LindaWhale
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May 20, 2020, 06:00:45 AM |
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This is ridicilus! They are still holding my money and UNSTAKE option is throwing error!
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COTInetwork (OP)
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Coti - Currency Of The Internet
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May 20, 2020, 07:30:01 AM |
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We have recently received an enquiry from a big client asking for our help with resolving an issue he came across with IoT payments. We have investigated this matter, and in this article we offer as our solution.
Today, more than ever before, we understand the importance of an Internet of Things (IoT) economy that is unbound by a third party. As IoT payment systems are growing and evolving, there is a push to reduce the amount of actors participating in each exchange and by that strengthen the security of those transactions. Blockchain, a decentralized Distributed Ledger Technology (DLT), does exactly that. In this article we will explore the Blockchain solution for IoT and its shortcomings, and will present how COTI resolves them.
What is IoT?
The Internet of Things is the network of intelligent things within which a software or a micro-sensor is embedded. With Internet connectivity, those devices perform transactions of monetary exchange for services and gather information. Since the IoT often does not require a Peer-to-Peer (P2P) or Machine-to-Peer (M2P) interaction, transactions can be performed faster. Amazon has recently opened their AmazonGo convenience stores, a shopping experience that is entirely IoT. After consumers scan the AmazonGo app on their smartphones to enter the store, the rest of the shopping experience is completely IoT. They simply pick up anything they wish to purchase and leave. Little to no P2P or M2P interaction is needed, the IoT sensors know precisely what each consumer picked up off the shelf and left with. The receipt is sent straight to the consumer’s smart device within seconds.
The Shortcomings Of the Current IoT Systems
One of the primary issues of contention with IoT environments are the business aspects of IoT: the exchange of monetary rewards for services . The lack of clarity about this matter had hindered to some extent the growth of the IoT, therefore, the platforms and protocols concerning the business aspect of IoT ought to be defined comprehensibly.
Traditional E-Business models have relied on a trusted third party, such as a bank, to act as an intermediary during transactions. This has limited the IoT’s ability to take advantage of M2M, P2P, and even M2P transactions. For business processes to be effective for IoT, they must adapt like physical objects and people and be able to integrate into IoT’s information network.
One way to overcome this issue is the use of Blockchain technologies. These technologies have a distributive nature that allow true P2P transactions without third party facilitation. Blockchains are also helpful with resolving other issues caused by third parties in IoT financial transactions, like the lack of confidentiality and other security risks. Users simply do not want their transaction history stored on hundreds of devices, particularly if it is linked to their bank account.
Fortunately, Blockchains have the ability to maintain a certain level of anonymity and allow secure and immutable transactions. The immutability of these transactions is ensured by the PoWs that protect the blocks, making it impossible to reverse the transaction history. Furthermore, these transactions are secure also since most blockchains have algorithms in place to ensure that false blocks are left unconfirmed and are rejected by the network.
Some blockchains are also capable of micropayments, which is essential for IoT because in the IoT economy, devices constantly request services, often in the form of data, from other devices. In exchange for these services, the device will require some form of payment: a payment that is small, metered, and anonymous.
Another problem with the IoT’s use of third party institutions is that it results in increased transaction fees — a very unwanted consequence of micropayments — that sometimes could be higher than the transferred amount. These fees were created by the need to reward miners for their efforts, but unfortunately, because many cryptocurrencies allow these fees to be market-based, they can become quite expensive.
Yet another one of the most problematic issues for many blockchains is transaction times. Bitcoin, which has a fixed time of ten minutes for creating new blocks, supports about 7 transactions-per-second (tps) and has been proven to perform poorly in times of high traffic. Ethereum, on the other hand, has a theoretical transaction time of 12 seconds. However, transaction times are also largely dependent on the network’s congestion levels. These cases of long transaction times can be problematic in an IoT payment system where many micro-transactions need to be completed within seconds. Related to the issue of transaction times is network scalability, for each ledger modification is broadcasted to the global blockchain network, the network becomes unnecessarily clogged with broadcast messages and overwhelmed at times of high traffic. Network performance degrades as the number of transactions increases. Evidently, by comparing the transaction rate of Bitcoin (7 tps) to that of Visa (around 60,000 tps), it is clear that Bitcoin is in a serious disadvantage.
