What is Coti (COTI)?

COTI (COTI/USDT – Trade it here) is the first enterprise-grade fintech platform that empowers organizations to build their own payment solution and digitize any currency to save time and money. COTI is a Layer 1 blockchain ecosystem designed for payments. Unlike traditional blockchains, COTI does not rely on Proof of Work (PoW) or Proof of Stake (PoS) to verify transactions. It employs a unique consensus algorithm called Proof of Trust (PoT), which combines a Directed Acyclic Graph (DAG) data structure with Proof of Work (PoW). PoT can reduce transaction costs and increase throughput to 100,000 TPS. Basic information for their token is available on the MEXC Digital asset introduction page.

What is Coti (COTI)?
What is Coti (COTI)?

How Does it Work

COTI hopes to fully participate in the new digital economy and create a new generation of financial and digital products. Although built at the bottom, COTI can be seen from Layer 1 to applications, and it will develop into a comprehensive ecosystem. The COTI network runs on Trustchain, a Layer 1 blockchain protocol that uses a Directed Acyclic Graph (DAG) data structure.

Directed acyclic graph (DAG) is the most suitable infrastructure for payments due to its scalability and low transaction costs. COTI’s innovative DAG data ledger and algorithm based on machine learning addresses current blockchain shortcomings, processing over 100,000 TPS while providing price stability mechanisms and buyer-seller protections.

How does COTI Token work?

Its native coin, COTI, is a cryptocurrency that operates on three different main networks. Users can use COTI to pay transaction fees or pledge to the Treasury to generate rewards. You can also use COTI and other cryptocurrencies to pay for goods and services via the COTI Visa debit card. COTI MultiDAG 2.0 allows developers, merchants, and enterprises to issue tokens that carry Trustchain functionality, such as scalability, high throughput, low cost, and easy-to-use payment tools such as COTI Pay Business.

The blockchain relies on the Helium consensus protocol, based on HoneyBadgerBFT, which allows groups of nodes to reach a consensus on untrusted connections. The Helium Consensus Protocol will elect a consensus group of 16 members quarterly. All active access points are eligible to be elected to the consensus group. The selection is random, but it will apply filters to ensure members are geographically distinct. In each election:

The top 12 mining performers remain in the consensus group unless they have reached the limit of four consecutive epochs. After reaching this limit, they can no longer join the election. However, they can join the re-election in the next term.

Unfortunately, they will replace the four worst-performing members.

If a member is eliminated before completing four consecutive seasons, he can only be re-elected after the other 15 members are completely eliminated.

After one season, members of the consensus group receive 6% of the total mining rewards, evenly distributed among 16 members.

Who are the founders?

The COTI team includes engineers, mathematicians, economists, researchers, and veterans, who are from the fintech and banking industries. Shahaf Bar-Geffen is the co-founder and former CEO of WEB3, a leading multinational digital marketing firm. Shahaf holds a BSc degree in biotech and economics from Tel Aviv University. CTO, Nir Haloani, is an innovator in the areas of data compression, AI, and machine learning and has earned the prestigious Master Inventor title for authoring over 14 patents in these fields. Co-founder, David Assaraf, previously served as the chief internal auditor at HSBC Israel and as an examiner in the credit risk unit of the Central Bank of Israel’s banking supervision department. CFO Yair Lavi was the former CEO and finance director at Plus500UK. He has also held prior roles in financial planning and valuation. He is an accountant, graduated in accounting and economics, and holds an MBA from Tel Aviv University.

Tokenomics of Coti

The release date of COTI coins is 2019-06-04, the issuance price is $0.065, and the total amount of COTI coins is 2 billion. COTI tokens are utility tokens in the COTI network, mainly used for intra-system payment, including all fees in the COTI system and collateral tokens:

  1. Arbitrator: Arbitration requires COTI tokens to be mortgaged.
  2. Node operators: All types of node operators in the system (there are four types of nodes in the COTI network: full nodes, credit score nodes, DSP nodes, and historical nodes) will be rewarded with COTI tokens, and the verification node behavior needs to mortgage COTI Token.
  3. Fees: All fees incurred when using the COTI payment network are paid in COTI tokens.
  4. Allocation
    1. Ecology/Reserve: 45%
    2. Token Sale: 30% (The private sale portion accounts for 50%, with a lock-up period of 6-24 months.)
    3. Team: 15% (Locked for six months, then released proportionally every quarter.)
    4. Consultants and service providers: 10% (6-24 months lock-up period.)

Recent Price & Performance of COTI

Currently, their market price is $0.07189 per unit. They have a market cap of $79,610,640 and a fully diluted market cap of $143,773,554. It also has a 24-hour trading volume of $3,935,761. You can check the live price of their token right here!

How to buy COTI

You can buy COTI on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “COTI” using the search bar to see the available trading pairs. Take COTI/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of COTI you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy COTI] to confirm your order. You will find the purchased COTI in your Spot Wallet.

You can find a detailed guide on how to buy COTI token here.

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