Project Update: Coss (COSS) the Cryptocurrency Exchange Platform and More
Project Update: Coss (COSS) the Cryptocurrency Exchange Platform and More
Basics
COSS is a platform aiming to to bring cryptocurrencies to the masses by adopting and facilitating all the existing crypto and the blockchain related services and products into a userfriendly and easy-to-use environment
They provide an exchange, an e-wallet which supports a broad variety of tokens, a platform for ICO launches and promotional trading campaigns, a fiat gateway, a market cap widget, and more
They had an ICO between August and September 2017 and raised over $3 million
Tokens and usage
The biggest part of the COSS is the exchange which has been operational for a long time. There are two tokens used on COSS exchange.
COSS token holders are rewarded with payouts in all cryptocurrencies supported at coss.io for utilizing the platform and the exchange. This means that 50% of all income from the fees are shared between the COSS token holders. That has been working and operational for a long time.
Recently COSS also introduced another token that was sold through the platform: CFT which allows users to pay trading fees at a discounted rate. All of the duest conversion will also be done to CFT (dust meaning low amounts of cryptos in the wallet)
Recent News
The main recent update was 1.2 where a complete migration to a whole new system was performed with not a single piece of code being brought over
The team recently annouced a feature where for Fee Split Allocation the non-ERC20 tokens are automatically converted to ETH(Ether) and are stored in your ETH wallet.
The team is also trying to incorporate the usage of CFD tokens as markets and also recently started the affiliate system where rewards will be distributed on a weekly basis.
They also enabled fiat deposits with fiat withdrawals being worked on and also annouced a tie-up with CCXT where they are 1 of only 7 Certified Exchanges and the only one from Singapore
Roadmap
The roadmap is out of date and very vague but it does highlight some developments:
enhancing the security of the system
expanding the team
being 100% compliant with government regulations
continuously featuring tokens that will add value to the eco-system
expanding tge network and customer base
introducing FIAT deposits, withdrawals, and trading
I think the most important part is attracting users to the exchange and the volume on the COSS seems to be increasing steadily which is a good sign.
Availability and price
As expected COSS is only listed on COSS
The most popular listings are:
COSS/ETH
COSS/BTC
LTC/COSS
COSS/USD
Overall 24h volume around $65k
Current price as of 23nd of January is around $0.06 with COSS being ranked on 290th place in terms of the market capitalisation and market cap of around $7.2M.
119M tokens are in circulation out of 200M so there will be new tokens in circulation - something to consider.
Price graph
As with most altcoins COSS has been struggling this year with very significant decrease of overall 95% which is comparable to most altcoins. 1.32 is the highest price this year - it was achieved on 23rd of January but recently it has been doing good.
How is it doing?
COSS is an interesting option and considering the exchange is gaining traction there is a lot of potential here.
However it is a high risk/high reward type of investment because it is unclear whether the project can sustain itself financially.
The fact that COSS introduced another token is controversial and might be a sign that they need more money. Why not just use COSS instead?
However holders of COSS will get more CFT tokens anyway so the fact that new CFT tokens were introduced isn't really bad for COSS holders
The project has huge potential and could make crypto mainstream but it could also go bankrupt.