Although Ethereum and other blockchain platforms usually do not have scalability problems as drastic as the ones which plague Bitcoin, their performance is still largely determined by network congestion because each new transaction must be broadcast to the entire global blockchain. COTI’s Solution — Improving Blockchain for IoT Payments
COTI’s solution for the long transaction times, high fees, and lack of scalability is using Directed Acyclic Graphs (DAG). DAGs are a newer type of DLTs, and like blockchains, it links blocks or nodes together with some form of consensus. However, unlike blockchain, these nodes are not arranged in linear chains but in directed graphs that allow them to cross-verify one another. Consensus in COTI’s DAG networks is usually reached based on the network’s state. In most cases, a user must first confirm a given number of previous transactions, and only then can they create a new one. This eliminates the need for both the miners and the energy that heavy hardware requires to create the ever more-complex Hash based PoWs, all while improving the scalability of the network.
COTI’s DAG technology is the missing link to settle scalability, privacy, and reliability concerns in the Internet of Things. The COTI ledger is tamper-proof and cannot be manipulated by malicious actors because it does not exist in any single location, and no man-in-the-middle attacks can be staged because no single thread of communication can be intercepted. The decentralized, autonomous capabilities of the blockchain is making it the ideal component for becoming a fundamental element of IoT solutions. Summary
To expand economically, IoT must rely on a financial platform that complements its elements of decentralization and gives support for M2M, P2P, and P2M communications. It also ought to be operated on a platform that is anonymous, secure, immutable, and that allows fast micro-transactions for little or no transaction fees. Hence, COTI is uniquely positioned to provide the infrastructure needed for IoT to have a sustainable payment model.
Stay COTI!
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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ebone
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May 20, 2020, 08:45:25 AM |
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Hello, please stop spreading fud here, the only option is to send an email to support@coti.io and your problem, or what you have, will be solved. kind regards, Vlad FUD? There are bunch of us with same problem, you said a week ago that problem is solved, and as I see we still have same problem I don't think it is FUD, it is FACT |
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ebone
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May 20, 2020, 08:56:21 AM |
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Why dont you resolve this problem in public, answer to everything is "send email"
WHAT ARE YOU HIDING?
WE ALL HAVE SAME PROBLEM
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bisti
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May 20, 2020, 09:34:13 AM |
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This is ridicilus! They are still holding my money and UNSTAKE option is throwing error!
Hello, please stop spreading fud here, the only option is to send an email to support@coti.io and your problem, or what you have, will be solved. This is public thread, we are ask questions and share our experiences with the platform. So far, not good. |
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COTInetwork (OP)
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Coti - Currency Of The Internet
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May 21, 2020, 11:14:19 AM |
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 We are happy to have been chosen for the next listing vote on Gate.io exchange platform.
Gate.io is one of the top exchange platforms and one of the industry veterans with more than 3 million users across the world.
The listing will happen immediately following the announcement of the winner. This is where you, the COTI community, have the power to make it happen!
Vote COTI to get listed on Gate.io, here!
The vote will open on May 26th, at 4:00 am UTC and will close on May 27th, at 4:00 am UTC.
COTI is airdropping $50,000 worth of COTI that will be distributed among all participants if COTI wins the voting campaign.
How to vote
The full listing vote rules can be found in the official Gate.io announcement, here.
Step 1:
Log into your Gate exchange account — https://www.gate.io/
Step 2:
The number of votes each user receives will be determined by their 14-day average GT holding (including asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not allowed).
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT (14000GT/14 days) and he will have 1000 votes.
Step 3:
Head over to this link https://www.gate.io/poll/votelist/18 and vote for COTI!
Spread the word and help us win this and get listed on Gate.io! You can do so by sharing these social media links below -
https://www.gate.io/article/17497
https://twitter.com/gate_io/status/1263410243637260289
Rules:
✓ Participants: all the GT holders on Gate.io; 1 GT = 1 vote
✓ Only GT holders can vote on Gate.io
✓ For every participant, their vote equals the average 14-day GT holding (including asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not allowed).
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT (14000GT/14 days) and he will have 1000 votes.
