📌[ANN] COTI - CURRENCY OF THE INTERNET. Digital currency built for payments ✔ - page 8.

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COTI’s much-awaited Staking 2.0 program will launch in May 2020, allowing more participants to apply with a much higher staking volume.

On April 1st, we opened early registration and the demand has been overwhelming, massively exceeding our expectations. Wow!

Pre-registration is now closed and we would like to thank all those who applied and showed so much interest in COTI’s staking program.

Staking 2.0 offers each Community node and Advanced node the possibility to stake a total of 5M COTI:

Early-Registration was a complete success with over 700 users requesting to join with over 200M COTI in demand to be staked!

The early registration was helpful in helping us evaluate the demand to participate in the COTI staking model, before the program launches on May 1st. As promised, we are giving priority to those who registered early and to those who were already actively staking, our TestNet community and for those who were already on our waiting list from Staking 1.0.

Here are some stats from the early-registration:

Over 110M COTI are requested to be staked in Advanced nodes
Over 142M COTI are new stakers request
Over 97% of stakers currently staking are requesting to continue staking on staking 2.0

What’s Next?

1. Priority will be given to those who applied in the early registration, to TestNet operators, approved stakers from the Staking 1.0 program and users in the previous waiting list.
2. All these users will receive an email with the formal registration link, 24 hours before anyone else.
3. The formal registration will officially open next week and will take place in your CPS account, so if you still don’t have one, please make sure to open it soon.
4. The onboarding process will take place a few days later. If you have been approved for staking 2.0, you’ll receive an email confirmation from us and you will be able to easily stake the approved amount via your MainNet wallet. Just click on the “stake” button and you’re in!

Stake COTI, 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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Quote from: gembira on April 12, 2020, 04:33:04 PM

Can you describe your DeFI? Is there will be just loans in Coti coins or in other currencies too?

Hello, in January we announced about partnership with Celsius Network.
Celsius Network will be integrated into the COTI network, enabling consumers and merchants to easily earn interest and access loans directly on the COTI platform!
More you can read here:
https://medium.com/cotinetwork/coti-and-celsius-network-form-a-defi-partnership-6f2d7da5bd5b

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

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Can you describe your DeFI? Is there will be just loans in Coti coins or in other currencies too?

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Coti - Currency Of The Internet

COTI is a fully encompassing “finance on the blockchain” ecosystem that is designed specifically to meet the challenges of traditional finance (fees, latency, global inclusion and risk) by introducing a new type of DAG-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for real-time payments.

COTI is a working product that is already in use and generating revenue. Much has happened at COTI during the first quarter of 2020 with fruitful and very exciting developments in many different aspects including a few working products and the introduction of a new tier of decentralized nodes and Staking, which enables token holders to stake COTI and to earn rewards.

Main takeaways from what’s in plan for the rest of 2020:

1. Dedicated effort to support Staking 2.0 and the increased staking volume, including
2. DAG v2.0 to scale up the number of nodes and improved selection algorithms
3. Leverage opportunities with high-risk merchants (i.e. Blockchain Dollars)
4. Added support for other major assets and stable coins
5. Added features for COTI’s wallet and a native iPhone/Android app for the wallet and COTI Pay, COTI’s consumer app
pBFT — a huge endeavour to allow pBFT consensus on our network. The implementation of DSP BFT algorithm will include elements of decentralized government, reconfiguration, and node decentralized management.
6.Launching GTS, COTI’s Global Trust System, for Bitcoin and Ethereum

Milestones achieved in Q1 2020

We have completed and launched the build of our MultiDAG, the first-ever DAG structure that allows token issuance on top of our DAG-based Trustchain protocol

We implemented ClusterStamp. With the ClusterStamp, older transactions are sent to the history nodes every set of intervals, and only the latest transactions are maintained by the whole network. This prevents the Cluster from growing to an unmanageable size. The ClusterStamp also provides a useful reference point for performing a system-wide audit to ensure that there are no inconsistencies or possible fraud.
We started to process Credit Card transactions on the COTI network. This is the culmination of over a year’s behind the scenes work to build out the technical infrastructure, banking networks, licenses and expansion of our payment network to support this functionality. This places COTI in a unique position in which we can capitalise on merchants in all industries and offer significant cost savings, without increasing overhead or processes.
We launched a multi asset COTI Pay wallet including:
- COTI Pay
- BTC Pay
- adaPay
- BEP2 Pay
We launched the first decentralized MainNet node on the COTI network and scaled up since then by launching additional decentralized Full nodes and community nodes.
We introduced the COTI Staking Platform V1 which produces great rewards for stakers.
We have launched the Alpha version of COTI’s GTS (Global Trust System)
We developed the COTI Pay Business CRM for merchants. Via the Merchant CRM they can choose to convert the transaction to a stable coin or directly to one of 35 fiat currencies by adding in their bank account details.
We introduced our new Explorer which brings greater transparency to our network and network operations.
We introduced two new merchants case studies: Blockchain Dollars and MyFirstWallet

Technological Roadmap for Q2/Q3/Q4 2020

Q2 2020

Introducing the Transaction Distribution Model
The new model defines how the probabilistic of transactions are set within the network and introduces the metrics used and taken into account by the node manager to balance and set the fairness factors while choosing the full node that will process transactions and collect the fees. This is key to staking 2.0.

Staking Model 2.0 and exchange-based staking
The new model will enable users to stake more coins, for longer periods of time, with a flexible staking structure — both through COTI’s wallet and from exchanges.

GTS for Bitcoin — production version
Final interface for everyday use, which will allow analyzing BTC wallet addresses and classify them into risky and non-risky categories.
Additional cryptocurrencies to COTI Pay wallet

Launching “Blockchain Dollars”
A wallet and payment system, dedicated to the gaming space, using FIAT and stable coins, that allows gaming merchants to accept stable coins as a form of payment based on a white-label version of COTI’s payment infrastructure.

Implementation of the MultiDAG in the COTI wallet
The implementation will integrate all supported operations of multiDAG in the COTI native wallet which will show the total balances and tokens users have. In addition, add support for MultiDAG tokens also in the explorer as well as deploy the token issuers application which will allow anyone to deploy and mint his dedicated tokens over the COTI infrastructure.

DAG 2.0 base structure
The implementation will improve the validation of transactions in the DAG structure as well as allow nodes to operate even when a missing transaction exists. The new mechanism will get all missing information from history nodes + financial nodes and ensure more efficient operation of full nodes in the network.
Improve nodes scalability and synchronization
The implementation will improve the synchronization process of new nodes joining the network as well as synchronize the current clusterstamp and transactions to make sure all full nodes are operating properly.

COTI-X
We delayed COTI-X from Q1 to Q2 as we are improving its model and building a fiat on/off-ramp system with APIs to various liquidity providers and exchanges (instead of a basic cryptocurrency exchange which is not really needed in the space now).

Q3 2020

Launching COTI Pay consumer app
- An iPhone/Android app that is consumer oriented, that allows the storage of COTI’s coins, BTC, Stable coins and other assets
- Serves as the basis for COTI DeFi and Prepaid card

Adding major stable coins to COTI Pay

COTI DeFi — COTI Pay business
Gain interest and take loans

GTS for Ethereum — beta

Presenting initial Consensus Protocol for DSP
At the DSP-BFT stage we plan to implement one of PBFT-like consensus variants in full. This stage will include:
- “View changes” or similar mechanism
- Leader election
- “Fast path” for processing most transactions
We are also considering using advanced signature schemes (Schnorr signatures, BLS signatures, etc).

MainNet wallet v.2
Including bridge integration

Q4 2020

COTI Pay virtual card

Deployment of Consensus (pBFT) in TestNet
At this stage we plan to add non-transaction polls. It will be a “slow path” of voting because non-transaction (and not leader selection) polls are less urgent and should have less priority. This category of polls includes:
- New Full node adoption
- DSP-Nodes set reconfiguration
- Possible some distributed government polls

Deployment of Consensus (pBFT) in MainNet
At this stage, we will deploy the new pBFT consensus mechanism to MainNet.

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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Dear COTI community,

We first introduced our staking plans in January 2020 and have since received overwhelming support and demand to participate. The recent and continual growth of our network and processing volume has allowed for better than expected rewards for our current node operators and stakers, while also presenting an opportunity to grow our staking program even further.
We are now pleased to introduce staking 2.0, with increased staking volume, to be launched in May 2020.
Our MainNet nodes will now allow staking of 5M COTI (instead of 100K to 500K), across our two current staking nodes -

1. Community nodes
2. Advanced nodes

Note, staking on nodes will only be available with native MainNet coins.

To facilitate these changes to our staking model, we have also updated our network node selection algorithm. When a transaction needs to be confirmed, this algorithm is used for node selection, picking the node that will process and confirm a transaction This algorithm was originally designed to use parameters such as Trustscore, fees and more however the algorithm will now also take into consideration the amount staked on a node, so that a node with more coins staked, will have a better chance in being picked to confirm the transaction (increasing the node fees, accordingly).

