Currently in its pre-sale period, COTI (which stands for Currency of the Internet) believes it has the technology to tackle the issues of high online payment fees and the low adoption rate of cryptocurrencies with its ‘payments transaction network supported by its native digital currency’.
The Usain Bolt of transactions
In a recent interview by CryptoLingo at the Crypto Investor Show in London, CEO, Shahaf Bar-Geffen said that COTI intends to disrupt the two trillion-dollar payment industry which is presently dominated by the ‘duopoly’, Visa and Mastercard.
Mr Bar-Geffen said that the technology can facilitate 10,000 transactions per second. He said: “We are the Usain Bolt of transactions!”
He also said that further down the line, the intention is to target other industries using their base protocol. These include insurance, high frequency investments, Edtech and remittance services.
As well as speed, security is also high on the agenda for COTI with its Trust Score Algorithm which monitors and defends against possible attacks. There is end-to-end encryption on the platform’s exchange.
The company says its digital payment ecosystem is ‘instant, reliable and low cost and that its platform amalgamates the advantages of blockchain and existing online payments to create the ultimate solution. It also uses a DAG data structure model, has a mediation system, currency exchange and offers a multi-currency wallet.
So far, the offering from COTI looks positive with a team of 21 people, from a range of different backgrounds, including business development, marketing, software engineering, finance and blockchain. There is also a strong online following on Facebook, Twitter, Steemit and Reddit, amongst others.
The COTI token
The COTI token will operate the network but other digital currencies can be used, including fiat. However, if you use COTI you will have access to mediation services and there are incentives for node operators, plus all fees will need to be paid with the COTI coin.
There are a number of countries who will not be able to participate in the ICO including China, United States, as well as several others.
Before the COTI tokens are launched ERC20 tokens will be issued and are expected to be listed on a major exchange in early Autumn. There is a maximum supply of 2 billion tokens in total with 600,000,000 in the token sale.
1 COTI token is equal to 0.1 USD and accepted currencies are ETH and BTC.