✓ After the listing vote, all voters will be rewarded with an airdrop of the token of the winner, the trading of the winning token will be available on Gate.ioStay COTI!
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bisti
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May 21, 2020, 02:16:02 PM |
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Why dont you resolve this problem in public, answer to everything is "send email"
WHAT ARE YOU HIDING?
WE ALL HAVE SAME PROBLEM
Hello, this issue can't be solved via bitcointalk forum, if you want to solve the problem, you won't do it in such way. COTI never hiding anything, we are 100% transparent company. I am communicating via email and each reply takes 3-4 days. It is 2020. Last response was that "it will be disabled soon" it was about 7 hours ago. Beside a lot of issues with this platform, now I also have 2 new issues: - why isn't this yet resolved? It's been like 10 days - how will my staking "be disabled soon" does that mean you are having some kind of control over network / my wallet / my staking? |
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COTInetwork (OP)
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Coti - Currency Of The Internet
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May 25, 2020, 03:52:11 PM |
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 As the world is slowly adjusting to the “new normal” of COVID-19 and consumer spending patterns are moving more towards online services, COTI’s merchants, who primarily transact online, have significantly grown their processing volume over the past month.
This increased online processing for merchants, coupled with our recently launched credit card processing, has resulted in a record month for COTI’s network activity, with over $7M in processing volume, representing 40% growth from the previous month!
Such growth can be reflected in our Explorer under “Merchant’s activities” and has a direct impact on the demand for the COTI coin, as explained here.
This continual increase in merchant processing volume on the COTI network, despite the COVID-19 pandemic, is very encouraging and as such, we expect to meet our goal to process $120M on the COTI network this year!
The growth for the demand of COTI’s network and services, coupled with the new Staking 2.0 model limiting the supply of coins, serves as a great benefit for coin holders.
 How to read Merchant’s Transactions tab on COTI’s Explorer:
The Merchant tab on the Trustchain Explorer shows two types of deals we have with merchants: A deal where we show the entire transaction on the Trustchain (“Revenue Transaction”) and a deal where we only show the fees the merchant paid to the network for the transaction (“Fee Transaction). In some cases, the merchant will have both deals.
Example:
If Merchant A is processing 2,000$ with COTI and it’s a Revenue Transaction (COTI mirrors the entire transaction) then you’ll see 2,000$ worth of COTI on the Trustchain. So, Merchant A processing volume is 2,000$.
If Merchant B is processing 1,000$ with COTI, through a credit card transaction for example, and Merchant B is paying 1% fee, then you’ll see only 10$ worth of COTI on the Trustchain. So, Merchant B processing volume is 1,000$.
Overall:
Processing volume of 3,000$
The Trustchain shows 2,010$
By definition, our processing volume will always be greater than what you see on the Explorer.
Revenue Transactions are good for Node operators and stakers’ rewards, as they cut a fee from the entire volume. Fee-based transactions are good for the demand for COTI, as merchants need to pay their fees with the COTI coin. A healthy network needs both.
You can read more about it here.Stay COTI!
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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COTInetwork (OP)
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May 27, 2020, 10:04:09 AM |
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COTInetwork (OP)
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May 28, 2020, 10:31:45 AM |
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COTInetwork (OP)
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June 03, 2020, 05:53:37 PM |
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COTI’s exchange-based staking program continues and after a successful campaign of KuCoin Pool-X Staking, we have decided to bring it back for another round!
KuCoin’s Pool-X has been proven to be successful in enabling users to stake via KuCoins’ wallets while earning COTI coins and extra POL rewards. This has allowed COTI to increase even more the overall staking volume offered to its users, and to meet the staggering demand for the staking 2.0.
About the Pool-X Campaign:
Pool-X round II will be launched at 12:00 pm UTC on June 4th, 2020. The available staking plan is COTI-30 (30 days staking).
Subscription Period: from 12:00 pm UTC on June 4th, 2020 to 3:59 pm UTC on June 10th, 2020.
During the staking period, in addition to the staking benefit of COTI, users can also get a share of the mining rewards of 250,000 POL every day!
