COTI: THE NEXT GENERATION CRYPTOCURRENCY TO RESOLVE TRANSACTION ISSUES

cryptotraderrr (45)in #crypto • 6 years ago

TRADITIONAL TRANSACTIONS METHODS AND PROBLEMS

Till now many payment systems have been used globally. However, no method could serve the purpose in an efficient manner. Banking system is the most slow and expensive way of transactions that includes long and complex procedures. Cryptocurrencies have also been used globally for transactions but this method is still too far to serve the purpose. There are scalability issues of Bitcoin and Ethereum and many other cryptocurrencies due to this problem, till now cryptocurrencies have not been widely adopted. People are reluctant to use cryptocurrencies as transaction system is still slow and small transactions are not processable. Many other payment methods have also been used, the most popular of which is PayPal. All these ways of payment systems have few drawbacks which makes the payment system slow, vague, unreliable and expensive. Coti team is well-aware of the problems and challenges faced by this industry and has brought the solution of all the problems.

WHY I AM RECOMMENDING COTI?

Though Blockchain is getting world-wide attraction to make the systems decentralized, transparent and efficient. Still global transactions system needs improvement. Cryptocurrencies are now used globally for peer to peer transactions but day to day transactions are not feasible. Day to day small transactions still are not possible and due to this problem, cryptocurrencies are just being used as store value not for day to day usage. Coti has been designed basically to resolve the problem of day to day transactions but the question is how coti will achieve its goal? Well coti team has brought an excellent solution by implementation of directed acyclic graph of transactions.
DAG technology makes it possible to process low value transactions.

Coti has introduced new algorithm for approval of transactions and formation of cluster. Blockchain based cryptocurrencies are facing scalability issues while DAG based cryptocurrencies doesn’t face scalability issues and this feature enable day to day low value transaction faster and low cost. DAG based system the number of user’s id directly proportional to number of transactions. As number of users increase, the number of transactions also increase.
So just think about it if such cryptocurrency is introduced which can process small transactions, its adoption for day to day usage will become easy. As its presenting decentralized system, so people will consider it more convenient to use. Low value transactions would result in massive adoption of this coti and increase in demand would obviously make it more valuable. I really like the concept of coti as it is targeting the market that has big potential. Till now cryptocurrencies have not been used in true sense for peer to peer transactions as these currencies can’t be used for day to day usage.
Still people may have concerns how coti will prevent frauds. This concern is obviously, the most important concern of the users. Let me tell you how Coti will tackle this problem.
Coti platform has introduced meditation service. This meditation service will create rolling reserve for each merchant and a system-wide Reserve Credit Fund has been introduced. Meditation platform and RCF will be used to cover possible claims. Another awesome feature ready to use service ha been introduced. The user can revert the transaction in case of fraud. All transactions issues will be solved within the platform of coti. All accounts in coti platform will have trust score that will be calculated by using KYC/AML Database servers or Trust Score servers. The good thing is Trust Score is changeable according to available statistics and events.

The decentralized system of coti enable to store whole history and can be retrieved any time. If history nodes would be unable to retrieve history due to some error, the history of Coti servers can also be used.
The security system of coti is also trustworthy. Distribution of software patches will be helpful to prevent the danger of being compromised. Coti DSP nodes will be helpful in prevention of attacks that cause double spending. Its history nodes would be resistant against any attacks that will try to delete history.
Coti will also provide multi-currency wallet Users will have fast and easy access to its payment network. Its payment system will allow peer to peer transactions, exchanging of digital and fiat currencies. Users will be provided Coti debt card and would be able to link their debit cards with coti multi-currency wallet.
In short, as far I have studied the coti platform, it’s a complete and all in one solution for day to day transactions. Global transactions can see new revolutionary era within coti platform. The potential of this industry is such huge that it will certainly make Coti platform one of the best platform of the world.

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