COTI’s CEO recently shared his thoughts on how the COTI network will leverage its growing merchant base to amplify mass adoption of the platform. Read his letter to the community.COTI CEO Shahaf Bar-Geffen
Main points:- Right product, right place, right time
COTI will onboard merchants with high-demand products - COTI above all
COTI will be positioned as the premier choice for merchant payments processing - Power of the collective
Merchants’ consumer base will be leveraged to amplify COTI’s reach worldwide - Inherent simplicity
Opening a COTI account will be simple, user-friendly and intuitive
COTI’s visionCOTI, Currency of the Internet, is a cryptocurrency that is tailor made for payments. It reconciles the best of digital currencies with the best of traditional payments, namely Visa and Mastercard, through its innovative base protocol known as the TrustchainTM. Based on a directed acyclic graph (DAG), The COTI TrustchainTM creates a scalable and blockless protocol that can be utilized by any industry that needs high throughput and trust to operate, such as the payments space.
Our vision is to empower merchants and consumers to freely exchange value as simply as the internet exchanges information. The greatest question that lies ahead then is, how can we spearhead the mass adoption of COTI all around the globe much like the internet?
I think we can all agree that we care about how our hard earned money is spent, after all we purchase the products and services we desire. It goes without saying that if the payments process is done right, it should be seamless — a simple alchemy that provides the greatest value proposition to both consumers and merchants.
Right product, right place, right timeTo incite this catalyst for change and amplify the demand for COTI, our focus lies in sourcing the right products that consumers want and making COTI the best way to purchase them. To this effect, we have begun onboarding international merchants who are interested in an alternative way to process payments that is favorable to them. This means low-to-zeros fees, instant settlements, low rolling reserve requirements, buyer-seller protections and hedging services - the list goes on.
When we get down to the fine details, this becomes a huge paradigm shift. From the time a transaction is processed, it must be filtered through 6–8 middlemen, each taking their own cut in processing fees. Online merchants typically have a 10–12% profit margin, but must pay a third of it in processing fees, which drives down their bottom line.
COTI effectively cuts out the middlemen, saving merchants over $200 billion every year. What’s more, merchants receive their money instantly instead of having their cash flows tied up for weeks in rolling reserves to account for chargebacks. Last but not least, COTI always works, unlike declined credit cards due to cross-border limitations that also fail to account for the two billion unbanked population.
COTI above allMerchants around the world are bullish on these prospects, which is exactly why COTI has been able to sign over 2,000 merchants in under one week in preparation for the August alpha net launch.So how do consumers fit into an ecosystem which consists of merchants that sell products that are in high demand and prefer to accept COTI over credit cards?
For starters, merchants have the ability to encourage users to select one form of payment over the other. It can be a discount, a bonus or a loyalty program. If this sounds familiar, then you’re on the right track. VISA and Mastercard have been competing for years through their respective loyalty programs. When it comes down to it, do you really care which credit card you use? If anything, your biggest concern is how much mileage you’re getting from your payment method — in other words, what’s in it for you.
COTI is also the answer for consumers who have had their transactions declined on account of false positives, or when credit card companies falsely flag transactions on account of suspicious activity or geographic limitations. In such instances, COTI isn’t the preferred way, it’s the only way.
Power of the collectiveThe stimulus for COTI’s rapid growth is to streamline the merchant to consumer purchase lifecycle as much as possible. Do you remember the early days of PayPal? It was the only way you could purchase products from certain eBay merchants because it was their preferred and most trusted payment method. While building a state-of-the-art payment system is crucial, merchants also play a significant role and are the path to leveraging a strong consumer base.
At COTI, we are advocates for partnering with the right merchants, as this will this be a direct viaduct to reaching more consumers and inspiring more communities to adopt COTI as a preferred payment method. Esoteric cryptocurrencies fit for specialized communities will be a thing of the past, as COTI will be an easy to use access card shared between millions of merchants and consumers all around the world.
Inherent simplicityBecause COTI has been designed as a coin, wallet, exchange and debit card,purchasing it for the first time will be extremely simple. During the checkout process, consumers will have the ability to pay for a purchase using COTI through a seamless integration with COTI’s exchange. What’s more, COTI is offering consumers their first 100 COTI free of cost.
The mass adoption of COTI as a preferred payment method around the world is eminent and within our reach. It all begins with onboarding the right merchants with high demand products and providing them with unrivaled payment standards. This will be the impetus for drawing in more communities to the COTI network and providing best in class solutions to common shortcomings experienced by both digital currencies and traditional payment systems.
Thank you to all consumers that have registered to our whitelist. Please note that the pre-sale contribution will be on June 4–5, 2018 for whitelisted members only!
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