Find more details about the product in the following table and on the Pool-X website. During the subscription period, all KuCoin users may choose their desired product to stake through the ‘Staking’ tab on the Pool-X website. Check out the Subscription Tutorial.
For additional information, please visit https://www.kucoin.com/news/en-stake-coti-and-earn-high-interest-on-pool-x-200602
Stake COTI, stay COTI!
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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COTInetwork (OP)
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June 04, 2020, 06:36:52 AM |
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On June 1st, 2020, each of the eight node operators at COTI have chosen the fee structure for their node and it has already been set up in the MainNet.
 The network is growing alongside the volume of stakers, and it is a great time to let our node operators set their node fee, as previously announced in the Full Node Fee Policy article.
COTI’s node selection algorithm will take into account the selected fees (preferring lower fees), along with other parameters like the volume of staking on the node (preferring higher fees), the trust score (preferring a higher score) and other parameters.
The more transactions the node will process, the better the rewards for the node operator and its stakers will be. Fees are set for a period of 90 days in advance and only then may be changed again by the node operator.
The complete fee table, reflecting the current fee for each node, is now posted in your COTI wallet and will soon be available on COTI’s website. As our network becomes less centralized and our node economy evolves, fees are now determined by node operators. As such, node operators have a responsibility to decide wisely on fees, both for their own gains but also for the stakers on their node. At COTI, we are confident that they will make a smart decision.
Exciting times!Stay COTI!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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COTInetwork (OP)
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June 05, 2020, 02:19:37 PM |
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 With more than 270 million people, Indonesia is one of the most populated countries in the world and has a vibrant and vast crypto market.
As such, it did not go unnoticed by market leaders, like Binance, who recently announced an upcoming BIDR coin (Indonesian Rupee Stable Coin).
At COTI, we are continuously exploring listing opportunities and always aim to make meaningful choices. Thus, an important step, we believe, is to aim at the Indonesian market with its largest crypto-asset exchange: Indodax.
Indodax is the 5th biggest exchange, based on traffic, according to CMC’s new ranking system. Having more than 1.9 million members and 10 million visitors per month, we are confident that Indodax is the ideal next exchange for COTI to be listed on.
COTI’s deposits on Indodax will begin on Wednesday, June 10, 2020, at 07:00 AM UTC and trading will begin on Thursday, June 11, 2020, at 07:00 AM UTC.
COTI will be traded on a COTI/IDR pair, giving COTI access to fiat deposits from the local market.
Furthermore, we have opened an Indonesian Telegram group, operated by Bumi Intermedia, to create a channel between COTI and the Indonesian market community.
To join the Telegram group click here.
Tinggal COTI!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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Onika84
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June 05, 2020, 04:42:11 PM |
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Welcome to Indodax, CoTi. Glad to see CoTi will be traded there. As an Indodax user, I am very happy. Will there be a special giveaway for Indodax users?
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COTInetwork (OP)
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June 12, 2020, 03:51:37 PM |
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 A year ago, we had the privilege of launching two of our most important achievements to date: COTI Token Generation Event and COTI MainNet.
One year later, we are proud to count many meaningful milestones through which COTI has evolved to be a strong company. As part of these milestones, we count merchants using COTI Pay as a technology provider creating a wallet and payment system, like Blockchain Dollars and MyFirstWallet. But also credit card transactions being processed on the COTI network.
All this made possible the constant growth in COTI’s merchants’ processing volume. May was a record month with over $7M in processing volume, representing 40% growth from the previous month! And we expect the volume to reach $120M by the end of this year.
To date, COTI has released 25.7% of its coins which are now in circulating supply, with an average daily trading volume of more than $2M.
As the network has rapidly grown and matured since the COTI coin was first distributed, it was natural to revise and update our token metrics to match such growth and to benefit the ecosystem. Coin distribution now happens only twice a year, we have locked out 400M coins from our supply, and the team has extended its lockup by 10 years!
The growth in demand for COTI’s network and services, coupled with the new Staking 2.0 model limiting the supply of coins, serves as a great benefit for coin holders.
To count COTI’s technological achievements this past year, we are proud to name COTI’s multiDAG, Global Trust System (GTS), Universal Payment Solution (UPS), and Payment Gateway.
