency ledger support — some of the functionality supported by the COTI protocol can be based on other ledger infrastructures. For example, arbitration system staking and voting can be based on Cardano’s PoS and replace COTI’s current protocol. As part of this option, COTI will add support to other platforms and be based on their backend mechanisms when using other infrastructures.  So what’s next?In the initial phase, COTI will be adding support for two additional tokens and will enable them to fully utilize COTI’s framework. This adds another level of liquidity support for the entire community. Additional token support in COTI’s platform can be seen as a liquidity chain of sorts and is akin to linking BTC on the Ethereum blockchain through bridges. It is important to note that: 1. It’s still the same total supply. Nothing will ever change with regard to that, and we will not dilute or tamper with the supply. 2. There are no concrete requirements to swap tokens from our MainNet token to any other platform’s supported tokens. You will be able to switch from one side to another. 3. We have developed a unique concept of Cross Platform Bridges, which is a way to enable interoperability and open our platform to any use case and protocol. ConclusionUniversal payments and cross-chain solutions, together with infrastructure applications and use case offerings, are needed to boost the pace of real world infrastructure adoption. Their ability to increase accessibility, link disconnected systems and enable quick value transfer is crucial to drive the mass adoption of many fintech products. Moreover, COTI’s cross chain and multi-infrastructure solutions will enable any network to become increasingly interoperable and widely adopted. * * * * * COTI ResourcesWebsite: https://coti.ioTelegram: https://t.me/COTInetworkGithub: https://github.com/coti-ioTechnical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdfToken economy overview: https://coti.io/files/COTI-Token-Economy-2019.pdf Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group
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