AMA Recap: CRYPTO MINERS X COTI
COTI 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 one of the world’s first blockchain protocols that is optimized for decentralized payments and designed for use by merchants, governments, payment DApps and stablecoin issuers. COTI Pay is the first application. It describes itself as a fully encompassing finance on the blockchain. The COTI Group launched in March of 2017, while the Staking Platform Launched on Jan. 1, 2020. It is an ecosystem that is designed specifically to meet all of the challenges associated with traditional finance, including latency, fees, global inclusion and risks. This is done through the introduction of the DAG-based protocol as well as infrastructure that is completely scalable, private, inclusive and fast. The ecosystem has DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution and a payment gateway. This platform enables companies to effortlessly create advanced fintech products and save time, data and money. COTI pay can process every kind of payment type, both in terms of online payments as well as offline ones. This includes crypto and stablecoins, as well as credit cards and even native coins. It has built-in financing to boot, with interest earned on deposits and loans. This also connects with the white label payment network.
We hosted an AMA session with COTI on 1st August.
Mr. Ramsy was the host from Crypto Miners and Mr. Naor and Mr. Yair was the guests. They throw light on unique features of COTI and shared delightful knowledge.
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Segment 1️⃣: Introduction
Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners #Special AMA session With COTI
Thank you all for joining us today❣️
To help us learn more about COTI, We are lucky to be joined By Mr. Naor and Mr. Yair
Naor S:
Hi guys :) Pleasure to be here
Yair:
Hi guys! Nice to meet 👋
Ramsy | Crypto Miners:
Hey guys 👋
Welcome here ❤️
Thanks for bringing Us COTI:)
Yair:
Thanks for having us! 🙂
Ramsy | Crypto Miners:
How are you doing today guys?
Naor S:
Doing great! Happy to be here and share more about COTI with your community
how about you?
Ramsy | Crypto Miners:
Iam doing great 🤝
I’m pretty sure that our Community is very much excited to learn more about COTI ✌️
So let’s get started if you guys are ready!!
Naor S:
Whenever you are ready
Ramsy | Crypto Miners:
So Let’s start 🚀🚀
First of all Can you please introduce yourselves and what is your role in COTI?
Naor S:
Hi guys! I am Naor, Business Development Manager at COTI. I have years of experience in sales and relations management, as well as a profound enthusiasm for project management and a passion for new technologies. I started my way in the crypto world about three years ago and joined COTI a year ago, to lead COTI’s new partnerships and manage the relations between COTI and non-crypto businesses.
Yair:
I’m Yair Testa, Head of Business Development here at COTI.
I have been in the crypto space since 2017, and working with COTI for over a year now.
Passionate about layer-1s and payments 🙂
Ramsy | Crypto Miners:
Thanks guys for the self introduction 👍
Now let’s move to our second question from this segment
2) Can you give a brief Introduction about ‘COTI’?
Naor S:
COTI in a nutshell is a DAG-based layer 1, specifically designed for enterprises.
COTI meets the challenges of both centralized finance (fees, latency, global inclusion and risk) and Decentralized Finance (fees, clogging and complexity) by introducing a new type of DAG-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.
COTI is structured and designed to meet the enterprise’s needs and standards. COTI has a unique technology, we are regulation ready, and we developed an enterprise-grade product to offer a complete A to Z Whitelabel commercial solution for Enterprises. You can read more about it here:
Ramsy | Crypto Miners:
It will be Great incentives for users 👌
Thanks Naor for this Well introduction about COTI 👍
Naor S:
My pleasure :)
Ramsy | Crypto Miners:
3) How can COTI’s users benefit from the COTI ecosystem?
Naor S:
Users can deposit COTI to the Treasury, and be rewarded for their participation.
The pool grows over time as the entire ecosystem pays fees, directly or indirectly, to the Treasury.
When a user deposits COTI into the Treasury, they are entitled to a share of the Treasury that grows over time as the pool collects more and more fees from the COTI ecosystem.
Deposits earn an APY in the form of Treasury rewards based on the deposit multiplier and the lock period.