We are also proud to count important strategic partnerships with top companies like Cardano Foundation, Chainlink, Recruit, and Xangle.
See more on what COTI plans for the rest of 2020 in terms of technology achievements here.
COTI on exchanges
From the Token Generation Event (TGE) that happened in parallel to the IEO held on KuCoin, on June 4th, 2019, we are proud to count 10 exchanges COTI is listed on to date: Binance, KuCoin, Binance DEX, Bitmax, Bithumb Global, Gate.io, Bidesk, Coinbit, IDEX, CoinDCX, plus Indodax on which COTI will get listed this week.
With that much meaningful listings and more to come, COTI covers a large part of the globe and is widely available. COTI’s MainNet and Nodes
COTI’s MainNet was launched on June 4th, 2019 with two full nodes controlled by COTI.
To date, we count eight additional full nodes operated by community members. Even more so, as of June 2020, node operators were able to set the fees they wanted to apply to their node.
The two first nodes to run on MainNet were Wolf Node and Rufys Node on January 2020, followed by Crypto Daku and tehMoonwalkeR in February, LLBB in March, Constellation, Veru and Carpathian in April. The total staked amount in May was 70M COTI, 30M of it were staked through exchanges. This marks a huge growth compared to Staking 1.0 in April 2020 when less than 5M COTI were staked.
We are excited to update that an additional node will be added to the MainNet on July 1st, 2020, opening more staking spots for those waiting patiently. Stay tuned!
COTI’s popularity
At COTI, we work tirelessly to keep COTI high in the eyes of the community. Some events made it even more intense, like the Binance listing since when we have been getting non-stop offers for new partnerships, listing opportunities, and more.
We’ve also had a peak on all social metrics, as well as network volume and number of accounts opened.
In March 2020, we were counted among the most discussed coins on Twitter (3rd position!) and we remain on the list since then.
 Stay COTI!
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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COTInetwork (OP)
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June 17, 2020, 01:27:48 PM |
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 Every great payment system has a great wallet. This is why we have been working hard on improving COTI’s wallet, for the benefit of COTI’s holders, consumers, and merchants alike.
We have been developing support for COTI, of course, but also for Bitcoin (as part of MyFirstWallet) and for Stable Coins (as part of Blockchain Dollars).
More so, throughout the last year, we have been pushing developments to our network like Staking 2.0 and the interoperability bridge, which lived in its own domain.
Now, it’s time to bring it all together to one amazing wallet called COTI Pay.
COTI Pay will be our MainNet wallet moving forward and will include support to multiple assets and unique abilities. COTI Pay will also be the base platform to launch upon COTI-X, our Fiat On-Ramp platform, DeFi products, 1-Click payments, and our Debit card.
COTI Pay will be available on responsive design for desktop and mobile, but also as a native mobile app on iOS and Android.
This week, we’ll publicly show the new design for COTI Pay, and from that point onwards constantly push features and abilities throughout the year. V1.00 of COTI Pay will be named VIPER.
We have put together a timeline to give you a good idea on when to expect updates. We hope you’ll love it like we do!
Here it is: In details:
We’re finalizing Blockchain Dollars and launching an Alpha version with a major casino in the coming weeks. It turned out to be better than our wildest expectations! We plan on giving our followers an intimate tour of the product before it publicly launches. Stay tuned.
Blockchain Dollars, other than being a very promising revenue stream, was also a basis to an array of new technological and business abilities for COTI. These abilities will be adopted to COTI Pay.A few of these abilities include:Handling Stable Coins for payments — we now support any ERC20 based stable coin, from purchase to payment to redemption. The full cycle.
Fiat On-Ramps — there are quite a few fiat on ramps out there. All of which have areas of expertise but also weakness, like support for certain countries, cards, etc. We are the first to develop an optimization engine between them so that when a user wishes to pay fiat to get crypto, we know what system will give him the best chance of succeeding and we use it. We call this system ORO, which stands for On-Ramp Optimization (and Gold, in Spanish). Naturally, this system complements our own abilities to process credit cards, which we have mentioned earlier this year and have been growing.
We have put a lot of learning into the system, some AI, and business development efforts so that we’ll have the best solution to onboard new users, from the Fiat world, and introduce them to crypto. ORO will support a vast range of over 20 Fiat currencies, to have a very wide coverage and support as many people and use cases as possible.
