The team behind this ambitious project is creating a payment transaction network that will be used by their native currency, COTI. COTI is an abbreviation for Currency of The Internet.
The project is trying to combine what they perceive as best from traditional payment solutions with the best features of digital payments can offer.
The easiest way to explain COTI in one phrase would be by stating that it’s a digital cryptocurrency meant for digital payments that have a built-in lock-in period that does two things:
- Provides you with a bonus amount of tokens.
- Locks in your cryptocurrency for a period of time. For the holder, this is a paradise.
During the ICO, the COTI token is going to be distributed as an ERC-20 token on the Ethereum Network. The token will migrate to their own blockchain when their main net has launched.
The project recently finished their pre-sale stage which lasted for 27 hours, where they sold tokens for over 3 million USD.
Token Symbol: COTI
MAIN-ICO: 2018-06-15 – 2018-07-18
Price Per Token: 0.1$
Hard Cap: 30 000 000 USD
Bitcoin is the king of cryptocurrency, but for how long?
Cryptocurrency has been a revolution for digital money, making our daily lives easier with smooth and rapid transactions with the help of blockchain technology.
Bitcoin, the leading cryptocurrency has been facing problems, the transaction volume has multiplied by over 100 times. In 2009, the network was facing about 100 transactions per day in 2009, and it grew to over 400,000 in 2018. The growth came with its challenges. Bitcoin is not developed to handle this transaction volume, and when the transaction volume increases, fees increase to ridiculous levels (at one point over 50$ in December 2017), and the network becomes congested and slow.
Some people believe that the solution is by letting sidechains process the transactions (segwit), but other believes that this will destroy bitcoin’s legitimacy by making it more decentralized.
The Coti token is designed to prevent this problem.
Coti represents the upgraded generation of digital currencies. The project team is developing the COTI token together with their payment platform.
The team has learned from the past mistakes of other cryptocurrencies, and are making their product:
Easy to use
Usability is one of the most critical aspects for universal adoption. The average individual is never going to use cryptocurrencies in their daily life if it is as hard to store and spend as it is today. Getting a hold of, and using cryptocurrency is hard, and this is the main reason why cryptocurrency mainly consists of tech-savvy individuals.
Coti is developing a payment network that is going to improve the experience of buying (or selling) something online with cryptocurrency. By learning from other cryptocurrencies like Bitcoin, they have learned what pitfalls to avoid, and prioritize creating a comfortable experience for the end-user.
Instant and scaleable
All payment are sent instantly, no matter how digested the network is.
COTI’s CEO, Shahaf Bar Geffen is claiming that COTI is the token that is delivering the quickest, most scaleable transaction network to date.
COTI vs. IOTA Comparison
For COTI to be able to reach their goal of becoming the ultimate cryptocurrency of the internet, they need to have the best technology and blockchain supporting their token.
IOTA is one of the most efficient blockchains to date, so it’s a good candidate to compare the tech of COTI to.
The following picture shows a basic comparison of COTI vs. IOTA technology:
Social Media Stats
Twitter: 18,600 Followers
Facebook: 24,000 Followers
Telegram: 41,000 Members
Want to learn more about the technology and the team behind the project?
- Team - Broad team consisting of 21 members with a diverse range of skills.
- Product - Technology is innovative and good on paper. Solid concept.
- Community - Large community
- Vision - Good vision but much competition in the field.