There will be no changes to our TestNet nodes on the staking 2.0 plan, (though their operators will now get their well deserved opportunity to stake in MainNet nodes).

Staking on exchanges is also coming via an additional new program which allows for more flexible staking through various exchanges. Details will be published in an upcoming announcement.

Here are the detailed plans and changes in staking 2.0:
Community Nodes

Community nodes are MainNet Full nodes that have a delegated staking mechanism to include more community members in their operation. Running a node in a payment system is an important task as it involves the confirmation of transactions to real world merchants.

We understand that managing a node requires technical skills that not all participants have, therefore community nodes will be technically managed by a node operator with sufficient technical skills from the community.

Community nodes will now run with a 5,000,000 COTI staked (compared to 500,000 before). In order to serve various needs to different members, we have created three groups with different staking amounts and guaranteed rewards (the reward is the highest of either fees generated by the node or the guaranteed annual reward).

The node operator will enjoy the ability to stake 750K COTI with a guaranteed reward of 35% per annum. The remainder 4,250,000 of COTI to be staked on the community node will split between community members that may stake 15,000-500,000 COTI for 30-90 days, with higher rewards to longer staking periods.
In the example below, we demonstrated several situations for Community Node stakers in the COTI ecosystem:

Community Node Stakers

Jane, Mary and Bob are Winston Wolfe’s community members and they’ve been chosen to participate in his community node staking. Jane has staked 500,000 COTI, as part of being a member in group I, out of total staking of 5,000,000 COTI (10% of the total staking). Mary has staked 150,000 COTI as part of being a member in group II (3% of the total staking). Bob has staked 15,000 COTI as part of being a member in group III (0.3% of the total staking).

On April 1st, 2020 Winston Wolfe has set a fee of 0.1% and the transaction volume he processed in April was worth 80,000,000 COTI. The total fees are being divided between the community node operator, and the community members, according to their staking amounts. Therefore, in April 2020, Jane earned 12,500 COTI, while Mary earned 3,125 COTI and Bob earned 250 COTI. Since the income received from the fees does not provide the guaranteed rewards, COTI will cover the difference. On May 1st, 2020 Winston Wolfe has set a fee of 0.25% and the transaction volume he processed in May was worth 50,000,000 COTI. Therefore, in May 2020, Jane earned 12,500 COTI, Mary earned 3,750 COTI and Bob earned 375 COTI. Since the income received from the fees was equal or higher than the guaranteed rewards, Jane, Mary and Bob will earn the amount collected from the fees.

Advanced Nodes

Advanced nodes are Mainet full Nodes too. The advanced nodes will require staking 500,000- 5,000,000 COTI for a minimum period of 90 days in exchange for the higher between fees generated by the node and the guaranteed annual reward of 25%.

The node will be operated by COTI, securing a 100% uptime, while the staked amount can be splitted between up to 4 stakers, on an invitation base.

In the example below, we demonstrated several situations for Advanced Node operators or stakers in the COTI ecosystem:

MainNet Advanced Node

Samantha, John and Phil are running an advanced node on COTI’s MainNet; They have staked 5,000,000 COTI from April 1st, 2020.

They have set a fee of 0.1% and the transaction volume they’re node processed in April was worth 80,000,000 COTI.

Rob, Adam and Eve have staked 3,000,000 COTI altogether. They set a fee of 0.2% and the transaction volume they processed in April was worth 50,000,000 COTI.

Therefore, in April 2020, Samantha, John and Phil earned a total of 104,166.66 COTI (since the income received from the fees does not provide the guaranteed monthly reward of 104,166.66 COTI, COTI will cover the difference).

In April 2020, Rob, Adam and Eve earned a total of 100,000 COTI.

Summary table:

Transaction Distribution Model

Please refer to the below document to learn more about the COTI transaction distribution model and understand how transactions are propagated and spread between the Full Nodes. Our innovative model defines how the probabilistic of transactions are set within the network and introduces the metrics used and taken into account by the node manager to balance and set the fairness factors while choosing the full node that will process transactions and collect the fees.
Read more here.

Calculating earnings and examples

Potential earnings can be estimated using our earnings Calculator.
You can also view our configurable staking rewards calculator here — https://www.stakingrewards.com/asset/coti/calculate

How do we pick node operators and stakers

There has been a great demand for our previous staking plans and we couldn’t meet all of that demand. By increasing the overall staking volume, we can now serve more people. We’ll be opening an early registration and we’ll be giving preference to members that are already actively staking, members that have been put on a waitlist and haven’t been served yet and TestNet node operators.

Timeline

Early registration is now open: https://forms.gle/v21S7ZSJBTdN6SfMA.
Main registration will open in mid-April.
The new node and distribution model will be implemented in COTI’s MainNet at the beginning of May 2020.
Additional details about exchange staking will be published during April.

Summary

1. Staking per node will grow from 100K-500K to 5M coins
2. Bigger community nodes with 3 level of participations (15K to 500K)
3. Bigger Advanced node (up to 5M)
4. Selection algorithm will gives greater preference to nodes with larger staking volume
5. Only native MainNet coins can be staked on nodes
6. Exchange-based staking
7. Registration in April, launching in May

We’d like to take this chance to thank you for your interest in participating in our plan to change the digital payment industry!

If you’d like to learn more about how to run a Full node on COTI’s TestNet network, please refer to the guide below:
https://medium.com/wolf-crypto/how-to-setup-a-coti-testnet-node-on-vultr-a3710d24f892

Stay COTI!

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Dear COTI community,

We follow the market and news like everyone else and it is now clear the COVID-19 virus will have a significant negative impact on businesses, economies and society as a whole over the coming months. In the payments world, we have seen giants of the space — VISA, Mastercard and PayPal — all issue warnings about a predicted decline in their businesses during this crisis time and the recession or even depression that may follow.

While this status report will deal with COTI’s business operations, our entire team would like to communicate our thoughts and best wishes to all of our community members and their families during these trying times.

In this status report, we’ll cover:

The status of our operation and network through a global pandemic
How we’re securing our runway
Our Roadmap and what we’re building over the coming months

The status of COTI’s operations and network
Maintaining our operations through a global pandemic

From a business perspective, COTI is in a somewhat unique position, as being a technology based business, we can continue to operate at almost maximum capacity by moving our workforce to remote access. In fact, with the COVID-19 lockdown now active in Israel, we have already done exactly that and it is now business as usual, at least as much as it can be, in the midst of a global pandemic.

Our processing volume is based on online merchants and will continue to grow

A majority of our merchants are online merchants and as such, their businesses and processing revenue have declined less as compared to many traditional businesses over the past month, as effects from the COVID-19 start to impact industry across the world. These same businesses are in an advantageous position compared to traditional business, as many consumers and businesses now turn to online purchasing, processing and entertainment to keep themselves occupied or operating while not being able to leave their homes.

These merchants pay their fees as a percentage of the overall transactions they continue to process on the COTI network, denoted in FIAT and paid with COTI.
This means two important things:
1.COTI’s revenue is more sustainable and resilient compared to traditional businesses
2. Merchants now need to buy more COTI to pay the same FIAT fees.

As we continue to onboard new merchants that were in our pipeline before the pandemic, we foresee that our network will continue to grow, even in these challenging times.

Securing our runway

COTI was rapidly growing before COVID-19 and we had already secured our runway via our various revenue streams for at least the next 12 months. However with projections of a global recession as a result of COVID-19 that could last for 18–24 months, our priority over the past two weeks has been to secure COTI’s runway even further into the future, making sure that whatever the circumstance, COTI can continue to operate.

As such, we are happy to announce that we have secured a $3.5M USD follow up investment in COTI from a group of our existing investors.

Being able to secure funds and runway during a time of crisis is a sign of strength and we are grateful to have an opportunity that not all businesses get during these troubled times.

This investment will allow COTI to operate at full capacity, to continue our growth and leverage new opportunities regardless of global market conditions.

The investors will buy tokens both from COTI’s treasury and from the open market.

180M tokens will be bought from COTI’s treasury for $2.5M USD. These tokens will be bought at a premium to market price to the day of agreement (March 18th), demonstrating trust in the future of the COTI coin.

Another $1M USD, completing the $3.5M USD investment, will be used to buy coins from the open market, effective immediately and for a period of no longer than 6 months.

While the $2.5M USD capital injection will be used to fund COTI’s operations, a large portion, 47M out of the 180M tokens is contributed from the team’s future compensation allocation. The team has made this sacrifice to facilitate this deal and to further prove commitment to the company’s goals. The remaining 133M tokens will be sold from the Incentive allocation.

We have not taken this decision lightly, as one of the inevitable outcomes of it is immediately increasing the circulating supply we presented in January. After careful consideration and long conversations with the investors, we are sure that they are as committed as the team to our goals and are long term holders.

In fact, they have allowed us to make their wallet address public. We’ll publish this address via our Telegram ANN channel soon after this announcement.

