📌[ANN] COTI - CURRENCY OF THE INTERNET. Digital currency built for payments ✔ - page 6.

COTInetwork

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Coti - Currency Of The Internet

As the world is slowly adjusting to the “new normal” of COVID-19 and consumer spending patterns are moving more towards online services, COTI’s merchants, who primarily transact online, have significantly grown their processing volume over the past month.

This increased online processing for merchants, coupled with our recently launched credit card processing, has resulted in a record month for COTI’s network activity, with over $7M in processing volume, representing 40% growth from the previous month!

Such growth can be reflected in our Explorer under “Merchant’s activities” and has a direct impact on the demand for the COTI coin, as explained here.

This continual increase in merchant processing volume on the COTI network, despite the COVID-19 pandemic, is very encouraging and as such, we expect to meet our goal to process $120M on the COTI network this year!

The growth for the demand of COTI’s network and services, coupled with the new Staking 2.0 model limiting the supply of coins, serves as a great benefit for coin holders.

How to read Merchant’s Transactions tab on COTI’s Explorer:

The Merchant tab on the Trustchain Explorer shows two types of deals we have with merchants: A deal where we show the entire transaction on the Trustchain (“Revenue Transaction”) and a deal where we only show the fees the merchant paid to the network for the transaction (“Fee Transaction). In some cases, the merchant will have both deals.

Example:

If Merchant A is processing 2,000$ with COTI and it’s a Revenue Transaction (COTI mirrors the entire transaction) then you’ll see 2,000$ worth of COTI on the Trustchain. So, Merchant A processing volume is 2,000$.

If Merchant B is processing 1,000$ with COTI, through a credit card transaction for example, and Merchant B is paying 1% fee, then you’ll see only 10$ worth of COTI on the Trustchain. So, Merchant B processing volume is 1,000$.

Overall:
Processing volume of 3,000$

The Trustchain shows 2,010$

By definition, our processing volume will always be greater than what you see on the Explorer.

Revenue Transactions are good for Node operators and stakers’ rewards, as they cut a fee from the entire volume. Fee-based transactions are good for the demand for COTI, as merchants need to pay their fees with the COTI coin. A healthy network needs both.
You can read more about it here.

Stay COTI!

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

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bisti

newbie

Activity: 194

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Quote from: COTInetwork on May 21, 2020, 02:28:51 AM

Quote from: ebone on May 20, 2020, 03:56:21 AM

Why dont you resolve this problem in public, answer to everything is "send email"

WHAT ARE YOU HIDING?

WE ALL HAVE SAME PROBLEM

Hello,

this issue can't be solved via bitcointalk forum, if you want to solve the problem, you won't do it in such way.
COTI never hiding anything, we are 100% transparent company.

I am communicating via email and each reply takes 3-4 days. It is 2020.
Last response was that "it will be disabled soon" it was about 7 hours ago.

Beside a lot of issues with this platform, now I also have 2 new issues:

- why isn't this yet resolved? It's been like 10 days
- how will my staking "be disabled soon" does that mean you are having some kind of control over network / my wallet / my staking?

COTInetwork

member

Activity: 426

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Coti - Currency Of The Internet

We are happy to have been chosen for the next listing vote on Gate.io exchange platform.

Gate.io is one of the top exchange platforms and one of the industry veterans with more than 3 million users across the world.

The listing will happen immediately following the announcement of the winner. This is where you, the COTI community, have the power to make it happen!

Vote COTI to get listed on Gate.io, here!

The vote will open on May 26th, at 4:00 am UTC and will close on May 27th, at 4:00 am UTC.

COTI is airdropping $50,000 worth of COTI that will be distributed among all participants if COTI wins the voting campaign.

How to vote
The full listing vote rules can be found in the official Gate.io announcement, here.

Step 1:
Log into your Gate exchange account — https://www.gate.io/

Step 2:
The number of votes each user receives will be determined by their 14-day average GT holding (including asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not allowed).
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT (14000GT/14 days) and he will have 1000 votes.

Step 3:
Head over to this link https://www.gate.io/poll/votelist/18 and vote for COTI!
Spread the word and help us win this and get listed on Gate.io! You can do so by sharing these social media links below -

https://www.gate.io/article/17497

https://twitter.com/gate_io/status/1263410243637260289

Rules:
✓ Participants: all the GT holders on Gate.io; 1 GT = 1 vote
✓ Only GT holders can vote on Gate.io
✓ For every participant, their vote equals the average 14-day GT holding (including asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not allowed).
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT (14000GT/14 days) and he will have 1000 votes.
✓ After the listing vote, all voters will be rewarded with an airdrop of the token of the winner, the trading of the winning token will be available on Gate.io

Stay COTI!

