The industry of global transactions has long become global, payments can be transferred in minutes, but there are still too many intermediaries on the way of money. Banking processing centers, clearing, a lot of organizations in the role of auxiliary structures, software gateways and server capacity can fail at any stage and the payment will "hang." ICTI project COTI (https://coti.io) has set itself an ambitious task to become a de-facto mechanism of de facto payments for sellers who offer calculations in crypto-currencies. And COTI makes it possible to calculate both in the project's own tokens, and in other digital coins.
The COTI payment system was originally developed as a combination of all the strengths of existing payment systems with the capabilities of crypto-currencies and decentralized platforms.
Why use COTI
The project plans to become a reliable technical basis for crypto-currency and fiat payments with an easier, more economical and more reliable way of conducting transactions between buyers and sellers around the world. COTI makes any payments free of many intermediaries, allowing commodity exchange to evolve in the same way as the Internet provides a free flow of information.
COTI seeks to ensure that its payment network is universal in relation to any currency, be it phiatic or digital. To this end, the payment network develops currency exchange, which provides participants with continuous access to liquid markets in a number of digital and currency pairs.
This approach serves as a stimulus for inter-exchange payments. Providing participants with a payment or an exchange of a simple mechanism for payment or receipt of funds, regardless of what currencies they have and regardless of the preferences of their counterparties for the currency that they want to receive. The project provides the end-users with a direct mechanism for transferring their funds from one currency to another.
COTI Network Core
The functional of the project includes:
exchange of digital currency, which provides COTI participants with the possibility of unobstructed currency-to-currency conversions - the digital and digital ways of aggregating liquidity from domestic and external receipts. Exchange is carried out by an automated market-maker, which supports fair and orderly rates in the range of currencies used;
a mechanism for calculating trust and forming a reputation that automatically evaluates the interaction between buyers and sellers within a certain period of time, as a result, each COTI participant is assigned a "unique trust account." Trust indicators are a numerical value, trust points that assess the contribution of each participant. Their number is updated dynamically as soon as the system receives information. The mechanism for calculating trust points enables potential counterparties to assess each other's reputation, thereby increasing the parties' interest in transactions. Trust points are the key evaluation of the transaction value: high scores give low rates, while low scores increase COTI commission.
The mediation system that regulates disputes between the interacting parties and maintains the integrity of the network. Such a functional is the first of its kind, the system uses knowledge-intensive methods of data construction, game theory and an independent network of crowdsourcing intermediaries to resolve disputes fairly and efficiently - without requesting information that can increase transaction costs.
Project currency COTI
The project's own token, abbreviated XCT, is a digital currency that serves as a means of collecting commissions for transactions, as a means of compensating intermediaries and as an exchange currency between buyers and sellers. XCT was designed to overcome the scalability problems associated with existing digital currencies, and surpass in general payment scenarios, supporting an instant option.
After the initial release for widespread use as payment for commissions and mediation, the XCT will receive a reliable basis for wider use as a means of exchange.
Token XCT and processing of exchange operations with digital currencies is based on maximum legal clarity. The development team expects that the clear rules and framework set for payments in digital currencies will serve as a catalyst for the wider introduction of crypto-denominators into everyday life. For this reason, the COTI team conducted dialogues with regulators around the world in order to be able to form the appropriate rules and protocols of its payment system.
At the same time, COTI adopts the established requirements of the banking industry and their standards to ensure the order of the platform's activities, so that the functionality and capabilities of the project are not used as a channel for money laundering or other illegal activities.
The growth of the XCT will be inextricably linked to the growth of the COTI network.
COTI Applications and Services
The project team develops a set of applications and services that will provide ordinary people, businessmen and crowdsourcing intermediaries in resolving disputes with operational communication with the COTI network. For consumers, a COTI purse is provided and virtual debit cards are issued, which will ensure safe storage, transfer and exchange of digital and fiat money. For businessmen, the COTI platform will facilitate acceptance of payments in various crypto currency and national currencies for substantially lower transaction processing fees.
And for the mediators who, on the conditions of crowdsourcing, participate in solving disputable situations at COTI, the applications will allow getting compensation for the successful resolution of disputes over the transactions.
COTI establishes licensing rules that will allow the project to align its activities with existing rules of international financial transfers, both in the functioning of the payment network, and in the order of currency exchange.
Website: https://coti.io
Whitepaper: https://coti.io/en/files/COTI-technical-whitepaper.pdf