Visit here for more information: https://treasury.coti.io/
Ramsy | Crypto Miners:
Moving on…
4) What are your main features and Products that discern you from other Competitors?
Naor S:
That is a great question!
As we mentioned before, COTI is the enterprise Layer 1.
This means that there are three main things that differentiate COTI from other layer 1’s when it comes to enterprises:
1. The COTI protocol is based on a DAG (Directed Acyclic Graph), which allows scalability and instant settlement while remaining secure. It has a multi-address privacy module, and it employs a one-of-a-kind consensus algorithm known as Proof-of-Trust (PoT) that aims to encourage good network behavior, resulting in lower fees and better service quality. COTI is also eco-friendly, since its transactions do not require mining. The COTI MultiDAG is the first-ever DAG structure that allows token issuance on top of DAG technology.
2. COTI is regulation-ready, which is a base requirement for enterprises when entering web3. COTI has performed KYC/AML checks to all holders of COTI’s Native coin in the COTI VIPER, since inception and works in a prudent manner, making it ready for the challenges of tomorrow.
3. COTI is an all-in-one company — protocol and commercial development are both in-house.
COTI offers a turn-key solution to enterprises which can be white labeled with products such as: custom branded tokens, wallets, website integration, fiat on and off ramps, processing gateways, Debit cards and bank accounts.
COTI developed other products too. like CVI, the Defi arm of COTI. It is a Crypto Volatility Index, which is a decentralized VIX for crypto that allows users to hedge themselves against market volatility and impermanent loss.
We are also powering Djed, the first Cardano native crypto-backed algorithmic stablecoin that is currently on Testnet, and we developed ADA pay, which is a successful payment solution for Cardano that allows accepting $ADA as a payment method.
Ramsy | Crypto Miners:
5) Now Share us about your Native token, What are the some of utilities of $COTI Token in Your Ecosystem? And if possible share to us the Tokenomics
Naor S:
$COTI has 2 main utilities: (1) native coin of COTI ecosystem, (2) tax fees on Trustchain.
We’re in communications with 3 design partners to build their own branded loyalty/payment system on the Trustchain.
COTI is used for paying transaction fees and can be staked to earn rewards in the Treasury, as we mentioned in the previous question.
Regarding the tokenomics:
COTI’s Total supply is 2B coins.
The current circulating supply is 1.05B coins and all the tokens will be fully distributed by 2032.
The token allocation is:
30% token sale
45% Incentives/ Liquidity / Reserve
15% Team
10% Advisors
There are currently 440M COTI in the treasury which are 42% of the circulating supply!
Ramsy | Crypto Miners:
Thanks for the clear information about the $COTI Token 👍
Let’s hear our last question from this segment
6) How long has it taken to develop this project? What is COTI’s roadmap for the future? Are there any exciting developments for the project underway?
Naor S:
COTI was founded back in 2017 and launched its protocol and coin during 2019.
Since then we also launched COTI’s treasury, and other products such as CVI, ADA Pay, DJED (soon on mainnet), and more. We have a dedicated community of more than 300K members that are active on Twitter, Telegram and Discord, and we appreciate each and every one of them. 🥰
The biggest next milestone for us is launching COTI’s MultiDAG 2.0 Testnet tomorrow!
This is huge for COTI as it is transitioning COTI from a single currency infrastructure to a multi token layer.
We are also introducing a new token standard (CMD- COTI MultiDAG) which is similar to the ERC20 token on Ethereum, but on a single DAG.
Then we will launch MultiDAG 2.0 mainnet as well as Djed’s mainnet.
There are many exciting things that I didn’t mention, so I suggest you follow our channel to stay up to date.
You can follow us on twitter COTInetwork and join our telegram t.me/COTIChannel for all announcements, or on medium to read our recent articles.
Ramsy | Crypto Miners:
Thanks Naor for this well detailed introduction about COTI:)
And that’s the wrap up of our the first part of the AMA session ✅
Naor S:
💪🏼
Ramsy | Crypto Miners:
Let’s now proceed to our Twitter Questions section
i hope you guys are ready for that!!