This system, of course, will serve us on COTI Pay, and COTI-X too, which we’ll explain later in this article.
Lastly, Blockchain Dollars isn’t just a stand alone wallet as it integrates with gaming platforms through an API we have developed. This gives us an advantage when we onboard new gaming partners, as we already have a ready-made plugin for gaming platforms.
Around the launch of Blockchain Dollars, we’ll launch COTI Pay v1.0 VIPER.
VIPER will launch as a new design to our MainNet wallet, revamping it completely with a new sleek responsive design. There will be no more generic MainNet wallet, but only COTI Pay. You don’t have to do anything, it’ll update automatically.
VIPER will bring in a dashboard for Staking 2.0. All the information you’ll ever need with regards to your staking will be available within the wallet, as a standard.
VIPER will also include our famous interoperability bridge between COTI MainNet to COTI ERC20 to COTI BEP2, all built into the wallet. While the Bridge website will remain in place, you won’t need to go to it if you have a COTI Pay wallet. How cool is that?
Once we complete the responsive design to COTI Pay VIPER, it’ll be the perfect time to launch it on iOS and Android. Our wide community will finally have the ability to put us on their phones!
Moving forward down the timeline, we’ll launch COTI-X. We have realized a while back that the world doesn’t really need another exchange and so we have focused our efforts on what’s really required: having more users adopt crypto so that enterprises and merchants can adopt crypto.
We have decided that the best path will be to build the perfect Fiat On Ramp. That’s the gateway for everything. We all know people that “would have bought crypto if it wasn’t that complicated to get it and then handle it”. We believe that COTI Pay will be a very easy way to handle your crypto and so COTI-X will be a very easy way to buy it. The Fiat On Ramp will also use ORO — our Fiat On Ramp Optimization engine mentioned above to make sure that prospective buyers will have the best experience and chance having their card processed.
Once COTI-X is integrated into COTI-Pay, we’ll implement our MultiDAG capabilities to COTI Pay too. As a reminder, MultiDAG is the world’s first platform to allow the issuance of tokens on top of a DAG base structure, the same way ERC20 tokens can be issued on Ethereum. This gives COTI a huge advantage in the enterprise world and when coupled with a strong fiat on-ramp, will be the basis to approach various enterprises ready to adopt these types of solutions.
Version 2.0 of COTI Pay will be named COBRA, and will launch around Q4 this year.
Cobra will begin by supporting multiple assets, including but not limited to Bitcoin, Ethereum, USDT, USDC, and ADA (as part of our partnership with Cardano). We want to make our wallet as useful as possible and allowing our users to hold other assets is important.
Even more so, these assets can then leverage the abilities that will come with COTI Pay Cobra, as you can read below.
With Cobra, we’ll allow merchants to use “1-Click payment” for users who wish to pay with crypto. Instead of the cumbersome system that everybody is using today, that includes scanning a QR code from your mobile, we’ll implement a system that is more like “PayPal Touch”. Meaning, once you click on a payment button at a merchant website, your COTI Pay Cobra wallet will fire up automatically, allowing you to approve the purchase and finalize it with one click. This sort of flow is widely accepted outside of crypto and we believe that consumers prefer it, giving us an advantage in terms of adoption by the masses.
The next version of Cobra, v2.2, will introduce DeFi to our ecosystem. As mentioned earlier this year, we have partnered with Celsius Network to allow both our consumers and merchants alike to have a simple access to savings and loans through COTI Pay. Merchants carry a substantial positive balance of stable coins in their wallets, it only makes sense for them to gain interest in it. Merchants sometimes need working capital loans, why not grant them directly on their wallet?
Lastly, v2.3 will introduce the long awaited COTI Pay debit card. The debit card will be a virtual debit card (though plastic may also be available, if required) allowing users to spend both their COTI and other supported assets on Cobra (see above) where Visa is accepted. This will allow further adoption of the wallet, until crypto is accepted everywhere and by everyone.
We have put a lot of effort in putting together what we believe is the best wallet for the best payment system. Work has already begun and the first products are coming out now.