It’s important to note that their financial commitment of paying premium to the market price and, of course, the immediate injection of $1M USD demand to the open market, speaks louder than words.

Roadmap — what’s to come
Our staking 2.0 model ready for release

Our new staking model allows for a much higher staking volume, which enables many more users to participate in the staking program. If you were on one of our waiting lists, you’ll be able to stake soon. If you’re currently staking, you’ll soon be able to stake a much more substantial amount.

With staking 2.0, we have revamped some of our technology stack to support the new model, specifically, we have upgraded our Transaction Distribution Model, the algorithm that selects which node to use for a transaction. This means that this algorithm will now prefer nodes with higher staking volumes, as an addition to the parameters it currently uses (like trust score, fees and more).

Of course, we’ll also be introducing an exchange based staking model as part of staking 2.0 and we expect this new staking model to lock up a much more substantial amount of our supply than the previous model.

The model is now circulating between trusted partners for their feedback and we expect to present it in the first week of April.

Our tech roadmap has undergone a long awaited update and is ready to release

Our ability to process credit cards and crypto with instant settlement has created multiple opportunities with merchants that would be beneficial to the COTI ecosystem as a whole, from token holders, to merchants to the company itself, opportunities like the recently announced Blockchain Dollars and MyFirstWallet merchant case studies.

We’ll be releasing our updated tech road map next week and that will expand upon these merchant opportunities and give COTI the ability to remain reactive during uncertain times.

Continued new listing opportunities for COTI

While we can’t top the Binance listing in terms of volume, new listing opportunities will address certain niches or geographical locations. We obviously won’t be giving dates — but Binance wasn’t our last listing this year.

Last thoughts

In these trying times, we thank all of our community for their continued support and again communicate our thoughts and well wishes to our community and their friends and families.
Our operations continue as strong as ever during challenging times for our world.
Our roadmap is set to leverage growth opportunities and to continue to release groundbreaking technologies.
As with every crisis, there will be opportunities and winners coming out of it. We want to make certain that COTI and our community are those winners.

Stay safe, 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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Abstract
Staking 2.0 is coming very soon. One key technological upgrade that we have implemented is a new algorithm to pick the nodes that will process a transaction and collect the fees. This document introduces COTI transaction distribution model and outlines how transactions are propagated and spread between the Full Nodes. The new model defines how the probabilistic of transactions are set within the network and introduces the metrics used and taken into account by the node manager to balance and set the fairness factors while choosing the full node that will process transactions and collect the fees.

Introduction
The COTI network uses a transparent and equitable fee model. All fees are collected by Full Nodes (decentralised servers run by users in the COTI network). Each node charges a fee that is in part determined by the node operator itself. Some nodes may set a higher fee if they believe they provide a good service; other nodes may charge less or possibly nothing. The price charged by a node for its services should be equitable, publicly available and compliant with common network rules. The network rules will also be used to define a ceiling for fees (there will be no minimum fee).
The fee collected from each transaction is sent automatically to the Node’s wallet (it is a part of COTI transaction model) and can not be redistributed. For this reason, the only way we can ensure node operators to have fair income, is to send transactions to be processed to nodes in a pseudorandom manner, and shape the probability distribution so all node operators would have fair revenue generated, proportional to their stakes, reliability, trust score and node performance.

COTI Network Transactions
In the COTI network, transactions are created according to several patterns defined by the transaction type. The most common types are payment for goods or services, remittance payments and singular transfers (wallet transfers).
In the first two cases, a transaction originator creates a payment request, and the transaction is created according to it. The transaction originator must input the Full Node address in the payment request in order to pre-select the node (a Full Node is selected by users for any wallet based transfers).

COTI provides an automated tool for Full Node selection, enabling a merchant, or any other transaction originator, to choose nodes according to a specific criteria. Full Nodes can also be run on a merchant’s own Full Node, or by using one known to the merchant.

By running a node, the node operator supplies useful resources to the network: CPU, memory, storage and network bandwidth. Usually, these resources are not free, so the node operator should be compensated. The node operator’s investments should generate a reasonable revenue. Therefore, Full Node operators receive Full Node fee collected from transactions received from user wallets. The more transactions Full Node processes, the more it earns.

Full Node operators set fees autonomously, which makes setting competitive fee structures important. If a user knows a Full Node with a better price list, it can be re-selected when sending transactions.

Distribution Model

The new distribution model takes into account several independent factors to ensure fair spread of transactions between the nodes which does not rely solely on one aspect or favor nodes only based on their stake percent.

The distribution model factors which are taking into account consist of:
1.Reliability measurement of the node — this parameter analyzes and takes into account the reliability of the node and its performance. Node Reliability Metrics is a numeric evaluation of the node based on its work history.
2.Amount staked — the amount staked on each node influences the amount of transactions sent to the node and the total fees it will collect. It is important to note that each node will be capped with maximum staking allowed on a given node to make sure that a fair distribution is set for every given node within the network.
3.The TrustScore of the node — the trust score of the node reflects the trustworthiness of the node within the network and it is a measurement which is taken into account to define the weight of transaction sent to it.
4.Transaction amount processed through the node (age) — the age of the node is an important factor as more time in the network defines the node reliability.
5.Load balancing/PoT — Limits the ability of one node controlling the network
6.Node Uptime — As part of defining the reliability of nodes the model measures the uptime and availability of the node.

The node manager is responsible for monitoring the node performance while other parameters are analyzed and monitored by other components in the network.

Model definition

The definition of COTI model distribution assume the following:
1.There is a stable flow of independent transactions based on: merchants transaction, network transaction, bridge transaction and staking transaction (Poisson distribution).
2.In the COTI network there are N Full Nodes which are available and capable of processing transactions.
3.Nodes collect income from transactions they process and set their fees. For simplicity, we assume that the income is proportional to the number of transactions processed in the network.
4.For a transaction originator (sender), there is no difference, which node processes the transaction other than the fees paid for the processing itself.
5.A full node is responsible for propagating and processing transactions by providing his resources to the network.
6.If a user tries to connect to a full node which is down or doing a restart, it can create poor user experience and should affect this node future distributions of transactions.
7.Full nodes set the fee level for transaction, including fee percent, minimum and maximum fee.
8.To be eligible to participate in the transaction fee distribution, full nodes have to stake deposits (either on their own or via delegating the staking to their community members).
9.The fee distribution between full nodes should be fair, taking into account node reliability, node staking and several other factors.
10.The distribution of transactions should be automatic and in a manner which can not be hacked or bypassed in dishonest and cheatable ways.

Distribution Model Rules

The distribution model rules consist of the following:

Due to the decentralized nature of the network, nodes can cheat by giving COTI node manager one fee level and generating fee base transactions for users with another fee. This unfair behaviour is easily detectable by monitoring transactions and leads to punishing nodes in both Reliability Metrics and Trust score.

Node Reliability Metrics is a numeric evaluation of the node based on its work history and performance.

Transaction Distribution Model

When a merchant requests a full node list for the transaction, the Node Manager recommends a node. The merchant is free to change the recommendation, but, if the node uses the standard level of the fee, there is no real motivation to do it. Merchant transactions, COTI Bridge and other automatic transaction generators always use recommended nodes.

Node Reliability Metrics

The Node Reliability Metrics arenumerical metrics calculated using the weighted formula:

where:

1. The node uptime rate
The standard uptime rate for a node is supposed to be 99%. The Reliability Metrics takes this rate as a neutral point. If a node shows less uptime, the Reliability Metrics is decreased in accordance to the following contribution formula:

The weight for uptime contribution is set to 10

2. The node downtime events
For node downtime events we use a formula with saturation:

The weight for server fails is set to -10

3. The node restarts events
For node restarts we also use a formula with saturation, but using a different weight:

The weight for node restarts is set to -1

4. The node incorrect/bad behaviour events
This part of calculation punishes the node for any cheating attempts. There is no saturation and the weight is very negative:

The weight for dishonest behavior records is set to -100, so it effectively stops the node from participating in transaction processing, till the record is decayed.

Summary

COTI Staking mechanism ensures fair distribution and operation of Full node within the network and introduces a mechanism which relies on many factors and maintains fairness within the COTI ecosystem. The new distribution mechanism enforces any cheating attempts to collect more fees from the network and verifies that participants (rich and poor) get a fair chance and amount from the network activity and transaction flow.

Written by Dr. Nir Haloani, COTI’s CTO.

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Following our recent announcement about the Claim option being available for stakers, we are happy to share that we fully completed the Staking v1.0 dashboard, with the Unstake button available as well.

Active stakers in the COTI network will be able to unstake at any moment through their MainNet wallet, starting this week.

Although you may unstake your coins at any given moment, note that the coins will be actually unstaked by the end of each payment cycle, as appears in your wallet.

Important: as a MainNet node operator, of any kind, unstaking makes you ineligible to run a node.

Continue reading to learn how this option works.

