There are many crypto projects active in the financial world. This is also called Decentralized Finance (DeFi), and generally refers to projects that deal with, for example, the execution of payments or within the world of insurance. COTI is one of many projects within the DeFi world. In this article we explain more about COTI, and tell you where you can buy the token!
- 1 What is COTI?
- 2 COTI Pay
- 3 The team behind COTI
- 4 COTI . Investors and Advisors
- 5 What are the benefits of COTI?
- 6 COTI’s security
- 7 The COTI coin
- 8 How many COTI coins are in circulation in total and what is the value?
- 9 Where can I buy COTI?
- 10 In which wallet should the RENs be kept?
- 11 What is DeFi, and why is it growing so fast?
- 12 Coti (COTI) Chart
- 13 Conclusion
What is COTI?
COTI is a financial technology platform for enterprises that enables interoperability (the collaboration) between blockchains. It provides users with key elements to build a functional payment infrastructure for the modern economy.
Organizations can therefore use COTI to build their own payment solutions that they can use for their webshops, for example. This way, they have more control over how they charge customers for the products and services they offer.
The problem is that many companies depend on the solutions that other organizations provide. For example, you are dependent on iDeal. Are you missing a function within iDeal? Then you should look for an existing payment solution that does contain this function. And can’t you find it? Then you’re out of luck.
COTI is one of the first blockchain protocols in the world optimized for performing decentralized payments. The COTI team has developed this for traders and governments. It is also possible to use COTI within dApps (decentralized applications) so that payments can be made within the dApp.
COTI Pay is the first product launched by the team behind COTI in March 2017. The Staking Platform was launched on January 1, 2020. With COTI Pay, payments can be made more easily on the blockchain.
However, it was already possible in the past to make payments on the blockchain. COTI Pay really goes against the challenges that were here. For example, it ensures that the transaction costs are much lower, and there is much less risk for the buyer and seller. They do this through the DAG-based protocol and an infrastructure that is fully scalable, secure and fast.
It does this through a Proof of Trust (PoT) consensus algorithm , multiDAG, GTS (Global Trust System), a payment gateway and a universal payment solution.
The team behind COTI
The founders of COTI are Samuel Falkon and David Assaraf. They have a lot of experience in entrepreneurship and technology. For example, Samuel Falkon also works for Paywize and Gil Scott Ltd.
The COTI team consists of many people. These are the key individuals who make up the COTI team:
- Shahaf Bar-Geffen (CEO). He is also the former CEO of WEB3, which is one of the largest marketing companies in the world.
- dr. Nir Haloani (CTO). Nir has a PhD in mathematics and has a lot of experience in the field of data, AI and machine learning.
- David Assaraf (Co-Founder). David is a founding member of COTI and has worked at the Central Bank of Israel.
- Yair Lavi (CFO). Yair was a former CEO and Chief Financial Officer at Plus500UK.
The other COTI team members:
- Efrat Bar-Lev (VP Marketing)
- Tamir Schwarts (VP product)
- Ali Hallufgil (Technology Team Leader)
- Anton Suslonov (Data scientist)
- Costa Chervotkin (Product Manager)
- Yoni Neeman (Chief innovation officer)
- Yaniv Dadon (Front end team leader)
- Tomer Armarnik (Software engineer)
- Alex Stoliar (Software engineer)
- Oriane Maire (Community)
- Vladyslav Ovadenko (Community)
- Yovel Sapir (Software developer)
- Vladi Piliavsky (Software engineer)
- Efrat Kalina (Project manager)
- Max Nirenberg (Financial manager)
- Adi Cohen (HR)
COTI . Investors and Advisors
COTI has contracted the following investors and advisors, according to their own website:
- Blackedge Capital
- Block Crafters
- Hard Yaka
- Lancester Group
- Recruit Strategic Partners
- Wave Financial
What are the benefits of COTI?
- Scalability . COTI is much more scalable than most competitors in its area. It has the ability to process more than 100,000 transactions per second. So that is much more than Bitcoin , for example .
- Buyer/Seller Protection . It has a dispute resolution system to protect users from errors and fraud. This protects both buyers and sellers.
- Cost Effective . Since it eliminates the middlemen, it is cost effective. This is because much less costs have to be paid for carrying out transactions.
- Rapid improvement . Because COTI uses the blockchain, errors can be corrected faster. After all, there is not just one single security point that can improve failures.
- Easier and receive more payment methods . Through COTI Pay, businesses and merchants can receive multiple payment methods and create a payment network that integrates Coin as a Service (CaaS).
Because COTI processes all kinds of payments, it is extra important that the security is in order. It is therefore not surprising that you want to know more about this before you decide to invest in COTI. Fortunately, the COTI team is very open about how they have arranged security. Of course, they don’t list everything, because it can make the network less secure.