There will be other surprises, of course, so stay tuned.Stay COTI!
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 - Currency Of The Internet
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June 26, 2020, 02:23:09 PM |
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 COTI’s Trustchain is the base infrastructure for our systems and products. We have recently introduced our growth plan, product roadmap, and COTI Pay — that will include a new wallet, multiple assets, DeFi, Prepaid card, Fiat On Ramp, and more. Supporting such a huge growth in our processing volumes will require fortifying our network. Hence, it’s time for MainNet 2.0!
Since its launch in June 2019, the Trustchain has processed millions of transactions globally.
We are one of the few fully functioning DAG-based MainNet’s in the market and definitely the only one to introduce MultiDAG. MultiDAG is the world’s first platform to allow the issuance of tokens on top of a DAG base structure, the same way ERC20 tokens can be issued on Ethereum.
We are also the only one out there allowing node operators and stakers to take part in a payment processing transaction, rewarding them with COTI coins.
As our system grows, so does our knowledge and appetite to improve our product and network.
We have been researching and developing new ways to scale up a DAG and have been deeply researching into pBFT and threshold signatures.
We will scale and optimize up our DAG this year, introducing DAG 2.0.
We will also be introducing what is considered by many a tremendous technological achievement: a functioning pBFT on our network, upgrading our MainNet to MainNet 2.0.
Alongside the core development of our Trustchain infrastructure, we have been working on our Global Trust System, allowing other chains to leverage our trust scoring system, essentially allowing users to type in an address and get feedback on how trustworthy that address or entity is. Other than COTI’s Trustchain, of course, we’ll also be supporting the Bitcoin and the Ethereum network this year.
See here an estimated timeline for development:
 In more detail:
DAG 1.0, our current system which we have named “Ant” has the following abilities -- A decentralised solution designed to enable secure and trustworthy transactions. This solution relies on the distribution of Cluster responsibility to several types of Nodes, which are run by users. There are several node types in the COTI network: Full Node, Double Spend prevention (DSP) Node, Trust Score Node, History Node, Financial Node, Node Manager.
- Node Manager: the Node Manager in the COTI network allows seemingless deployment of nodes operating in the COTI network and allows anyone to join the network as a node operator and run any type of node.
- Trustchain Consensus: DAG 1.0 introduced a new approach to achieving consensus between transacting parties operating on a DAG-based data structure. The Cluster is a ledger, or a record of all transactions in the network, which is based on a completely decentralised DAG that is not stored by any central authority. The Cluster achieves scalability through its use of parallel source selection and confirmation of transactions, as well as its use of COTI’s Trust Scores. Each transaction in the Cluster receives a Trust Score equal to the sending account’s Trust Score. A transaction’s Initial Trust Score is used to define the unvalidated transactions (sources) which will be validated and referenced by the transaction, as well as the amount of PoT that should be performed prior to transaction attachment.
- MultiDAG — COTI’s infrastructure is not bound to one instance of DAG. The same infrastructure of nodes permits the creation of multiple DAGs for different originators and purposes. There can be voucher tokens, stablecoins of varying nature, dedicated tokens for global companies, or scalability tokens to speed up settlements in other blockchains. COTI will use several independent clusters that each support one token, which will make the whole network efficient and adjustable. The COTI MultiDAG ecosystem 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.
DAG 2.0 (codename “Bee”) will be all about speed and efficiency. With the introduction of DAG 2.0, planned for Q3, we’ll be introducing:- DAG structure optimizations and improvements — in the new structure validation of transactions will have the ability to overcome missing transactions not persistent between nodes and retrieval and synchronization of all nodes DAG’s. By that init and sync process of new nodes will be significantly more efficient and fast. By deploying the new DAG structure the network will be able to scale up and support more transactions and nodes propagated through the network.
- Storage efficiency — The ClusterStamp: to prevent the growing Cluster from becoming unmanageable in storage size, COTI has implemented the Clusterstamp, which consists of two phases:
1.The last fully confirmed transactions (having both Trustchain consensus and DSP consensus) for each account have been found. The ‘last’ transaction means that there are no fully confirmed transactions confirming it. These transactions then become the genesis transactions in the next generation of the Cluster.
