COTI:Making the payment processing scalable, fast and trustworthy
Currency of the Internet (COTI) is a decentralized cross-border payment system which will execute instant payments despite high volume of transactions and offer scalability to bring trust among merchants and buyers. As we all know that with the increase in the growth of ecommerce industry and trend of online shopping, the need for a trusted payment processing system is inevitable. Coti is an ecosystem which offers solution to the common problems faced by merchants and buyers.
The program addresses the core issues which are preventing digital currencies from entering into mainstream payment system such as scalability issues, high volatile prices, lack of security to buyers and sellers, poor user experience and absence of regulations.
Merchants are the main stakeholders in online payment processing and they decide which payment system they want to offer to the buyers to proceed the payments.
COTI safeguards the interest of the merchants in the following ways:
- There are zero-to-low fees which increases the profits of merchants.
- Increased cash-flow because of instant settlements.
- Reduction in the number of declined transactions.
- A fair and equitable chargeback system.
- Secure payment network.
All of these features will attract more merchants to the platform, there are over 2000 merchants already applied for joining COTI network.
Consumers on the other hand also get benefits by using COTI program. It provides buyer-seller protection which gives them the peace of mind with their transactions. It offers instant payments and simple peer-to-peer payments to give them a good experience. Consumers don’t have to provide their personal details to merchants for carrying out transactions. To gauge the success of the platform you can see the number of consumers already applied to get registered on the platform have crossed 50,000 users.
Some prominent features of COTI
COTI is a payment system based on a distributed ledger which ensures that all the transactions are validated in a decentralized manner. It is different than our current payment system (Credit Card) which is centralized and the pool of validators will be able to monopolize to validate transactions in the near future. This ecosystem will solve this current challenge.
Scalability challenges are present in the payment processing models based on blockchain and also in the currently used Credit card systems. COTI will easily accommodate all the exchanges and it will also provide instant payment solutions even when the transaction volumes are higher.
This decentralized program offers reliability in carrying out transactions such as withdrawals and deposits. The current system has a high rate of disapproving the transactions because there are multiple intermediaries involved. Most of them are cross-border transactions and it results in losing a potential buyer. COTI provides a system which is fast, efficient and at the same time reliable.
The current system applies heavy commission fees on so many different scenarios. There are annual charges, then there are charges applied to specific amount and above all, cross border transactions have to pay high commission fees. While on COTI there are no fix commission charges and each individual is separately analyzed and assessed against his contribution to the network and is levied the commission fee accordingly. Which is zero-to-low commission fees accordingly.
This is not financial advice. DYOR