“Price is what you pay. Value is what you get” — Warren Buffett
It’s been a long time since credit card ruled the roost, and got into our everyday life. People have been shopping and streaming from overseas using a credit card. People have been using credit card increasingly to pay for necessities like gas, electricity, etc. Many will even put their monthly bills on their credit card.
The bad news is using a credit card is expensive. If you’ve ever carried a balance, the hefty interest rate quickly bears evidence of the compounding cost. And credit card interest is only the start of what a credit card can cost you. In fact, many credit cards have fees you’ve probably never heard of.
Even when you need a credit card statement you will be charged per copy. Though most companies provide the last six months statement free of charge but after that, it’ll cost you around $2 depending on the card issuer.
Another drawback of credit card is when you buy something in another currency, such as while you’re on vacation in Europe or just shopping online, you’ll pay the currency exchange rate and a currency conversion fee, which tends to be around 2.5 percent per transaction, depending on your credit card issuer. And the worse is that your credit card issuer gets to charge you for converting your money back to your own currency.
So for the price that you paid, did you get any value?
We need an infrastructure that provides the benefits of fast, secure, convenient, and inexpensive transactions all around the world. We need to revolutionize the payment industry and ensure that anyone can benefit from instantaneous, transparent and cost-effective transactions, irrespective of where they live and level of education.
COTI is a decentralized payment network utilizing Directed Acyclic Graph, an improved version of current blockchain technology which allows COTI to handle hundreds of millions of transactions per day. That’s a far higher than Bitcoin that can only handle hundreds of thousands transactions per day.
COTI network provides a faster transaction confirmation and very low-to-zero fees for buyers and sellers. COTI is a disruptive technology that will fundamentally change payment as well as many other industries. COTI is an digital currency that uses DAG to transfer funds from buyer to seller or vice versa.
COTI transaction costs should be kept to a bare minimum and levied in accordance with each participant’s individual contribution to the network so as to create a self-sustained and equitable payment system.
In DAG-based systems like COTI, greater network usage leads to improved scalability. This creates a positive correlation between the number of network users and the rate at which transactions are confirmed. Users are incentivised with low-to-zero fees, fast confirmation times and high Trust Scores as a reward for their honest, trustworthy conduct.
The current financial system is very cumbersome to send and receive money. You can send an Whatsapp messages around the world in a second, but transferring money can take days or even weeks to arrive at its destination. Financial intermediaries are required to transfer any sum of money, each of which takes a service charge. These financial middlemen are more often the victims of fraud than the rest of the economy, which results in greater regulation and higher costs for all parties involved. COTI will eliminate the middlemen of any transaction while increasing security, both of which will reduce costs.
COTI Network will revolutionize the entire industry. It is more than just a blockchain, it is a vehicle of change!
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