INTRODUCTION
The traditional payment systems like banks' VISA and MasterCard have failed in many regards. The number of people who have no access to financial services worldwide are increasing and there is need for a remedy. High fees and slow transaction speed has been a major drawback. Bitcoin including other cryptocurrencies have tried a great deal to curb this, but they are not scalable, hence the network gets congested leading to increase in transaction time and cost. The solution is finally here (COTI), to disrupt the traditional payment systems.
COTI (Currency of the Internet) is a cryptocurrency which is being developed to address the inadequacies of its first-generation forbears like Bitcoin and Ethereum. Despite the growth and popularity of these earlier crypto currencies, certain drawbacks such as high transaction fees, non-existing dispute resolution services amongst others.
Existing features on COTI includes its deployment of a Directed Acrylic Graph (DAG) which makes it possible for the system to churn out high transactions outputs. Other features include a mediation service with the network’s ability to allow its participants to enjoy decentralized human input services.
The DAG feature also goes against the grain as opposed to the block chain based networks. Here, the improved network is as a result of greater network usage.
The network’s fee system is operated on decentralized services run by general users. This will ensure that a portion of tokens generated is saved as Reserve fund to pay for all transactions.
COTI’s trust chain algorithm is developed in such a way that participants enjoy incentives like low to zero fee payments for high trust scores. This is a motivating factor for sellers to offer the best service that can be rendered so that better ratings can be achieved on their trust scores.
Trusted users also enjoy faster confirmation times when compared to those with lower Trust Scores.
NETWORK COMPONENTS
One of the key network components on COTI are the wallets which can be obtained after opening an account. These wallets will be customized in the nearest future to fit user’s role and operations. The Nodes and Servers complete the networks key components.
Having a COTI account is a simple process that involves legitimate checks and balances to confirm transaction and output.
Payments of fees to keep major components working optimally is of a necessity. Transactions are of three types:
• Intra COTI users transfers
• User to merchant
• transactions amongst merchants
Performance Investigations
Performance Investigations are ways COTI’s algorithms are better understood and its performance rated. Here three methods are involved: a mathematical framework which assumes whose main determinant the cluster and the transactions are taking place within it.
Performance analysis which is tabulation of results obtained from a number of sources and simulation which is more analytic under complex situations.
Mediators are key players in dispute resolution; they are paid to diffuse tension between buyers and merchants that may occur during the transaction. Presenting factual data is also required from them.
As with many technologically driven systems, attacks from hackers are not far away,
To prevent attacks such as Sybil, malicious node, denial of service and much more, COTI has developed mechanisms to curb these attacks. Some of these are the Double spend prevention mechanism and the use of software patches.
COTI’s aim of providing decentralized online payments is a determinant factor in enabling a governance structure which will be tasked with making major decisions on the use of its tokens and investments.
TEAM
COTI has very experienced and dedicated team members. The image below shows team members of this great project.
USEFUL LINKS:
consider checking out the links to know more about the project.
You can download white paper from the website.
Website : https://coti.io/
Facebook : https://www.facebook.com/COTInetwork
Twitter : https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Reddit : https://www.reddit.com/r/cotinetwork/
LinkedIn : https://www.linkedin.com/company/25171228/
Bitcointalk: https://bitcointalk.org/index.php?topic=2934563
Author's BOUNTYOX username : Deodivine