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

Quote from: ebone on May 20, 2020, 03:56:21 AM

Why dont you resolve this problem in public, answer to everything is "send email"

WHAT ARE YOU HIDING?

WE ALL HAVE SAME PROBLEM

Hello,

this issue can't be solved via bitcointalk forum, if you want to solve the problem, you won't do it in such way.
COTI never hiding anything, we are 100% transparent company.

Kind regards,
Vlad

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

bisti

newbie

Activity: 194

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Quote from: COTInetwork on May 20, 2020, 02:23:52 AM

Quote from: LindaWhale on May 20, 2020, 01:00:45 AM

This is ridicilus! They are still holding my money and UNSTAKE option is throwing error!

Hello, please stop spreading fud here, the only option is to send an email to [email protected] and your problem, or what you have, will be solved.

This is public thread, we are ask questions and share our experiences with the platform. So far, not good.

ebone

newbie

Activity: 5

Merit: 0

Why dont you resolve this problem in public, answer to everything is "send email"

WHAT ARE YOU HIDING?

WE ALL HAVE SAME PROBLEM

ebone

newbie

Activity: 5

Merit: 0

Quote from: COTInetwork on May 20, 2020, 02:23:52 AM

Hello, please stop spreading fud here, the only option is to send an email to [email protected] and your problem, or what you have, will be solved.
kind regards,
Vlad

FUD? There are bunch of us with same problem, you said a week ago that problem is solved, and as I see we still have same problem

I don't think it is FUD, it is FACT

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

We have recently received an enquiry from a big client asking for our help with resolving an issue he came across with IoT payments. We have investigated this matter, and in this article we offer as our solution.
Today, more than ever before, we understand the importance of an Internet of Things (IoT) economy that is unbound by a third party. As IoT payment systems are growing and evolving, there is a push to reduce the amount of actors participating in each exchange and by that strengthen the security of those transactions. Blockchain, a decentralized Distributed Ledger Technology (DLT), does exactly that. In this article we will explore the Blockchain solution for IoT and its shortcomings, and will present how COTI resolves them.

What is IoT?

The Internet of Things is the network of intelligent things within which a software or a micro-sensor is embedded. With Internet connectivity, those devices perform transactions of monetary exchange for services and gather information. Since the IoT often does not require a Peer-to-Peer (P2P) or Machine-to-Peer (M2P) interaction, transactions can be performed faster. Amazon has recently opened their AmazonGo convenience stores, a shopping experience that is entirely IoT. After consumers scan the AmazonGo app on their smartphones to enter the store, the rest of the shopping experience is completely IoT. They simply pick up anything they wish to purchase and leave. Little to no P2P or M2P interaction is needed, the IoT sensors know precisely what each consumer picked up off the shelf and left with. The receipt is sent straight to the consumer’s smart device within seconds.

The Shortcomings Of the Current IoT Systems

One of the primary issues of contention with IoT environments are the business aspects of IoT: the exchange of monetary rewards for services . The lack of clarity about this matter had hindered to some extent the growth of the IoT, therefore, the platforms and protocols concerning the business aspect of IoT ought to be defined comprehensibly.

Traditional E-Business models have relied on a trusted third party, such as a bank, to act as an intermediary during transactions. This has limited the IoT’s ability to take advantage of M2M, P2P, and even M2P transactions. For business processes to be effective for IoT, they must adapt like physical objects and people and be able to integrate into IoT’s information network.

One way to overcome this issue is the use of Blockchain technologies. These technologies have a distributive nature that allow true P2P transactions without third party facilitation. Blockchains are also helpful with resolving other issues caused by third parties in IoT financial transactions, like the lack of confidentiality and other security risks. Users simply do not want their transaction history stored on hundreds of devices, particularly if it is linked to their bank account.

Fortunately, Blockchains have the ability to maintain a certain level of anonymity and allow secure and immutable transactions. The immutability of these transactions is ensured by the PoWs that protect the blocks, making it impossible to reverse the transaction history. Furthermore, these transactions are secure also since most blockchains have algorithms in place to ensure that false blocks are left unconfirmed and are rejected by the network.

Some blockchains are also capable of micropayments, which is essential for IoT because in the IoT economy, devices constantly request services, often in the form of data, from other devices. In exchange for these services, the device will require some form of payment: a payment that is small, metered, and anonymous.

Another problem with the IoT’s use of third party institutions is that it results in increased transaction fees — a very unwanted consequence of micropayments — that sometimes could be higher than the transferred amount. These fees were created by the need to reward miners for their efforts, but unfortunately, because many cryptocurrencies allow these fees to be market-based, they can become quite expensive.

