COTI - payment system of new generation. Overview of the ICO project.

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Industry of global transactions has long become global, payments can be listed within minutes, however, the money still too many intermediaries. Bank processing centers, clearing, many organizations in the role of supporting structures, application gateways and the capacity of the servers can at any stage to fail and the payment will "hang". ICO project COTI (https://coti.io) set an ambitious goal of becoming a decentralized mechanism de facto payments for sellers who offer payments in cryptocurrency. Moreover, the COTI gives a possibility to pay in their own tokens, but also in other digital coins.

Payment system COTI was originally developed as a combination of all the strengths of the existing payment systems with the possibilities of the cryptocurrencies and decentralized platforms.

Why the need for COTI

The project plans to become a reliable technical Foundation of the cryptocurrency and Fiat payments easier, more economical and more reliable method of conducting transactions between buyers and sellers worldwide. COTI makes any payments free of many intermediaries, allowing commodity-money exchange to develop in the same way as the Internet provides free flow of information.

COTI is committed to ensuring that its payment network has been universal in relation to any currency, whether Fiat or digital. With this purpose, a payment network develops currency exchange, which provides participants with continuous access to liquid markets in a number of digital currency pairs.

This approach encourages cross-currency payments. Providing the participants of payment or exchange mechanism, the payment or receipt of funds, regardless of what currency they have and regardless of the preferences of their counterparties on the currency which they want to receive. The project provides end users with a direct mechanism to transfer their funds from one currency to another.

Network core COTI

Project functionality includes:

the digital currency exchange, which gives members of COTI barrier-free conversion between currencies – Fiat and digital by aggregating liquidity from internal and external revenues. The exchange is an automated market maker that supports fair and orderly courses in a range of currencies;

the counting mechanism of trust and the formation of reputation, which automatically assesses the interaction between buyers and sellers within a certain period of time, as a result, each participant is assigned a COTI "a unique account" of trust. The confidence indicators represent a numeric value, trust scores, which evaluate the contribution of each participant. Their number is dynamically updated immediately after receiving the system information. The mechanism of calculation of trust scores provides the opportunity for potential contractors to assess the reputation of each other, thereby increasing the interest of the parties to the transactions. Trust points are a key assessment of the value of the transaction: high scores give low fares, while low scores increase the size of the Commission COTI.

mediation, which governs disputes between the interacting parties and maintains the integrity of the network. This functionality is the first of its kind, the system uses high-tech methods of construction, theory of games and crowdsourcing network of independent mediators to resolve disputes fairly and efficiently, without the information request, which can increase transaction costs.

The currency of the project COTI

A private token of the project, abbreviated as XCT, is a digital currency that provides a means of collecting transaction fees, as a means of payment intermediaries and as a currency of exchange between buyers and sellers. XCT was designed to overcome the scalability problems associated with current digital currencies, and will exceed in the total payments scenarios, supporting instant option.

After initial widespread use as payment of commissions and mediation, XCT will have a reliable basis for a wider use as a medium of exchange.

Token XCT and processing of exchange transactions with digital currencies is based on the maximum legal clarity. The team expects that the clear rules and the limits set for payments in the digital currency will serve as a catalyst for a more widespread adoption of cryptogenes in everyday life. For this reason, the COTI team led dialogues with regulators around the world to be able to create appropriate rules and protocols for its payment system.

At the same time, COTI adopts the requirements of the banking industry and their standards to ensure the activities of the platform to the functionality and capabilities of the project was not used as a channel for money laundering or other illegal activities.

The growth rate of the XCT will be inextricably linked with the growth of the network COTI.

Applications and services COTI

The project team is developing a set of applications and services that provide ordinary people, businessmen and crowdsourcing intermediaries in dispute resolution, operational communication with a network of COTI. For consumers provides wallet COTI and issue a virtual debit card that provides secure storage, transfer and exchange of digital and Fiat money. For businessmen, the platform COTI will contribute to making payments in different cryptogenic and national currencies for substantially lower fees for processing transactions.

And for mediators, which in terms of crowdsourcing involved in the solution of disputable situations on the COTI, the application will allow you to obtain compensation for the successful resolution of disputes over transactions.

COTI sets the licensing rules that will allow the project to bring their activity in compliance with existing rules of international financial transfers, as in the functioning of the payment network, and in the order of the currency exchange.

More information about the project you can get on official website https://coti.io