COTI’s infrastructure is based on the DAG protocol and the Trustchain algorithm. Above this layer, a service called Coti X is applied. Coti X offers KYC (Know Your Customer) and multiple protection services. These applications must ensure that users are protected and the network remains stable.
COTIPLAY is an infrastructure layer that provides well-developed stable coins and externally developed payment apps. Without this layer it would not be possible, for example, to develop payment solutions yourself with COTI and use them within your own environment.
In addition, the COTI team has provided even more cybersecurity applications to keep the network safe. For security reasons, the team has decided not to disclose everything when it comes to network security. If hackers had this information, it would be easier for them to get in. That could endanger the safety of the users.
The COTI wallet is based on the React Native Framework. This wallet needs user data and uses 2FA (2 Factor Authentication) to establish a secure connection with the node manager. When this connection is established securely, the wallet’s seed is needed to continue the connection. This means that all communication is validated and no one can intervene.
The COTI coin
The COTI is the currency used in COTI’s network and has several functions. The first function is to pay the transaction fee for each transaction placed on the Ren platform. The second function is to pay obligations to the registrar. This is a smart contract that manages the dark nodes in Ren’s network.
How many COTI coins are in circulation in total and what is the value?
COTI has a fixed supply limit of 2 billion (2,000,000,000) coins. At the time of writing (May 2021), approximately 670 million COTIs are already in circulation, representing 33% of the total COTI supply that will eventually be in circulation.
The price of COTI will be around $0.46 per coin in May 2021. It has a 24 hour trading volume of $223,380,476. However, the value of the coin has not always been this high. Until January 2021, the value of COTI was always less than $0.14. When the bull run started, COTI’s value rose to an average of $0.5 before falling.
Where can I buy COTI?
With its large capitalization, COTI is available on many platforms such as Binance , Indodax, KuCoin, BitMax, CoinDCX, and Gate.io. So you don’t have to look for a crypto exchange that sells this specific token. That is easy, given that some, especially new tokens are the case.
When you buy it through a crypto exchange, you can save yourself where you store the coins. This can be done in the exchange’s hot wallet, a hot wallet on your local drive or on a cold wallet , which we will tell you more about in a moment.
The price of COTI can be followed on Coinmarketcap. Here you can also view other data, such as the market capitalization and the amount of tokens in circulation. The token has been available here for quite some time. Of course, in most of them it is also possible to view the rate of COTI in the crypto exchange where you want to buy the coin.
In which wallet should the RENs be kept?
Since the COTI is an ERC-20 token, it can be stored on almost any wallet that supports Ethereum . There is no shortage of both hot and cold wallets to store your COTI coins. If you have a lot of COTI in your possession, it is usually recommended to store it in a cold wallet. This is a hardware wallet , such as a USB, where you can store crypto coins. A hot wallet is a wallet that is online and is, for example, linked to an exchange. In general, a cold wallet is a lot safer, because crypto coins cannot be stolen when there is no internet connection. By storing large amounts of cryptocurrencies on a cold wallet, you ensure that your cryptocurrencies are not stolen.
It is also possible to store COTI in your own wallet that has been developed by the COTI team. In that case, you can also take advantage of the many benefits it offers, such as discontinuing COTI. By discontinuing COTI, you can earn interest on the COTI you hold.
What is DeFi, and why is it growing so fast?
We come across the term DeFi more and more when it comes to blockchains. It is becoming more popular every day, which is why it is important to know what DeFi is. With DeFi, current financial services and programs are transformed into decentralized services and applications. At the moment this is all still done centrally. For example, an insurance company or bank is centrally located. Data is stored on its own server, and no one else but you and the bank can access it. Even when you want to carry out a transaction, this is done via the bank. Or if you want to report a damage, you must do this via the insurance company.
DeFi wants to ensure that this can all happen via the blockchain. Payments can already be made via the blockchain, with cryptocurrencies such as Bitcoin and Ethereum. It is also increasingly possible to perform other financial transactions via the blockchain. Contracts can be set up and executed by means of smart contracts. These are pre-programmed contracts, which are automatically executed when certain conditions are met.
For example, you no longer need a notary. Suppose you buy something, a smart contract can check whether the product has actually been shipped. At that point, the money is automatically transferred to the beneficiaries. Distrust is a thing of the past with this application.
DeFi can therefore offer various solutions. One of the biggest advantages for users is that it costs less money. There are no more costs to be paid to the intermediary. The transaction costs for the blockchain are in most cases many times lower than is normally the case.
Coti (COTI) Chart
Especially COTI, which therefore offers a payment solution, remains an interesting currency. It is modern and ambitious, which is why COTI remains a special ecosystem with a fairly high profile. It is associated with the Cardano, although COTI is ambitious in markets other than most projects similar to COTI.
There are many COTI coins for sale, although many analysts and traders expect the price of COTI to rise significantly in the future. That makes COTI a wise investment. You now know how to buy COTI yourself, so there is no reason to wait any longer.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com