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
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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.
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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.
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