2.All other confirmed transactions are excluded from the working DAG kept by Full Nodes. All non-confirmed transactions are kept in the working DAG. The Clusterstamp process is performed automatically.
A successful payment system is supposed to process high throughput of transactions, circa ~ 1B transactions per annum. While most blockchain systems have a payload of transaction size of ~5 KB, it means that after one year of processing the network can generate several terabytes of transaction data. Therefore, it is not reasonable that full nodes store all of these data and will limit our scale. The clusterstamp will solve this issue and make our network faster and lighter.- Build a protocol which will support ‘bridges’ between clusters:
1.Each DSP Node that receives a transaction propagates it to its strongly connected fellow DSP Nodes (in its own cluster) and to one DSP Node from each additional cluster.
2.The process in each cluster is similar to receiving the transaction in the initial receiving DSP Node. The transaction is propagated to all other DSP Nodes in that cluster and is then confirmed, signed, and sent back to the original DSP Node from the first cluster.
3.Each cluster has an ‘election’ where the validity of the transaction is decided, and the majority of votes in each cluster will be taken into account as the bucket’s verdict.
4.The cross cluster decision regarding validity will be chosen in the same manner. Each bucket’s verdict will be taken into account as one vote, and the majority of buckets will rule on the verdict.
5.DSPs will be evenly distributed among buckets in order to prevent small buckets from being able to influence the whole network.
Most blockchain solutions require that all system nodes be strongly connected to reach transaction consensus. This type of network topology does not allow high throughput and the support of parallelized transactions. Deploying our cluster architecture allows COTI to overcome the scalability challenge, approve transactions faster, and make COTI the most suitable to support a global payment system.- Payment request — COTI’s unique solution for “One-click payment” for merchants and consumers. It provides consumers a “Pay with CRYPTO” button they can embed and integrate directly to merchants’ websites without filling the details about the merchant and the purchased item.
- Automatic Network Discovery Algorithm which will allow COTI to -
1.Reduces the risks associated with having a single point of failure in the network and further decentralizing it.
2.An automatic way to discover neighboring nodes (minimising the amount of time and effort the user would have to do to manage this manually).
3.A way to intelligently avoid the risks (as much as is possible) associated with accepting data from another node, without becoming reclusive or becoming locked into cliques.
With DAG 2.0 (Bee) in place, we’ll have the required cluster to upgrade our network. In parallel to that, we have been deeply researching pBFT. With both abilities in place,
we’ll move from the Falcon era to the Eagle era, and from MainNet 1.0 to MainNet 2.0.
MainNet 2.0 will have the following abilities:
1.In MainNet 2.0 COTI will introduce our unique PBFT solution. The PBFT is a way for a distributed network to reach the consensus set for the Blockchain even if some nodes are malicious. In any distributed network, for a transaction to be approved, a certain number of nodes must agree to this. PBFT is the feature of the application to approve the transactions even if some nodes are not approving the transaction.
2.Presenting Initial Consensus Protocol for DSP — at the DSP-BFT stage, we plan to implement one of PBFT-like consensus variants in full. This stage includes:- “view changes” or similar mechanism
- leader election
- “fast path” for processing most transactions
3.Deployment of Consensus (pBFT) in TestNet 2.0 — at this stage we plan to add non-transaction polls. It will be a “slow path” of voting because non-transaction (and not leader selection) polls are less urgent and should have less priority. This category of polls includes:- new Full node adoption.
- DSP-nodes set reconfiguration.
- possible some distributed government polls.
4.Deployment of Consensus (pBFT) in MainNet 2.0 — at this stage we will deploy the new pBFT consensus mechanism to MainNet 2.0.
While this process is taking place, the Global Trust System will launch with support for the Bitcoin network in the coming weeks. It’s almost ready to launch. The data for the system will keep on growing and as more users join, the more trustworthy crypto will be.
With enough feedback, we’ll launch our system for Ethereum later this year to cover most of the global transactions out there and to fully encompass our payments ecosystem with the much-needed trust this system can potentially bring.
The Global Trust System will make COTI synonymous with Trust, which is a very required attribute for mass adoption and solves a major difficulty in the crypto world.
Stay COTI!
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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