Naor S:
sure :)
Ramsy | Crypto Miners:
So let’s proceed
Segment 2️⃣: Twitter Questions
1) COTI plans to revolutionize the payment gateway for the convenience of merchants and consumers globally through several payment solutions. Can you tell us, through white label payment network, what will be your advantages against traditional payment methods?
Naor S:
Of course
The traditional payment methods have a lot of disadvantages.
They have long settlement periods (from 3 to 15 days), they have costly process ($40–50B annually paid as fees in the US alone), there are cross-border limitations leading to payment friction, the data is controlled by third parties, fraud and security vulnerability, micro-transactions are not practical, and innovations can only happen on top of the network, which increases costs rather than reducing them.
COTI, as a layer 1 for enterprises, solves these challenges by introducing a new type of DAG-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.
Ramsy | Crypto Miners:
Impressive
2) Coti uses the Trust ( PoT ) consensus. Can you tell us what is PoT and How it is more secure, scalable & faster than “ POS “? also Can you tell us What is TSUA and also How its algorithm is being used for validating transactions?
Naor S:
Let me explain.
The COTI algorithm assigns each network user a Trustscore and utilizes DAG to solve the scalability issue.
COTI’s DAG is called the Cluster. Each node in the Cluster is a transaction in time, and so token transactions have to be attached to two prior transactions to be a part of COTI’s ledger.
The protocol has a Privacy control with a Multi-address privacy module.
COTI’s proof-of-trust mechanism allows users to transact securely and at a much lower cost than on the Bitcoin or Ethereum networks.
Since POS or PoW mining is not required for COTI’s DAG, users are able to experience much lower transaction fees. Moreover, users are rated with a trust score, since COTI uses a PoT (Proof of Trust) consensus, and the higher the trust score is, the quicker the transactions are, resulting in lower fees.
The low transaction fees along with the trust score incentivize the users to make legit transactions, unlike the blockchain where the high transactions are created to incentivize miners.
The Trust Score Update Algorithm (TSUA) has been designed to efficiently collect data on the user’s behavior in order to submit the information to decentralized Trust Score Nodes.
Ramsy | Crypto Miners:
3) Marketing and partnership are two of the factors that brings hope to a platform so can you share us some of the strategic partnership that helps develop? How do you attract more investors in your platform?
Naor S:
In terms of Djed’s partnerships we have over 35 partnerships. We continue to build partnerships to assure utility for Djed from day one.
In terms of COTI, we are brainstorming with a few enterprise partners on how to best use COTI to meet their needs.
Although it is a long process, you can expect some announcements about enterprises using our infrastructure.
Ramsy | Crypto Miners:
4) Can you tell me more about the Djed Stable currency that COTI issuing? Will there be a pegging issue like the one that recently affected Luna and USTC? What steps has COTI made to ensure that similar mistakes won’t happen again?
Here is our last question from Twitter
Naor S:
That is a good question!
Let’s start by explaining what Djed is:
$DJED is an over-collateralized algorithmic stablecoin that is backed by $ADA and uses $SHEN as a reserve coin, to get additional liquidity to the contract.
The contract also creates enough incentives to the reserve coin holders to provide such liquidity.
In regards to the differences between $DJED and other algorithmic stablecoins like UST and USDD, please see below:
Overcollateralization: Djed is fully backed and overcollateralized with a reserve ratio significantly greater than 1 (between 400% and 800%), and in fact the protocol doesn’t allow minting new DJED if the reserve ratio falls certain ratio.
In the case of Terra’s protocol the algorithm allows the stablecoin to be undercollateralized as it allows the market capitalization of the Stablecoin (UST) to be higher than the market capitalization of the second token which is supposed to be backing it (LUNA). This was exactly the case, where UST reached an x4 market cap in comparison to LUNA.
Exogenous Collateral (Backed by an independent asset): DJED is a three-token-model where the reserves are maintain in an independent asset (ADA). ADA is a independent token that has value outside the protocol, and DJED cannot or change control the circulating supply of ADA nor manipulate its price.