Yet another one of the most problematic issues for many blockchains is transaction times. Bitcoin, which has a fixed time of ten minutes for creating new blocks, supports about 7 transactions-per-second (tps) and has been proven to perform poorly in times of high traffic. Ethereum, on the other hand, has a theoretical transaction time of 12 seconds. However, transaction times are also largely dependent on the network’s congestion levels. These cases of long transaction times can be problematic in an IoT payment system where many micro-transactions need to be completed within seconds. Related to the issue of transaction times is network scalability, for each ledger modiﬁcation is broadcasted to the global blockchain network, the network becomes unnecessarily clogged with broadcast messages and overwhelmed at times of high traffic. Network performance degrades as the number of transactions increases. Evidently, by comparing the transaction rate of Bitcoin (7 tps) to that of Visa (around 60,000 tps), it is clear that Bitcoin is in a serious disadvantage.

Although Ethereum and other blockchain platforms usually do not have scalability problems as drastic as the ones which plague Bitcoin, their performance is still largely determined by network congestion because each new transaction must be broadcast to the entire global blockchain.

COTI’s Solution — Improving Blockchain for IoT Payments

COTI’s solution for the long transaction times, high fees, and lack of scalability is using Directed Acyclic Graphs (DAG). DAGs are a newer type of DLTs, and like blockchains, it links blocks or nodes together with some form of consensus. However, unlike blockchain, these nodes are not arranged in linear chains but in directed graphs that allow them to cross-verify one another. Consensus in COTI’s DAG networks is usually reached based on the network’s state. In most cases, a user must first conﬁrm a given number of previous transactions, and only then can they create a new one. This eliminates the need for both the miners and the energy that heavy hardware requires to create the ever more-complex Hash based PoWs, all while improving the scalability of the network.

COTI’s DAG technology is the missing link to settle scalability, privacy, and reliability concerns in the Internet of Things. The COTI ledger is tamper-proof and cannot be manipulated by malicious actors because it does not exist in any single location, and no man-in-the-middle attacks can be staged because no single thread of communication can be intercepted. The decentralized, autonomous capabilities of the blockchain is making it the ideal component for becoming a fundamental element of IoT solutions.

Summary

To expand economically, IoT must rely on a financial platform that complements its elements of decentralization and gives support for M2M, P2P, and P2M communications. It also ought to be operated on a platform that is anonymous, secure, immutable, and that allows fast micro-transactions for little or no transaction fees. Hence, COTI is uniquely positioned to provide the infrastructure needed for IoT to have a sustainable payment model.

Stay COTI!

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

Quote from: LindaWhale on May 20, 2020, 01:00:45 AM

This is ridicilus! They are still holding my money and UNSTAKE option is throwing error!

Hello, please stop spreading fud here, the only option is to send an email to [email protected] and your problem, or what you have, will be solved.

kind regards,
Vlad

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

LindaWhale

newbie

Activity: 33

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This is ridicilus! They are still holding my money and UNSTAKE option is throwing error!

bisti

newbie

Activity: 194

Merit: 0

Quote from: COTInetwork on May 16, 2020, 12:36:51 AM

Please send an email to [email protected] in order to solve your issue. Again, we never receive the emails regarding this unstake issue.

Perhaps I dont understand how things work, but if you said few days ago that it is fixed, why did I receive email saying "it has been forwarded to department and we will notice you once it is fixed"?

COTInetwork

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Activity: 426

Merit: 10

Coti - Currency Of The Internet

Quote from: bisti on May 15, 2020, 05:25:53 AM

How is it resolved if I still get red error on top "ERROR UNSTAKE"?

I am not sending any more emails to anyone, I just want to be able to UNSTAKE

Please send an email to [email protected] in order to solve your issue. Again, we never receive the emails regarding this unstake issue.

thanks,
Vlad

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

saraiya

newbie

Activity: 5

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Quote from: COTInetwork on May 15, 2020, 04:29:50 AM

Hello to all,

Just want to let all know that unstake issue has been solved. Please contact support via email [email protected]. I want to note, that before we don't receive any emails regarding this problem. Have a nice day to everyone!

It's not working!!! Still same error!

bisti

newbie

Activity: 194

Merit: 0

How is it resolved if I still get red error on top "ERROR UNSTAKE"?

I am not sending any more emails to anyone, I just want to be able to UNSTAKE

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

Hello to all,

Just want to let all know that unstake issue has been solved. Please contact support via email [email protected]. I want to note, that before we don't receive any emails regarding this problem. Have a nice day to everyone!

Kind regards,
Vlad

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

Quote from: LindaWhale on May 15, 2020, 01:27:02 AM

You are holding my tokens against my will, it is some kind of criminal activity!