To unstake:

1. Login to the COTI MainNet wallet.
2. Click Unstake:

A message stating that you will be unstaked in the next payment cycle appears:

3. Click Confirm.
4. Once you have unstaked, you can not stake again until the next cycle.

Soon we’ll be releasing COTI’s Staking v2.0. You’ll be able to stake more, through our wallet and from exchanges. Stay tuned for the release and full details.
If you’re interested in joining one of our Community Nodes (Wolf, CryptoDaku, and tehMoonwalkeR), refer to this article.

To find out more about COTI’s Staking model and rewards, check out the following articles:

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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We are pleased to announce that the Claim-Option feature of COTI’s Staking mechanism is finally available.

Active stakers in the COTI network can now claim their rewards through their MainNet wallet.

See the following sections for how this option works.

Receiving Rewards

Rewards are processed once a month.

COTI guarantees a minimum level of income for advanced and community MainNet stakers per annum, on a monthly basis. If the received income from the processed transactions does not meet the ensured return, COTI covers the deficit.

To receive your rewards, you must claim your coins by clicking the CLAIM button. This option will be available in the last week of each month:

The specific period you can claim your rewards in will appear in the staking section in your wallet.

Please note that if you don’t claim your rewards within the claim window (the last week of the month) your rewards will be reset and you won’t be able to claim them for that month. If you are a part of a community node, the remaining rewards will be split between those who have claimed their rewards.

Conditions to receiving your stake rewards:

Your node’s uptime should be at least 95%. In the case your node doesn’t meet the minimum uptime, you will only be eligible for fees collected during your uptime but not for the guaranteed node return.
A registered MainNet wallet.
You have completed the KYC process
You must stake your coins for the entire payment cycle to be eligible for rewards.
At this stage, TestNet operators will receive their rewards automatically in the first week of each month, without the need to claim it before.

Stay tuned! The Unstake option will soon be available directly from your MainNet wallet.

In addition, we remind you that we’ll be soon releasing COTI’s Staking v2.0. You’ll be able to stake more, through our wallet but also from exchanges. More to come on that.

For those interested to join one of our Community Node (Wolf, CryptoDaku, and tehMoonwalkeR) please refer to this article.

To find out more about COTI’s Staking model and rewards, please read the following articles:

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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Introduction

COTI have been working with merchants since the launch of our MainNet, increasing the utility and organic demand for our native COTI coin.
The monthly volume of merchant processing has already reached over $5M USD and is steadily growing. This week alone we have announced two new merchants (MyFirstWallet, Blockchain Dollars) and have also recently launched credit card processing activities, that allow us to onboard a host of new merchants, significantly increasing our processing volume on the COTI network. This Explorer upgrade is just the first upgrade designed to bring greater transparency to our network and network operations.
All activities, including merchant transactions, can now be tracked on the new Explorer, alongside other activities such as staking, bridge movements, and all other network transactions.
TLDR of COTI network operations on the new Explorer -

The Trustchain Data Structure

The Trustchain is COTI’s ledger and holds our entire network activity as a whole Cluster in a DAG data structure.
The transactions on the Trustchain can largely be broken down to: (i) standard wallet-to-wallet transactions; (ii) merchant’s transactions (as explained below); (iii) bridge transactions (interoperability); (iv) staking transactions; and (v) zero-spend transactions (own-initiated transactions for network maintenance in order to help facilitate faster consensus).
Occasionally, the Trustchain undergoes a cluster stamp, an automated process which prevents the growing Cluster from becoming unmanageable in storage size. Following the creation and verification of a Cluster Stamp, the whole cluster is stored in the COTI History Nodes.
COTI’s Explorer (https://explorer.coti.io) is the tool that allows viewing all current and past transactions of each cluster on the Trustchain, as well as other useful information.

New Explorer Tool

We’re proud to announce that a new version of the explorer is now live with new added features. The key feature is the ability to filter the transactions according to their type:
(i) Merchant’s transactions — the latest transaction associated with merchants
(ii) Bridge transactions — the latest transaction associated with the conversion to the interoperability tokens (ERC-20 + BEP2)
(iii) Staking transactions — the latest transaction associated with COTI’s staking
(iv) All transactions (standard transactions) — no change, as it is today

Detailed Explanation of The Type of Transactions That Can Be Tracked

Merchants’ Transactions

COTI provides technological infrastructure for payment processing operation and adheres to various regulations protecting transactions’ privacy, therefore it is not in a position to make its merchants’ identity public, unless specifically requested to do so by a merchant. Additionally, as a fast growing start-up competing in the highly lucrative payment sphere, it makes a better business practice to protect trade secrets like rates and clients.
That said, we have now made it easier to track merchants’ volume/activity on the Trustchain, by introducing two types of merchant transactions that appear in the block explorer:

Merchant revenue transaction: COTI mirrors a real world fiat or Crypto transaction that it processed between a consumer and a merchant, such as credit card processing for example. Recording the entire transaction on the Trustchain adds transparency to all parties involved, while maintaining necessary privacy. It serves as a proof of transaction and a basis for an instant settlement. Furthermore, the transaction and the data it holds could potentially serve as the basis for an array of financial instruments like working capital loans, saving accounts and more. Thus, if $1,000 were processed through a credit card transaction, the equivalent amount of COTIs will appear on the Trustchain as a merchant transaction. The benefit for coin holders is obvious, of course, as the entire volume of the transaction is processed on the Trustchain, generating fees for node operators and stakers.

Merchant fee transaction: COTI’s merchants pay transaction fees in COTI coin for the service rendered to them, like in the case when COTI processes a cryptocurrency transaction for a merchant in exchange for a small fee. Merchants are required to pay their fees only with COTI’s native coin, which are acquired from the open market. These fees appear on the Trustchain as merchant transactions. Thus, for example, if 1 BTC (at a $10,000 value) was processed for a merchant in exchange for a 1% fee, then a transaction of 100$ worth of COTI (5,000 COTI at a value of $0.02, for example) will be created in the Trustchain. The added value for COTI holders is obvious, as merchants add fresh demand for the native coin in the market.

Bridge Transactions

COTI’s application is built in a way that provides the flexibility in supporting the core level and ledger layer of today’s most popular and promising infrastructures, such as Ethereum and Binance Chain. In the COTI ecosystem, the core application layer supports more than one infrastructure through a dedicated bridge that can be embedded as an off-the-shelf solution independent of COTI’s core infrastructure and solutions. We have now made it easier to track all our bridge activities on the Trustchain and differentiate the transactions associated with interoperability and cross chain activities.

Please refer to the following links for more information on interoperability and COTI bridge:
COTI Interoperability and Universal Payment Solution by Dr. Nir Haloani
COTI ERC-20 Token Interoperability
COTI’s Cross Chain Bridge — Tutorial

Staking Transactions

COTI’s staking model was designed and built according to a decentralized finance (DeFi) income model by incentivizing network participants such as node operators with a competitive compensation for their contribution to the transaction approval process in the network.
All nodes (Basic/Advance/Community) are required to stake a certain amount of COTI native coins to participate in the network, as per the specific requirements of each type of node. We have now made it easier to monitor the staking-related transactions on the Trustchain by differentiating them from the other transactions.

Please refer to the following links for more information on nodes and staking at COTI:
Staking at COTI v1.00 - Guide
Nodes and Staking

Summary

Our predicted growth in merchants’ activities and overall usage is a great opportunity to coin holders as it grows demand and staking rewards. We are introducing a new Explorer tool to allow tracking the Trustchain activities to grow our transparency accordingly. The introduction of credit card processing is expected to significantly grow the usage and holds a great opportunity to our community.
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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Introduction
COTI was contracted as a technology provider to create Blockchain Dollars, a wallet and payment system, using FIAT and stable coins, that allows gaming merchants to accept stable coins as a form of payment based on a white-label version of COTI’s payment infrastructure.
This deal is signed and the product will launch in July, with the first casino already signed up to accept Blockchain Dollars as a form of payment.
The first casino to use Blockchain Dollars is processing more than $10M a month. We’re also already in talks with several other casinos to use Blockchain Dollars and will be aggressively marketing this product to the gaming industry as a whole, once we have a live product in the market.
Our long term goal is for Blockchain Dollars to become both synonymous with, and the payment method of choice, for the online gaming industry.
The casino name will be announced close to launch to keep our competitive edge in this competitive market.

Problem
The online gaming market is a massive global industry, with an annual turnover of over $50B USD. Online casinos are considered high-risk merchants by all of the credit card networks, despite being fully regulated and compliant. Even the bigger names in the industry, publicly listed companies, like 888 and Betway, fall under this high-risk category.
This leads to numerous issues with accepting credit cards, restricting the merchants’ ability to maximize their revenue, while incurring high fees and limiting access both to and for consumers.
Many solutions have been developed over time as, due to the high revenues involved, the gaming industry presents a very lucrative opportunity for payment providers. However, most, if not all solutions are all based on the traditional payment rails, limiting innovation to be on top of old rails. So, whenever a new solution arises, it has to be built on top of the credit card networks, remaining with the same set of problems. It is very difficult so save the processing costs when you are using the same credit card networks or asses risk differently when risk is determined by the credit card processor anyway.

