COTI: UNIFYING THE GLOBAL PAYMENT OPTIONS

lollyk (35)in #blockchain • 8 years ago (edited)

INTRODUCTION

Think about the progress Bitcoin has made as a means of payment and compare it with the vast market share that Paypal maintains as the leader in online payments and you can see that crypto has a ways to go yet to consumer adoption.
While we cannot deny the usefulness of Bitcoin, the sheer ease of Paypal leaves a lot for Bitcoin to catch up on. This would make it look like perhaps another coin might come into the picture as the primary rival to Paypal.
Others such as Litecoin may satisfy the speed of use in comparism to Paypal, but there are other aspects of platforms such as Paypal and their sister company, eBay that still give them the edge. A new blockchain platform, Coti is aiming to match Paypal, not only in terms of speed of payment, but also in the aspect of the offerings of their full platform.

COTI’s payment system is designed to solve the payment challenges of today and give users a greater peace of mind.
COTI believes in the future, digital currencies will play an big role in our lives as it will replace cash, coins, cheques, and cards. By creating a digital currency built for payments, transacting money will be easier, more cost effectively and comes with a greater security than ever before.

COTI consists of three main elements:

TRUST SCORING ENGINE
• This engine evaluates network interactions as time goes on to create a unique Trust score for every COTI network participant
• Parameters which determine score:
o Transaction value
o Dispute occurrence
o Dispute won
o Dispute lost
o User rating
MEDITATION SYSTEM
Mediation system guards buyers and sellers if there is transactional dispute within the network.
• Mediation is needed in these scenarios:
o Inadvertent transfers
o Billing errors
o Undelivered goods and services
o Unauthorized charges
o Nonconforming goods and services
CURRENCY EXCHANGE
The main functions of the exchange:
o It enables cross-currency payments
o It offers end-users a direct mechanism to send their holding from one currency to another
o It enables market-making activity where XCT is the common denominator.

POSITIVES
• COTI understands the weaknesses in the industry and is aiming to give users what they desire. The platform's mission is to accomplish eleven (11) objectives to make sure their payment platform is greater than all others in the cryptocurrency payment industry.
• Created on the ‘Trust Scoring Engine’, when conducting transactions with other participants, user will have peace of mind.
• Mediators and hedging services allows merchants make use of the native currency (XCT) and ensure digital currency payments.
• As a result of a recent decrease in volatility in the market, a lot of merchants may consider acceptance of cryptocurrencies.

NEGATIVES
• Competitors are big companies like Paypal. A lof ot people believe COTI seems like a cryptocurrency version of the large company.
• Although merchants may be influenced to accept digital currencies, there won't be a large demand of buyers to make purchases with digital currencies.
• The decline in the overall crypto market may prevent buyers from purchasing cryptocurrencies especially for transaction purposes.

FINAL VERDICT
The COTI will be successful if buyers and sellers buy the idea of conducting transactions with digital currencies. This platform has certainly put many functions in place so as to appeal to users while offering a safe and no stress experience.

THE PROJECT TEAM