Review on COTI by Japheth Ayuba
Coti solves a lot of payment issues faced by our Traditional banking system
In a world where traditional banking systems are loosing out in the speed of making transactions and increased costs in making payments, and many other crypto companies that were meant to solve this issues but has failed in one area or the other, Coti makes a difference by leveraging Blockchain capabilities to ease means and cost of making payments anywhere in the world.. Coti as a FinTech company focused on tackling issues in the payments sector possesses the power of processing payments at a set speed of 100,000 transactions per second. This huge milestone can be seen to make payments completed in a matter of seconds and helping to bank the unbanked population of the
To get into more details about Coti, with it's impressive speed of making transactions, Coti implements the use of DAG protocol (Directed Acylic Graph) which is seen to be scalable, fast and makes the cost of making transactions low. The security risks associated with this technology of DAG implemented by Coti has been looked into by using a distributed ledger technology which eliminates a single point of failure in it's system. To validate transactions on its Blockchain, Coti implements the use of Proof of Stake algorithm. The best part of this staking program is that it is very profitable with APR reaching up to 3
The entire use of the payment system setup by Coti is found in Coti-Pay. Coti-Pay addresses problems faced by traditional financial institutions such as fees, time it takes to make transactions (especially transborder payments) privacy from third parties etc. One feature of Coti-Pay that I came to appreciate was that payments can be made both online and offline. Coti-Pay also offers prepaid virtual debit cards that comes with cashback rewards. Coti-Pay works in a two way system thereby assisting both the merchant and the customers
To make Coti coin available to almost every wallet, Coti is supported as a multichain asset on its very own Blockchain and on the Ethereum and Binance Chains. One could even easily switch between the chains on its website and send directly to the corresponding wallet. There are also plans for the launch of Coti-X which will be an exchange for the coins created on its system. Coti is a great project and I see greatness in it. It's just a matter of time before the whole world tend to implement it's technology into it's payments
Pros
- The speed of processing payments on the Coti Blockchain is set at 100,000 transactions per second which makes it very fast for one to make and receive payments quickly
- Coti uses a distributed ledger technology which eliminates a single point of failure in it's system
- As it uses PoS to validate transactions on its Blockchain, it's staking program stands out to be a profitable one.
- Coti supports a Cross-chain bridge from it's native Coti Blockchain to the Ethereum and Binance Chains
Cons
- There is nothing negative to say about this project