1. No responses on email for 2 weeks
2. No solution offered
3. Very poor / no communication, just flipping the ball from here to discord to email

May I have contact of your legal department?

Hello,
1. Sorry to hear that, but we don't have any emails regarding unstake issue, for quick answers on your questions click to join the live conversation about COTI on Telegram https://t.me/COTInetwork.
2. Our devs is working on this issue, and as soon as it fixed we will let you know immediately.
3. We are not hiding and always here, the resolving of the issue is still in process.

Kind regards,
Vlad

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

LindaWhale

newbie

Activity: 33

Merit: 0

You are holding my tokens against my will, it is some kind of criminal activity!

1. No responses on email for 2 weeks
2. No solution offered
3. Very poor / no communication, just flipping the ball from here to discord to email

May I have contact of your legal department?

bisti

newbie

Activity: 194

Merit: 0

How about first resolving issue about unable to unstake / get my tokens back???

COTInetwork

member

Activity: 426

Merit: 10

Coti - Currency Of The Internet

As we are constantly working to expand COTI’s ecosystem, we are pleased to announce that Atomic Wallet just listed COTI.

Atomic Wallet has some great features in store for its users such as Exchange platform, Buy Crypto option, and a Staking program just to name a few.

We plan on expanding our partnership with Atomic Wallet to allow COTI’s users to enjoy the wallet’s added features.

COTI is storable in Atomic Wallet as ERC20 tokens.

COTI’s interoperability given by COTI’s Cross-Chain Bridge allows COTI holders to swap their COTI native coin to ERC20 token (and vice-versa) and move them in any ERC20 compatible wallet or exchange.

COTI Cross-Chain Bridge is available here: bridge.coti.io

Stay COTI!

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

COTInetwork

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Coti - Currency Of The Internet

COTI has developed a new approach to achieving consensus between transacting parties operating on a DAG-based data structure. The Cluster is a ledger, or a record of all transactions in the network, that is based on a completely decentralised DAG that is not stored by any central authority. The Cluster achieves scalability through its use of parallel source selections and transaction confirmations, as well as its use of trust scores in the COTI network.

Because COTI uses several independent clusters, each supports one token, the whole network is made infinitely more efficient and modular.

In essence, the COTI network will have several independent clusters and tokens built atop the Trustchain, with the COTI native coin used as a common means of payment for all fees and stakings inside the COTI ecosystem.

To know everything about COTI’s DAG and Consensus Algorithm, click here.
You can also watch the COTI Cluster explained — A live DAG simulation with COTI’s software engineer

https://www.youtube.com/watch?time_continue=1&v=gKbXP4LPjEw&feature=emb_title

The Clusterstamp

To prevent the growing Cluster from becoming unmanageable in storage size, COTI has implemented the Clusterstamp, which consists of two phases:

1. The last fully confirmed transactions (having both Trustchain consensus and DSP consensus) for each account have been found. The ‘last’ transaction means that there are no fully confirmed transactions that are confirming it. These transactions then become the genesis transactions in the next generation of the Cluster.

2. All other confirmed transactions are excluded from the working DAG and kept by Full Nodes. All non-confirmed transactions are kept in the working DAG. The Clusterstamp process is performed automatically.

Clusterstamp is executed by the consensus and through verifying the last index from fully confirmed transactions. All validators (DSPs) generates balance clusterstamp themselves and check the hash. Full nodes are not taking part in this process and they are only aware of it (thus not flooding the network with retries till the process is finished). When the clusterstamp is done, all nodes do a soft restart, switching the database, writing only needed transactions to it, and re-initializing balance service. The old database is then deleted and the operation itself does not require a voting.

Following the creation and verification of a Clusterstamp, it is stored in the COTI History Nodes. History nodes are receiving copies of all propagated transactions together with confirmation states, for this reason, we do not need to copy any transaction data during the Clusterstamp. The Clusterstamp is not applicable to the smart contracts Cluster.
Finally, besides keeping the DAG operational as a data structure, the Clusterstamp has more benefits for the COTI network. The Clusterstamp provides a useful reference point and an opportunity for performing a system-wide audit to ensure that there are no inconsistencies or possible fraud.

Join us in our Telegram group for all future updates and tech developments.

Stay COTI!

COTI Resources
Website: https://coti.io
Telegram group: https://t.me/COTInetwork
Github: https://github.com/coti-io
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf

Talk with us on Telegram Official Facebook Official Twitter Official Reddit Official Youtube Channel COTI Group

Topic: 📌[ANN] COTI - CURRENCY OF THE INTERNET. Digital currency built for payments ✔ - page 6. (Read 26349 times)