Businesses have struggled to maintain the same reputation for safety and good customer service that attaches to retail platforms. For online shoppers, many have had the unfortunate experience of a purchase not going to plan. Perhaps the product we ordered never arrived; or it did, but it wasn’t as the seller described. And when we tried to resolve it with the seller, we received no response. These are just some of the pitfalls of shopping online that we’d rather not have to worry about.
In reality, consumers are often exploited. A few companies enjoy monopoly powers in the market place. A large majority of consumers are ignorant and illiterate and do not know their rights. Due to all these reasons, consumers are often deprived of their rights. They are often exploited through misleading advertisements, poor quality goods, fractional weights and measures and overcharging.
As e-commerce expands, opportunities for fraudulent misuse of payment networks and data theft grow right alongside. Chargebacks, in addition to being costly, can damage business reputations; an excessive number of chargebacks can lead to closed merchant accounts, effectively killing the business.
Buyers need to be secured when shopping online without having to worry about anything when making payment transactions at any merchant.
With COTI, customers will be protected from checkout to delivery. Any financial info is never given away. And if something goes wrong with the order, there is COTI Mediation Service for dispute resolution characterised by a decentralised collective of highly trusted network participants who are tasked with resolving transaction disputes. This enables the network to provide decentralised human input services to its participants
Any unethical practices and protecting a consumer are major reasons why COTI was built. COTI wants everyone to get their money’s worth when they purchase something, and not have to worry about trust and safety problems.
COTI has not only built a digital currency, but an entire digital payment ecosystem. COTI’s DAG-based consensus model, Trust Scoring Engine, Mediation System, currency exchange and decentralised governance are all hallmarks to the functioning of the COTI network. COTI payments network was designed to take over where traditional payment systems left off, namely with instantaneous transfers, low-to-zero fees and cost effective buyer-seller protections. This is a major advantage for consumers and merchants alike as compared to traditional banking, credit cards and P2P platforms.
COTI offers a ready-to-use service a user can revert to in cases of fraud or any other dispute related to transactions settled through the COTI payment system. The Mediation Service creates a rolling reserve for each merchant to cover possible claims and a system-wide Reserve Credit Fund (RCF) to further guarantee it. Both funds are maintained in COTI’s native currency, and the required size of a merchant’s rolling reserve is calculated based on the merchant’s Trust Score.
Unlike traditional payment methods, COTI is fast and can be used globally. It is far more user-friendly for both merchant and consumer and involve far lower transaction fees. COTI provides customers with a speedy, convenient alternative for payment.
Learn more about Currency of The Internet (COTI):
https://coti.io
https://t.me/COTInetwork