In the case of Terra, the collateral for the stablecoin (UST) was coming directly from LUNA. Now, their mechanism is based on a two-token-model (UST and LUNA ) and both tokens had a circular dependency affecting each others supply, and therefore price, being prone to “death spirals”.
Revenue model: While Terra LUNA holders earn money from seigniorage and have an incentive to encourage projects like Anchor in the ecosystem, that will artificially keep stablecoins out of circulation by promising future yield. DJED reservecoin ($SHEN) holders earn money through mint/burn fees and thus have an incentive to encourage stablecoins to remain in circulation and to be burned and minted frequently through the contract.
Ramsy | Crypto Miners:
That’s the wind up of our twitter segment
Now Moving on to our last segment — Live Q&A
Shall We Go?
Naor S:
sure :)
Ramsy | Crypto Miners:
lets go,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guests choose some best to answer)
1) Itz Abhi ⚡️ :
Can you tell us more about the DAG ( DiReCtEd AcYcLiC GrApH ) algorithm ? also the purpose of COTI is to create the blockchain platform optimized for units, government, payment and merchant which want to issue stable coin. For making this possible what technology did COTI used?
Yair:
This is great question, and as Naor correctly previously said COTI is an all-in-one company — protocol and commercial development are both in-house.
Our layer-1 it’s not a fork of any chain of any kind, our team of reserachers, data scientists, and blockchain experts designed it and develop it from scratch.
2) fufhg:
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Yair:
Our next step will be to issue the Treasury’s Governance Token after launching MultiDAG 2.0. The governance token will allow its holders to participate in the governance of the treasury protocol while rewarding its holders for their participation.
The governance token will be distributed to the Treasury’s users and to users who continuously contribute to the growth of COTI’s network, community and Treasury.
3) Alchemy x Hunter:
Who will have access to the COTI ecosystem? Do certain countries have restrictions? So every participant of COTI must provide KYC documentation and Proof of address document?
Yair:
Correct, we are a enterprise and regulation ready layer-1, actualy, to the best of our knowledge of the only ones out there.
Given the above all users interacting with our chain are being KYC, but it’s a very smooth process and we are improving it every day.
In regards to restricted countries, there are some yes, mostly sanctioned countries.
For more information, feel free to ask our community through our channels 🙂
4) J Mags:
Would you please explain to us COTI’s new product, the “COTI Treasury”? How does it works and how can we participate and earn from this project? Will there be any minimum COTI deposit limit for this?
Yair:
Great question! The COTI Treasury is one of the products we are proud the most.
I believe this artciel answer all the questions related to it:
https://medium.com/cotinetwork/everything-you-need-to-know-about-the-coti-treasury-b5fd09e1d82a#:~:text=The%20Treasury%20charges%20a%200.5,This%20is%20subject%20to%20change
5) WINNER:
Where can I buy $COTI tokens now, what are your current contracts address and how can I buy them and what are the benefits??
Naor S:
COTI is listed on all major exchanges including Binance, Huobi and Coinbase https://coti.io/buy-sell
*This segment ends here*
Ramsy | Crypto Miners:
Thankyou so much Guys For your valuable answers and information about COTI,
It Was Pleasure Hosting An Ama With You Guys
Yair:
I saw some very good questions guys!
So if you still have some questions, feel free to join our TG chat.
Our community, moderators and team will be happy to answer them all! 🙂
Pleasure to be here! Thanks Ramsy, for the AMA!
Naor S:
Thank you guys for the lovely AMA!
Stay COTI!
Ramsy | Crypto Miners:
We Wish all the very best for Project COTI And The Entire team behind the project❤️🤝
Community, if you would like to learn more about COTI, here are some useful links for you:
Website: http://www.coti.io/
Twitter: http://twitter.com/cotinetwork
Telegram: http://t.me/cotinetwork
Discord: https://discord.com/invite/xfTxJkRtVD
LinkedIn: https://www.linkedin.com/company/coti-ltd/
Reddit: https://www.reddit.com/r/cotinetwork/
YouTube: https://www.youtube.com/c/COTIGroup
Medium: COTI
