COTI (Currency of the Internet) is an innovative Cryptocurrency that can achieve scale in volume and speed of online transactions, low fees and providing services expected of financial payment platforms especially dispute resolutions.
Decentralized payment platforms currently have been unable to cope with the volume and speed of transactions especially with the rise of e-commerce due to increase in mobile payment platforms. The current statistics of about two trillion dollars is projected to double by 2020, this will put increased pressure on the platform. There is therefore the need for COTI with its innovative ecosystem to take transactions into the next generation of speed, volume and trust.
Trust is also another issue faced by unknown parties this often times than not delay transactions. This can be frustrating to merchants as it makes them cash strapped and can force up the price of goods and services.
In the current financial settlement there are so many fees incurred, high settlement fees, card fees ( maintenance, annual , transfer) this list goes on and on which are then imposed on both merchant and customer. This also ultimately drives up cost on both ends.
COTI is developing a variety of technologies to combat the problems and give consumers a better payment systems experience with greater turnaround time ,lesser fees and a trust system based on some algorithms. Some of the key features are:
Instantaneous Remittance This uses DAG ( Directed Acyclic graph) transactions called Cluster as opposed to blockchain. This is not a novel idea and it has been shown to improve performance. This are intended for low value transactions that are in large numbers.
Trust Scoring Engine This is used to assign fees based on the users track record of payment. Users with high trust scores gets to low to zero fees while users with low trust scores pay higher. This gives the incentive needed for merchants to give their best to increase their scores.
Mediation System This is for dispute settlement so as to uphold the reputation of the network. This is done through a series of prompts and doesn’t significantly impact the transaction fees. This is a win win for everybody and a novel idea.
Currency Exchange Fiat and Digital currencies will be acceptable or a combination of both this is controlled by an automated market-maker to ensure fairness in the exchange
Applications and Services COTI is developing a set of application and services that will ensure continued uninterrupted connection to COTIs network at all times. Provision of COTI wallet and debit card will make settlements easy , consumers can pay with either fiat or Cryptocurrency and merchants can accept any currency based on the versatility of the network. Crowd sourced mediators will be compensated for successful resolution of transaction disputes.
Cryptocurrency has been said to replace traditional financial settlement due to its obvious advantages however its adoption is limited by the following factors.
Scalability: Due to high congestion of the Bitcoin network transactions are currently very slow. The network can handle only about 3 or 4 per second compared to about 2400 done by Visa. This spikes the transaction fees on the Bitcoin network.
Speed and Consistency: Transactions on Bitcoin network are not only slow sometimes but also fluctuates and since a transaction has to be confirmed about 6 times before its successful it can take hours for a single transaction to go through.
Legality: Bitcoin has been accused of illicit money laundering and might be called to book soon
Third party vulnerability: Even though Bitcoin network has never been compromised, some bitcoin exchange have been hacked which resulted in loss of million of dollars in Bitcoin
Volatility: Due fluctuating exchange rate merchants either have to use funds to hedge against the fluctuations or hold on to it rather than use it for payment because of the appreciation of Bitcoin.
Immutability: Bitcoin transactions have a finality that is good as security but for everyday transactions a nightmare as it can’t be reversed.
Complexity: For typical customers the steps to complete bitcoin transactions are too tedious and a deterrent to most people.
COTI after looking into these problems came to the conclusion that a new framework has to be built on the old traditional financial system for more widespread acceptability. Currently COTI is laying down licensing foundations that will enable it comply with existing regulations.
The team includes veterans in the payments, cryptography, asset management and banking industries who possess experience and expert solutions in the field
For more information visit COTI website white paper
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