COTI turns multi-token layer after hard fork
- The protocol will launch MultiDAG 2.0 after this hard fork
- COTI is creating and establishing a new token standard issued on the Trustchain
- The new approach increases confirmation times for low-utilized tokens
The COTI protocol, an Enterprise Layer 1 blockchain, will transform from a single currency infrastructure to a multi-token layer after a hard fork, Invezz learned from a Medium post. The protocol will launch MultiDAG 2.0 after this hard fork. CMD, a new token standard, also comes with this change.
A unique solution
The COTI team spent many years developing a cutting-edge, unique solution to fit enterprises’ needs. The final touch was MultiDAG 2.0. COTI is creating and establishing a new token standard issued on the Trustchain. It runs on a single Directed Acyclic Graph (DAG) but is not unlike the ERC20 token on Ethereum.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Reducing the need for starvation transactions during low traffic
The main difference between the legacy protocol and the updated one is its cluster token. MultiDAG 2.0 uses a single cluster for multiple tokens (1:n). This new approach increases confirmation times for low-utilized tokens and reduces the need for starvation transactions during low traffic network conditions.
Generating and minting branded tokens in seconds
The one-of-a-kind MultiDAG 2.0 protocol allows one to generate and mint branded enterprise tokens on top of COTI’s Trustchain in seconds. They inherit seamless payment apps, low costs, high capacity, scalability, and other Trustchain capabilities.
Shahaf Bar-Geffen, COTI CEO, said:
CMD, COTI’s New Token Standard, represents the MultiDAG 2.0 launch and is the most crucial milestone for our protocol. We are accomplishing our vision of becoming enterprise layer 1 by supporting the issuance of tokens on top of our protocol. Years of hard work resulted in this game-changing event. I can’t wait to see more businesses using our technology.
MultiDAG 2.0 timeline
All COTI node operators must update their nodes by August 2, when the MultiDAG 2.0 Testnet will be deployed. The hard fork, which will be attached to the DAG and confirmed by network consensus, will take place about one month later.
COTI will announce an initiative in the coming weeks where people will be able to mint their own tokens: M2E — Mint 2 Earn.