Solution
Using COTI’s white-labelled payment infrastructure, we are creating Blockchain Dollars, a wallet that allows the user to buy, hold and transfer stable coins. We have designed a slick custodian wallet with intuitive UI so that users that have no experience with cryptocurrencies will be able to use it with ease.
We are then integrating our own FIAT on-ramp, which has recently been upgraded to allow the processing of credit cards. The merchant gains access to an off-ramp with 35 fiat currencies, so both the consumer and the merchant can sell stable coins to FIAT. We also have our merchant tools, including our merchant CRM, and have created an API that allows any gaming merchant to integrate their existing technology with Blockchain Dollars easily.
Transactions will be mirrored to the Trustchain allowing the merchant instant settlement and increased transparency.

Advantages for the Merchant
With Blockchain Dollars, merchants can process more transactions from more consumers than they previously could, increasing the merchants’ revenue.
By using stable coins, the merchant no longer has to worry about or carry the cost of chargebacks on legacy payment rails.
The increased transparency, provided by the Trustchain, creates more trust between the merchant and its prospective clients and consumers. Consumers no longer need to fear that a merchant will deny receiving payment.
Lastly, the “instant settlement” feature is wonderful for gaming merchants, as they are accustomed to being paid late due to their high-risk categorisation.
It’s important to note that the solution will not be available where gambling is illegal, of course.

Business Model
Merchants pay a processing fee for each on/off ramp transaction as well as a network fee for using the Trustchain.
Total available processing volume is up to $120M a year with the first client and of course, this volume will be dramatically higher as we onboard further casinos.

Benefits for COTI holders

All fees are paid with COTI coins, growing the demand in the open market for COTI’s native coin.
All transactions are mirrored to the Trustchain, generating extra fees for stakers and node operators.
The high risk space is perfectly ripe for cryptocurrencies. We expect more gaming merchants to accept Blockchain Dollars after the initial product launch, greatly growing revenue past through our network.

This type of solution is demonstrative of both the technological and strategic approach we have taken in targeting high risk merchants and the many industries contained within that categorisation. It further validates our overall business model and shows the demand that exists outside of the crypto ecosystem for the type of products and innovations we are able to support and develop by using our blockchain and merchant tools.
Every new use case in the many high risk industries we target has the ability to significantly increase the revenue processed on our network. This benefits merchants, consumers, token holders, node operators, and stakers as well as COTI as a company.

Shahaf Bar-Geffen, COTI’s CEO:
“Blockchain Dollars is a game changer for the revenue driven gaming industry. The first casino to be launched in July will grow our revenue and volume substantially and we expect more and more casinos to integrate with Blockchain Dollars, further validating our white-label strategy.
All fees, paid with COTI coins, will fuel our open market coin purchase program and the
transactions mirrored to the Trustchain will increase the overall network turnover and rewards for node operators and stakers.”

We’ll be posting further updates about Blockchain Dollars in the coming months and will also be revealing the casino name closer to launch.

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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We have the pleasure to announce that a new Advanced node is now live!

The Advanced node will be operated by both Bitcoin Brown and Lucky, two valuable and trusted COTI supporters. They will both operate the node called LLBB under one stake of 250K COTI which will give them a guaranteed 25% return per annum.
You can see the node live here.

Bitcoin brown:

"Firstly, I can’t begin to express how happy I am to be part of the ever growing COTI community.
Secondly, to then have the opportunity to help increase the network growth by being a node runner alongside my brother Lucky, as well as watch the progression in such a short space of time has been overwhelming to say the least.
Not only have they got millions in USD and of course COTI running through the network monthly, they also have an incredible team and one of the best communities around.
I personally think DAG technology is going to be the future, and COTI is inline to be front runners #STAYCOTI."

Lucky:

"Proud and humbled to be selected as one of the MainNet Node operators of COTI. It’s given me great honor to be involved from these infancy stages of the COTI ecosystem. The message is clear. This is more than your typical “theoretical project with an idea”, it’s a fully live DAG MainNet already processing millions of USD in COTI transactions per month — AND it is possible to view via the COTI explorer. In my honest opinion, it is one of the most undervalued in the space and we are huge advocates of COTI. To have been given the opportunity to run a node and contribute to the network growth alongside Bitcoin Brown is the most humbling recognition of our contributions to the COTI community and ecosystem. STAY COTI!"

COTI uses a lot of precautions, making sure to keep the network sustainable, taking in mind profitability, circulating supply and transaction demand. We hope to ensure that nodes are quite profitable for the holders and also in line with our long term objectives. We will continue to introduce new nodes into the MainNet every month at a pace of 1–2 nodes per month.

With that said, another Advanced Node will be announced in the coming days.

For those interested to join one of our Community Node (Wolf, CryptoDaku, and tehMoonwalkeR) please refer to this article.

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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Following our previous announcement, we confirm that we have executed our first coin purchase from the open market.
Merchants need COTI’s native coin to pay their processing fees and COTI facilitates that by using the merchant’s revenue to buy coins from the open market.
As we onboard more merchants who process more transactions on the COTI network and as such require more COTI coins to pay for their processing fees, this will increase both the volume and frequency of our coin purchase program.

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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Introduction
COTI was contracted as a technology partner by MyFirstWallet to develop a payment system, using FIAT and BTC, utilising some of the white-labeled elements of COTI’s payment infrastructure.
The product has recently launched and is already generating revenue.

Problem
The merchant wanted to accept Bitcoin, but found that their users became very confused with opening an account on exchanges, or handling a BTC wallet and safeguarding their own keys.
The merchant was looking to develop a solution to allow its user base to buy, hold, send and sell Bitcoin. They also additionally required a FIAT on ramp to accept credit cards in order to buy the BTC.

Solution
Using COTI’s white-labeled payment infrastructure we were able to quickly launch a BTC wallet for the merchant. We have designed the wallet to be very easy to understand for non savvy users and have made it a custodian wallet so the users won’t need to handle their keys.

We then integrated a FIAT on-ramp, using VISA and Mastercard networks, through our partnership with Simplex and a FIAT off-ramp for 35 fiat currencies. We have also integrated our Merchant tools, including our Merchant CRM, so that the merchant can better manage their incoming revenue.

MyFirstWallet overview page

MyFirstWallet activity page

One cool feature that we have added is PayPal-like “payment requests”, where the merchant can send a customer a request for payment in BTC, which is then executed with one click by the consumer.

MyFirstWallet payment request popup

Finally, we have put the entire process on the Trustchain so that the merchant will have access both for instant settlement and for Defi products, like working capital loans.

Advantages For the Merchant
The merchant was pleased to learn that the adoption for the wallet was better than expected and that the wallet is doing what its name applies: being the first cryptocurrency wallet for users.

For COTI, as cryptocurrencies advocates, it’s always exciting to be able to introduce new people to cryptocurrencies.

The processing revenue is in constant growth, allowing the merchant to grow their business.

A great advantage for the merchant, that came to them as a surprise, was the introduction of “instant settlement” — being paid right away and not after a few days/weeks. The opportunity that positive cash flows brings to businesses is huge.

As the merchant gradually grows their processing volume, all the financial data is stored on the Trustchain and analyzed via COTI’s Trustscore algorithm. When enough data is accumulated, the merchant will have access to Defi based loans, allowing them to grow their business even more.

Business Model
MyFirstWallet is paying a processing fee for each transaction with COTI coins.
Current processing run rate is hundreds of thousand USD per month, with double digit growth.

Benefits For COTI Holders

All fees are paid with COTI coins, growing the demand in the open market for COTI’s native coin.
All transactions are mirrored to the Trustchain, generating extra fees for stakers and node operators.
Greater adoption to COTI’s technology and greater exposure grows our business and user base.

This type of technology integration is indicative of our whitelabel strategy approach for merchants. Past simply using the COTI network and our existing merchant toolset, because of the depth and flexibility of our payment infrastructure, we’re able to build bespoke payment solutions for enterprises that require branded solutions for distinct use cases.
This further extends the benefits described above for the network, network participants and the COTI coin as a whole, as COTI is paid directly in fiat to develop these bespoke solutions. This separates COTI from the majority of crypto projects as this means we are not reliant on selling our own token to fund our runway and we have multiple revenue streams that compliment the COTI ecosystem, including token holders, and COTI as a company.

Shahaf Bar-Geffen, COTI’s CEO:
“We are pushing forward with our white-label strategy, allowing more merchants and development groups to have access to our core infrastructure. With a single signed deal, we can have access to a huge user base, rapidly growing our adoption rate.
MyFirstWallet is generating processing fees, paid with COTI coins through our recently announced coin purchase program.
All transactions on MyFirstWallet are mirrored to the Trustchain, increasing the overall network turnover and usage, hence the increased rewards for node operators and stakers.
You can rely on our sales team to sign more deals in the foreseeable future”.

MyFirstWallet is now available on https://myfirstwallet.io/
See you soon with our next Merchant case study.

