COTI - Ambitious solution for traditional e-commerce

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COTI is aiming at revolutionizing traditional e-commerce and accelerating transaction speed of blockchain 2.0

It should be noted that currently 1.6 millions of people are taking part in the online payment industry all over the world. The volume of online payment exceeded 2 trillion USD in 2016 and is estimated to double in value by 2020. E-commerce is booming with the development of online payment; however, the performance of online payment system falls short of our expectation even in terms of fiat money. High processing fees, long settlement period, absence of shared trust mechanism and lack of multi-currency supports are some of the most crucial problems that current payment system has failed to deal with. Coming to cryptocurrency, the problem turns out to be much worse as there is no platform or solution which successfully enables crypto transactions on larger scale. Even the most well-known cryptocurrency – Bitcoin - also faces scaling challenges and low rates of adoption.

What is COTI?

COTI is a decentralized payment network aiming to facilitate efficient global e-commerce. COTI is intent on combining the best features of traditional payment network and the distributed ledger technology into one product which would bring the fast, cost-saving and reliable mean of payment for their users. In the long term, COTI wants to become the multi-currency wallet which would facilitate not only the existing but also newly emerging forms of commerce such as peer to peer transactions and cross border E-commerce.

COTI Ecosystem

COTI Ecosystem consists of three main components:

  • Trust Scoring Engine: The engine analyses network interactions over time to generate a unique Trust score for each COTI network participant. Trust Score Engine considers the following parameters to determine the participant score: account balance, dispute occurrence, dispute won, dispute lost, user rating.
  • Mediation System: Mediation system protects buyers and sellers in the event of transactional disputes arising within the network. Mediation also supports Trust scoring engine. Some scenarios that need mediation are billing errors, inadvertent transfer, unauthorized charge, …
  • Currency Exchange: Currency exchange enables cross-currency payments, and helps users to transfer their holding currency from one currency to another.

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COTI technology

To solve the problem of transaction speed and scalability of traditional blockchain, COTI resorts to DAG solution or tangle. This solution was first proposed by IOTA as an alternative for blockchain which supports micro transactions. The most valuable feature of tangle is that the more users/ contributors in the network, the less time and effort it takes to proceed transactions. It sounds incredible, though COTI, as well as IOTA, is facing some drawbacks of DAG:

  • New technology has not been applied in real life and adopted widely enough to confirm its practicability
  • Risk of 34% attack at the early age of the system

COTI token

  • Token: COTI, standard ERC-20
  • ICO time: Sep 15 - Oct 1, 2018
  • Price: 1 COTI = $0.1
  • Total supply: 2,000,000,000 COTI; 600,000,000 COTI for sales
  • Platform: COTI network
  • Location: Gibraltar
  • Restriction: KYC Required

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Only 30% of total supply is for sale which may raise concerns about COTI's manipulation and control over the market. The ratio for token distribution seem to be unusual compared to other ICOs on e-commerce like Omnitude (55% enough to build community and users)

COTI token will be used as payment currency for transaction fee (network fee) and other service fee in the system. Users need to hold COTI token as intermediate currency before transfer to fiat that they want to receive (USD, EUR or JPY).

Hard cap is set at $30 million which seem to be a suitable number for an e-commerce projects. Similar ICO named Omnitude has raised over $20 million and is performing quite well.

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Team

COTI is developed by experienced team which has deep understanding in their areas. CEO of COTI is Shahaf bar Geffen who achieved a BSc degree in Economics and Biotech at Tel Aviv University. He is currently a co-founder and CEO at a marketing firm. Advisor team of this project is quite impressive with CEO and President of Processing.com, former CIO &MD Dr Matt McBrady from BlackRock, etc. Although it cannot be denied that there are other more successful ICO teams with more experience and successes in this field, for sure COTI 's team has everything a strong team needs.

Conclusion about ICO COTI

COTI is evaluated as a potential ICO. COTI has an ecosystem equipped with features such as instant credit, network-based market making, decentralized mediation, and risk-based pricing. By integrating the most advanced features of the traditional payment systems and blockchain technologies, this payment system aim to solve transaction problems and challenges that Bitcoin and PayPal are now confronting. In ICOBench, COTI has an overall 3.8 points out of 5, in which 4.5 points for ICO Profile, 4.0 for Team, 3.5 points for both Vision and Product. 

COTI has received a lot of interest and recognition from community with more than 32000 member on telegram, 17000 followers on twitter. It can be said that COTI marketing plan is working which marks the 1st successful mission in building COTI's fame.

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Written by nami.today

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