COTI - Paypal Replacement With Blockchain Technology

COTI - Paypal Replacement With Blockchain Technology

On this occasion I will review one of the toughest paypal candidates in the future that is COTI. COTI is the Currency of the Internet in claim will be fastest, easiest, most cost-effective and reliable way to pay.

COTI is still in the stage of development projects to improve the quality of their facilities and infrastructure. As I have traced myself from their various social media, COTI is serious about their projects. In their social media, for example, a question often asked by the candidate or their investors, they are swiftly answering.

Currently COTI is conducting various programs to promote their project. Such as giving Aw Away, Program "airdrop" or "Bounty". Not meant to be arrogant, but right now I am including one of the winners give away that they held with the theme "1 BTC Give Away".

Their current bounty program. Get COTI Tokens For Free. visit: https://alpha.bounty0x.io/embed/host/COTI and Sign Up using this referral code "58425c".
For more information about Bounty, visit COTI Telegram Group: https://t.me/COTInetwork

Like the title above, COTI is designed as a means of internet currency as well as Paypal which is already famous in the world. However, the most striking difference of this COTI project is to use blockchain technology that has grown in popularity in recent years. Many advantages can be obtained if using blockchain technology, such as transaction processing can be faster, transaction costs are very cheap, and the best security. All because no third party is in charge of payment traffic.

In the following explanation, let's take a closer look at the COTI Project.

COTI Vision

Mass adoption of digital currencies in the mobile era. A few years from now, digital currencies will play a central role in our lives, replacing coins, cash, cards and cheques. They will enable us to transact more easily, more cost-effectively and with greater security than ever before.

COTI aspires to bring about this change by reconciling the best of traditional payment systems with the best of digital currencies to become the Currency of the Internet.

Challenge

Payment systems are not keeping pace with e-commerce

Traditional payment systems like Visa and Mastercard experience numerous shortcomings – from high fees to low approval rates. They also fail to account for the underbanked population, which amounts to 2 billion people around the globe without access to financial services and banks.

On the other end of the spectrum, digital currencies like Bitcoin have faced severe network congestion, giving rise to scalability issues, higher fees and slower settlement times.

Solution

A digital currency that is built for payments

At COTI we’ve not only built a digital currency, but an entire digital payment ecosystem. COTI’s DAG-based consensus model, Trust Scoring Engine, Mediation System, currency exchange and decentralised governance are all hallmarks to the functioning of the COTI network.

Our payments network was designed to take over where traditional payment systems left off, namely with instantaneous transfers, low-to-zero fees and cost effective buyer-seller protections. This is a major advantage for consumers and merchants alike as compared to traditional banking, credit cards and P2P platforms.

Technology

Distributed ledger technology that outpaces current cryptocurrency standards

In DAG-based systems like COTI, greater network usage leads to improved scalability. This creates a positive correlation between the number of network users and the rate at which transactions are confirmed.

We’ve also created an extra safety net in the form of a Trust Scoring Engine and Mediation System aimed to address trust issues between parties that do not know each other and may never transact again. Users are incentivised with low-to-zero fees, fast confirmation times and high Trust Scores as a reward for their honest, trustworthy conduct.

The protocol features a decentralized system that reaches consensus on disputes using crowdsourced mediators. Just as Bitcoin miners receive Bitcoin for their efforts, COTI’s mediators are rewarded with COTI’s native currency. Disputes are resolved in a fair, fast and cost-effective manner.

COTI also has a team that is very professional in their field.