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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They say in crypto you haven’t made it until you’ve been “FUDDED”…

While we prefer to stay “above the FUD” at COTI, there are occasions in which FUD must be addressed directly. Some of our community members have brought to our attention a recent “review” of COTI with several misconceptions, misconstructions and general lack of understanding of how our blockchain and distributed tech actually works.

We take any constructive criticism seriously and aspire to learn everyday. Unfortunately, this wasn’t the case with this “review” and probably and the intention of the “reviewer” isn’t to seek truth, but to raise FUD. The claims made in this review are ridiculous at best however as they deal with accusations regarding our network security, how we secure our network and your funds, it’s important they are addressed.

Feel free to use all or parts of this document so spread the truth and stop the FUD.

To begin with, the review was made on an outdated version of our code. The two repositories that the reviewer are referring to are not the latest ones (a simple question to the dev team could have cleared that up). The latest branch is “dev” which includes all of the latest source code and progress.

This is a link to latest code -
https://github.com/coti-io/coti-node (branch dev)

We clearly communicated our coding approach and how to read our Github in the following article, however it looks like the author of the “review” missed reading this as part of his “research” — https://medium.com/cotinetwork/coti-development-best-practices-how-to-read-our-code-and-github-69bce3da41e3

On COTI, the seed phrase is not generated on the server side, it is not sent anywhere and only used locally together with the private key to encrypt all the messages sent from the wallet to the network. The seed phrase is generated on the client’s side. Each CPS user gets a one time use server side secret key after they are authenticated, and they concatenate their client secret key to the server side secret key to generate a seed phrase locally.

Again, unfortunately the author of this review also didn’t read the below article, released in May of 2019, which clearly states how seed phrases are generated on our network —
https://medium.com/cotinetwork/how-coti-is-securing-our-blockchain-and-non-blockchain-infrastructure-2980af2226dd

As stated above, the seed phrase is not generated on the server side and the way it is generated fully defines it as a random variable. Each address gets a private key that is generated by concatenating the seed phase and addressIndex. It is only then run through the keccak256 hash algorithm in order to get keys with 32 bytes (longer keys means more protection). As such the keccak256 hash algorithm has NOTHING to do with the randomisation of the seed phrase, it simply reduces the already, and correctly generated, seed phrase and addressIndex combo into a 32 byte private key.

Randomisation occurs, as it does on Bitcoin and Ethereum by using elliptic curve algorithm to generate the user private keys. As the user chooses a phrase which is then concatenated and combined with 32 bytes of keccak256 it is generated in a random manner, as shown in the code below -

“In essence, the means $COTI uses to generate wallet addresses in their code is nowhere near safe or standardized…”

All communication with the COTI network is encrypted using the private key of the user and signed using both the private key and the seed phrase, so all messages sent from the wallet are validated and no spoofing or manipulation is possible. In addition, all communication between all parties on the COTI network is secured with SSL.

It is important to note that our way of generating addresses is almost the same as both Bitcoin and Ethereum are using to generate addresses and it is a mean standard.

You can refer to the following to see how Ethereum address and key generation works — https://kobl.one/blog/create-full-ethereum-keypair-and-address/

Again, if the reviewer had bothered communicating with the dev team it would have saved them the embarrassment of calling Bitcoin and Ethereum non standard…

As you can see, addresses on the COTI network are generated using the same method as both Bitcoin and Ethererum. Ethereum standard is to use the secp256k1 curve. The same curve is used by Bitcoin. There are three main steps to get from private -> address in Ethereum/Bitcoin/COTI:

1. Create a random private key (64 (hex) characters / 256 bits / 32 bytes)
2. Derive the public key from this private key (128 (hex) characters / 512 bits / 64 bytes)
3. Derive the address from this public key. (40 (hex) characters / 160 bits / 20 bytes)

And the process for generating addresses from public key is also the same:

1. Start with the public key (128 characters / 64 bytes)
2. Take the Keccak-256 hash of the public key. You should now have a string that is 64 characters / 32 bytes. (note: SHA3–256 eventually became the standard, but Ethereum uses Keccak)
3. Take the last 40 characters / 20 bytes of this public key (Keccak-256). Or, in other words, drop the first 24 characters / 12 bytes. These 40 characters / 20 bytes are the address. When prefixed with 0x it becomes 42 characters long.

Is it real life? Or is it just fantasy?

Regarding the above statement, isn’t it the concept of a decentralized network to be public and open meaning all users transaction and chain info are stored transparently? Addresses and transaction data are all publicly queryable on the COTI network, without authentication, by design, in almost the exact same manner as they are on both Bitcoin and Ethereum.

In all public ledger networks anyone can view address balances, transactions and all history data related to it, but that obviously does not mean in any way that they have access to your wallet or can execute operations and transactions on one’s behalf as all operations are protected using the user seed and public/private keys. Again, this is the standard way for all cryptocurrencies projects which offer transparency of the network.

The wallet uses the users seed phrase to login to crypto-wallet.coti.io and locally generates the addresses contained within the wallet. It then asks for information from a decentralized network of full nodes to enquire about the users locally generated addresses and their status. This status includes…

Since requests to nodes on the network are created by combining the server side key (held by nodes, financial servers etc) and the users seed phrase and private key, it is IMPOSSIBLE to carry out a man in the middle attack. As was clarified above, the server side keys are used only to generate the user local key combined with private key (generated locally). Once the seed is generated and stored locally the server side key is not required anymore. In addition, for all validity of addresses balances there are further checks and balances from our DSP nodes (double spend protection nodes) that users CANNOT directly connect to.

The financial rules within this architecture are comparable to the Libra concept, in which the network is built in a sharding structure that consists of trusted nodes (higher trust score nodes) on the network. which allow full nodes operators to join the network and they are easily able verify and sync their data with the network.

The data that the financial node stores is similar to all the network operators and it is important to note that none of the nodes can generate or send transactions or change the transaction bundle as it requires users signature that anyone can verify but no-one other then the user wallet can generate. The financial node is also responsible for collecting network fees (not full node fees) and distributing them between the network

This is a totally safe and standard way of storing and sending information in the crypto world. The wallet itself is anonymous to the full node and no user information is kept on one entity which can reveal or risk the user information.

There are many nodes on the COTI network, Full nodes, DSP nodes, Trust Score nodes, History nodes and Financial nodes. By only looking at the role the Financial node plays in the overall network, this shows a distinct lack of understanding as how the COTI network works as a whole.

Like Bitcoin’s ledger, all the information and data (addresses, transactions, balances) are stored on COTI DAG and it is stored on all the network nodes. Full nodes obviously communicate information via a websocket to COTI wallet that listen to their addresses (using SSL). So to get any address information does not require any authentication as the ledger is public.

For all transaction based operations in the network, a signature of the wallet is required to sign all messages and only the wallet can sign it correctly using the wallets private key, which each network entity checks and validates. Also all communication is sent via SSL.

“We found out that they were hosting their site on Amazon and looked into the DNS records to figure out that more than likely they have their ‘financialserver’ that holds all of their users’ information on this very same server. Any attacker with a remedial amount of knowledge could probably attack the $COTI website and take it hostage.”

[b]Once again, no one entity holds or stores all information.[/b] Information is stored across all entities on the network, not only by financial nodes. The financial node is responsible for disputes, processing network fees and rolling reserves. There is no private information on the databases and no manipulation on the network can be done by gaining access to the financial server.

In addition, our Amazon hosting is secured by the highest Amazon secure management tools and our servers are distributed and clustered on their cloud.

Our website and other blockchain infrastructure DO NOT sit on the same server.

Regarding the vulnerabilities that would supposedly allow -
“any attacker with a remedial amount of knowledge could probably attack the $COTI website and take it hostage…From there, they could impersonate the site and take possession of the domain.”

These are the actual CVE’s being referred to -

As you can see, the worst an attacker could possibly do with these, at the very worst, is crash the website. These are not vulnerabilities that would allow an attacker to take over, control or impersonate the website or web server. To say so demonstrates a lack of understanding as to how such exploits work and is disingenuous at best.

Ironically, the author’s old website shares the SAME CVE’s as the ones found on COTI’s website. It also shares the same hosting as the author’s new website (both sit on the IP address of 216.24.57.1 with a reverse DNS result of 216–24–57–1.ip.win.net). Using the author’s logic, this would leave their new site open to exploitation based by being able to access and exploit the old website that resides on the same server…

As an aside, no data on the COTI network is stored as plaintext.

We took the time to both write and READ our whitepaper…

The analogy between COTI and Bitcoin is a false analogy as we’re certainly not trying to be Bitcoin. Instead of a traditional blockchain ledger, we are building a DAG based network that unlike Bitcoin, allows for almost instantaneous, low cost transactions to be sent across our network, designed specifically for the use of enterprise and exposes COTI to a much wider audience and application than just crypto. Many of the challenges and problems in other blockchain protocols such as: scalability and fraudulent behavior are directly related to the “trustless” behavior of the network.

The bespoke Trustchain protocol we have created allows for the creation of a network in which trust is built, not assumed. Positive actions on the network increase an entity’s trust and this benefits the entity by lowering their cost of transaction and increasing the speed of confirmation on the network. This trustscore is used across other aspects of the network too, in time it will allow for greater and cheaper access to other financial products, like low interest loans or working capital for merchants,

While trustlessness works in some regards for crypto payments, in the world of merchants and consumers, where payment is just a small part of the relationship, trustlessness brings up another set of challenges. What happens when a consumer pays a merchant and doesn’t receive their goods, or the goods they receive are damaged? On COTI, each merchant has a “rolling reserve” of COTI coins in their account, which is directly impacted by their trustscore, a higher trustscore = less rolling reserve. If a transaction is disputed on our Network, it is sent to a decentralised arbitration panel where the dispute is resolved and funds are either released or returned, based on the panel’s finding. This is not possible on a network like Bitcoin, where transactions are final and there is no avenue for disputed transactions for consumers and merchants alike.

In this sense, we assign a functional level of trust to all participants on our network that is designed specifically for our use case. It is because of innovations such as these, that COTI is able to walk the line between both crypto and traditional payment solutions and appeal to both worlds, something that is already being demonstrated in our merchant acquisition strategy and the merchant transaction volume now running across our network

We most certainly DO have consensus in our code, in fact this is a core aspect of both our network and protocol, something that is incredibly hard to achieve on a DAG based network and something we’re incredibly proud of.

As with most aspects of COTI that this “review” has touched upon, past our whitepaper, we have a multitude of published resources that highlight what Trustchain and trust scores are and how they work in combination with other aspects of our network to achieve consensus.

A great example of this and how the Trustchain works on COTI can be viewed in the following video —
https://youtu.be/4q6_O5TZrgM

COTI is registered in Gibraltar and headquartered in Israel.

What’s the news here? This is exactly what we’ve always said. We have sent numerous videos from our Tel-Aviv office and have invited people here to visit us, some of whom have accepted and can be seen in our Telegram group. We even extend an invitation to the “review” author to visit us. We are at Alon tower in Tel-Aviv…Drop by.

We are registered in Gibraltar because COTI group, in an effort to meet the strictest industry standards, chose Gibraltar as it’s place of incorporation given the local Distributed Ledger Technology regulatory framework introduced there in 2018. The address mentioned in the post is the registered office where the company books are held. Doing so serves our prudent corporate governance and responsible standing in front of the relevant stakeholders.
We are headquartered in Israel because of the access to R&D talent. Israel is well known as a startup nation and by making amazing technology based dreams come true.

And we ask again, what’s the issue? There is a huge office building in an address on Gibraltar and some companies completely unrelated to COTI, were put on a list sometime in the past. What does that have to do with COTI anyway? We are not even on this list and we invite you to search the website for COTI and bring us the results. We’re simply not there…

The author also forgot to mention that when you click the link that they posted you are actually forced to read and approve the below disclaimer stating the obvious truth about companies incorporating in a certain jurisdiction and having its headquarters in another jurisdiction (probably most of the tech companies you know).

Regarding Dan Gertler, COTI categorically has no connection to this individual or were aware of his existence before this “review”. The Line Trust Corporation also referenced in the “review” is not the “ownership” entity of COTI, and 5 minutes at the COTI’s ownership registrar would have shown that. “Line” is simply an entity used by the registering entity, Hassans, to establish the corporate paperwork in Gibraltar. We share this registering entity with thousands of other companies, all distinct and distinctly owned by different individuals, almost all of whom have no connection or relation to Dan Gertler.

Hassans is a tier 1 law firm and the Line Group manages over $10b in assets worldwide. We believe that our corporate structure and business conduct are to be among the most responsible in the crypto space.

Summary:
This “review” was amateur at best. The author obviously doesn’t have access to serious programming talent, like the ones we have in COTI, led by Dr. Nir Haloai — IBM’s former Head of Research and author of 14 patents, and has shown a distinct lack of understanding of how some basic web technology, and some slightly more complicated blockchain technology, works.
If they had — they wouldn’t have wasted everybody’s time with this “review”.

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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The Coti team has a spot of shame for not fulfilling its obligations to the Wings community on not paid tokens for forecasting!

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Coti - Currency Of The Internet

“When Binance?”…NOW!

We are both humbled and proud to announce that Binance will list COTI as of February 26th, 2020 at 2:00 PM UTC.
A Binance listing has long been one of our goals to enable as many people as possible, around the world, to buy and hold COTI, while also adding liquidity to our coin and network.

We have been in contact with Binance’s executives for quite some time and went through a very thorough due diligence process prior to this listing. Being a part of such a process and receiving such validation makes us very proud knowing that Binance sets such a high standard of professionalism.

To top all of this excitement, we are happy to say that our listing is FREE. Thank you, Binance!

We owe a lot of gratitude to our community. You have definitely put us on the radar of decision makers in Binance, all the way from the community vote (you rocked!) to the final decision to list COTI only a few weeks later. We are forever thankful.
2020 has already been a very fruitful year for COTI:

The launch of decentralized community nodes
A DeFi partnership with Celsius
Received the highest rating to date by Blockfyre and by Nik Patel
Launched the Multi-DAG
Introduced BEP2Pay
Revised our token metrics revision
Started processing Credit Cards

Listing on Binance is a huge milestone but you can expect more from us in 2020. This is going to be an amazing year for COTI!

STAY COTI!

How will the listing work?
The deposit campaign with a set bonus is live, and 24 hours later, trading will start.
Binance will list both our ERC20 and BEP2 tokens.
You can easily swap COTI native coins for ERC20/BEP2 tokens through the COTI bridge.
Please note: If you have COTI native coins, it is better to swap to your own ETH wallet first, and then deposit to Binance, rather than deposit to Binance from the swap bridge directly.

Read Binance announcement here: https://www.binance.com/en/support/articles/360039754952

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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Coti - Currency Of The Internet

We are happy to announce COTI is now integrated into Staking Rewards, a leading data provider for stakable assets in the crypto space. Listing on Staking Rewards allows for COTI’s staking program to be directly compared with other staking programs by providing real time, transparent and verifiable staking data to the wider crypto community.
With staking becoming an ever increasingly important part of the crypto ecosystem in 2020, and with token holders looking for additional ways to earn rewards on tokens, past network utility or speculative value, this is an ideal time for COTI to highlight the benefits of our staking program to a wider audience. This is especially the case as we move forward with our Staking 2.0 program, which will allow for increased staking volume on our network, along with introducing an exchange based staking program and several other features that enable easier and wider access to staking on COTI than ever before.

You can now find COTI’s Staking Rewards profile at — https://www.stakingrewards.com/asset/coti

You can also view our configurable staking calculator here — https://www.stakingrewards.com/asset/coti/calculate

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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Coti - Currency Of The Internet

Today we’re happy to announce that we’ve recently processed our first credit card transaction on the COTI network. This is the culmination of over a year’s behind the scenes work to build out the technical infrastructure, banking networks, licenses and expansion of our payment network to support this functionality, marking a seminal moment in COTI’s progression towards becoming a truly universal payment solution.
As a payment network, COTI already has several distinct competitive advantages compared to traditional payment networks: Instant settlement via digital rails vs slow settlement through traditional rails, no foreign exchange conversion costs vs high fees on both the merchant and the consumer, access to DeFi based lending and savings, inclusion of the unbanked and a fully white-labeled mode of operation.

By adding in support for credit card processing we’re now able to apply these advantages to a much wider range of merchants than we’ve previously been able to target. Our strategy for payments from the start has not been to replace an industry, as so many crypto projects try (and fail) to do, but instead to bridge the gap between the old and new, and credit card processing in the next big leap for COTI in doing so. Credit card processing also acts as a customer acquisition and growth hack strategy for other elements of the business. This allows us to quickly and easily onboard businesses with a product they are used to using, while being able to expose them and “upsell” them to the other many features of the COTI network.

There are several advantages for merchants to process credit cards on the COTI network as opposed to traditional networks like PayPal, Square or even bitpay. Firstly, COTI offers significantly lower fees for processed transactions on credit cards which obviously makes it cheaper for merchants, with the difference in fees being anywhere between 2–8% per transaction on other networks and 1–2% per transaction on COTI. For merchants processing significant volume, these savings can amount to hundreds of thousands a year.

Secondly, many merchants can’t access traditional payment networks as they are deemed to be “high risk” and those that can, carry the burden of significantly increased fees and charges due to their high risk status. “High risk” merchants are those who operate in industries with high instances of chargebacks (over 1% of all transactions in high risk industries result in a chargeback), with a few examples of these being, anything related to cryptocurrency, subscription or recurring payments, software as a service, drugs or pharmaceuticals, electronics, furniture, financial services, gaming or gambling and travel and ticketing agencies, to name a few. A chargeback is a reversal of an already credited payment, usually a disputed or fraudulent transaction. This is not only an issue for the payment processor, but for the issuer bank, the acquirer bank, the credit card network and also for the merchant, as too many chargebacks lead to higher fees or to exclusion from the network. Even worse, a merchant can be categorized as high risk, even if they aren’t, just because they belong to a certain industry or because their consumers come from a certain country.

For high risk merchants who have the ability to access traditional payment networks, fees on these networks can be anywhere from the range of 5% to 15%, not accounting for any chargeback fees (that can be up to $250 per chargeback). This is a significant cost to merchants operating in these industries and one COTI can greatly, if not totally, reduce.

This places COTI in a unique position in which we can capitalise on merchants in all industries and offer significant cost savings, without increasing overhead or processes. High risk merchants who operate in lucrative industries and process massive volumes of transactions at an extremely high cost can move to COTI and be treated like a “normal” merchant, as on COTI we assess merchants by their individual Trustscore and not by the industry they are part of.

Money saved as a result of using the COTI network is all money that merchants can use to buy more products or stock, hire more employees, to advertise and grow their business…or simply add to their take home profit. This makes our pitch to businesses a simple and compelling one. Some might even describe it as a “no brainer”.

Of course, the additional benefit of adding credit card processing to the COTI network and the additional transactions that come with it is that our network actually gets faster! As COTI is based on DAG architecture (the Trustchain is a bespoke DAG) and not limited to a fixed amount of TPS per second, and with transaction confirmation time being based off the numbers of previously confirmed transactions on the DAG, this means more transactions equal faster confirmations, greatly increasing the TPS on the network as a whole.

As we have been building out and bootstrapping the network, along with completing the rollout of our merchant payment tools, we have already been processing over $5m USD per month in transactions for merchants. With credit cards now added into the mix and we the increased reach and ease of implementation we have over merchants in, but of course, not limited to, the industries mentioned above, who cannot access a low cost credit card processing payment network like COTI, we expect this volume to now significantly grow, with a projection of $15m USD, per month, in processed transactions over the next quarter, with this only set to grow in the very near future as we aggressively onboard new merchants for credit card processing.

As we recently announced, the added revenue from credit card processing will be used by merchants to grow demand for COTI’s native coin, as like any transaction on the COTI network, COTI coin is used as the fee mechanism. COTI will also purchase coins required for merchant fees from the open market on a periodic basis.

Stay tuned over the next few days as we’ll be releasing an update to our TrustchainExplorer that will enable increased transparency over transactions that pass through our network, including credit card transactions.

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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Coti - Currency Of The Internet

Introduction
A good token metrics model takes into account predicted demand for a token, based on utility and usage, and matches it with the right supply to preserve and grow network value.
Our token metrics were first designed back in 2017 and then later updated in June 2019 to comply with IEO prerequisites on KuCoin Spotlight.
The COTI network has since grown and matured and coupled with increased demand and community feedback, we believe now is the ideal time to update our token metrics model.

COTI’s Network has Grown
We have seen growth on all three factors that drive COTI’s utility and organic demand:

Growth in the volume of transactions on COTI’s network, driven by more processing volume by merchants and consumers. Since the launch of our mainnet in June 2019, more merchants have discovered the advantages that COTI adds to their payment processing via the introduction of low fee credit card processing and with partnerships like Cardano — ADA Pay, Fantom — Fantom Pay…and many more.
Growth in the volume of staking, driven by the increased demand to run Nodes. The recent introduction of COTI’s decentralized nodes, staking model and staking as a service were accepted with overwhelming support and demand to run a node and stake. This demand is coupled with the growth in processing volume, making it very lucrative to run a node and allows more operators and delegated stakers to participate.
Issuance of new tokens on COTI’s MultiDAG is now possible and any new token issued on COTI’s Trustchain creates more demand to COTI’s native coin, in the same way each new ERC20 token brings more demand to ETH.

COTI Token Metrics Update

Firstly, we would like to thank our community and stakeholders for their patience while awaiting these changes to our token metrics. Making changes of this magnitude to our token metrics has been no small undertaking and we understand the responsibility we have to our current coins holders, our future coin holders, our listing partners and our company in making sure these changes are fair and balanced for all parties.
With that in mind, we are happy to announce the following changes to our token metrics:

1. We have created a new distribution plan for our seed, private and advisor coin allocations that are currently part of a monthly release cycle. One of the overwhelming pieces of feedback we received from our community was the impact monthly releases have upon our coin and our community as a whole. Unfortunately, this monthly schedule was a legacy cost of having done an IEO and one that we feel we have carried for long enough.

These monthly releases will now be moved to a semi-annual release schedule, with distribution taking place twice a year, in February and August, instead of every month. We have also prolonged the lockups for seed, private and advisor allocations by another 6–18 months for seed and private and in 30–42 months for advisers, however, in the interest of fairness, we have also granted some additional liquidity to these allocations in the short term, on a distribution this Sunday. It was important to us to not be one of “those” ICO projects who enforced longer lockups on our original supporters for the direct benefit of the COTI, forgetting it was these original supporters that made COTI viable in the first place…and we trust the community will understand and respect this fact.
However, past that release, we move to a semi-annual release schedule which is significantly reduced as demonstrated in the tables below.

Note — The semi-annual release schedule will fully sync in August 2020. There may be an insignificant amount of tokens released, between March to August, in order to not extend locks on our smaller private sale contributors and to support some marketing events. Again, this was another pragmatic decision that was necessary from our end that took the best interest of our coins holders to heart. In the interest of transparency, this amount of tokens released in this entire period (March, April, May, June, July) is anywhere from a minimum of 1m tokens to a maximum of 10m tokens, with the variable being based off the need for tokens to facilitate listings, and associated marketing events.

2. There has been some debate about coins held directly by COTI as part of the ecosystem allocation, with the major cause for concern was uncertainty about their release schedule.
The ecosystem allocation’s purpose is to incentivize partners, developers, merchants, and consumers to support COTI’s and encourage adoption. We understand that coin holders would like to have more clarity on release schedules and so we have taken the step of locking 400m of these coins for 12 years, with a 3-year cliff before any of these coins can be accessed and with a much slowed release schedule at this 3-year mark. These coins will be converted to ERC20 COTI tokens and locked behind a trustless smart contract, effectively lowering the total supply and ensuring these coins cannot be accessed outside of the set schedule.

Of the 400m coins, 100m coins will come from the team’s allocation and 300m coins will come from the ecosystem allocation (of which 200m are unsold or unallocated advisers coins). This matches our recent commitment to lock up team coins for an additional 4 years, further demonstrating our commitment to our coin while not destroying long term value.
This also counters the next distribution by more than 4:1 ratio, so for every 1 coin released, 4 coins will be locked for up to 12 years. It’s important to note that 400m coins represent 20% of the COTI coin supply, a significant portion of the overall supply and the maximum amount of coins we felt comfortable with locking for an extended period with running the risk of crippling the overall ecosystem.

3. We are excited to announce a regular Coin Purchase (buy back) program in which COTI will periodically buy coins from the market. On the COTI network, all transactions are carried out using the COTI coin to pay fees for services rendered to merchants. This means merchants must maintain a supply of COTI to be able to participate and transact on the network. While many of our merchants understand the benefits of using a blockchain based system like COTI, they don’t necessarily want to have to interact with and manage a coin themselves. As such, COTI will purchase these coins for them on their behalf, using their revenue. In this sense, revenue on the network is directly attributable to increased use and demand of the COTI token, and the need for COTI to purchase these tokens from the open market.

An important point to note here is that ALL COTI coins required by merchants will come from the open market. The ecosystem fund will not be used to sell coins directly from COTI to merchants on the network. Instead ecosystem coins will be used as communicated in our Token Economy whitepaper, as a way to incentivise and grow the network as part of our incentivisation plan to onboard more merchants, consumers and partners onto the network. These will NOT be used as a revenue source for COTI and with the creation of this coin purchase plan, there is now a fixed system in place in which more merchants and more revenue will equal more COTI coins being bought back from the open market.
As such a program leaves itself open for exploitation by token speculators, we will NOT announce coin purchases ahead of time.

A Summary Table of Changes

The release sheet with all the details:
https://docs.google.com/spreadsheets/d/1XpR4OL2PZZPo_GfEyNdlstJ6P8atp1gk2Q1p5H9DdlE/edit?usp=sharing

Summary

The COTI network is rapidly growing and so is the utility and demand for COTI’s native coin. These revised token metrics aim to match such growth and are designed to benefit the ecosystem.
Our new token metrics lowers the monthly sell pressure while adding more confidence on team’s commitment, major holders long term commitment and overall distribution schedule.
Merchant’s usage of COTI allows us a unique opportunity to turn their revenue to demand for COTI’s coin to further benefit all holders. We remain committed to our community and ecosystem, and remain focused on shipping technology and products.

Stay COTI!
Oh, and one last thing…
We have a Korean listing coming in due time (approximately 10 days) with a KRW pair!

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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Topic: 📌[ANN] COTI - CURRENCY OF THE INTERNET. Digital currency built for payments ✔ - page 8. (Read 26331 times)