Progress Update: COTI Pay Business — Private Payment Network Solution

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COTI

4 min readOct 24, 2023

We’re pleased to provide you with another update on the Private Payment Network (PPN) solution we are building for a major client.

Launching the first Private Payment Network is a significant milestone for COTI as it not only showcases COTI’s entire tech stack but also boosts network usage and subsequent fees.

The integration of the private payment network is on track for completion in the next few weeks. This will be followed by a comprehensive penetration test prior to launch.

The work on the PPN is proceeding according to our planned timeline and scope. In the past year, we’ve been working tirelessly to create a robust and feature-rich solution that offers substantial benefits to both our client and its vast user base. As we approach the final stages of integration, we wanted to share with you an update on where we’re at:

As mentioned in our previous update, the solution offers minting, issuing, and facilitating transactions of new tokens representing various fiat currencies.

Users will be offered compelling incentives to transact in these new tokens due to the substantial operational cost savings they offer to our client. These transactions will be seamlessly routed through COTI’s infrastructure, ensuring scalability, performance, cost-effectiveness, and robust data management, all while the COTI ecosystem will benefit from an increase in transactions on COTI’s mainnet.

COTI provides the technology behind the solution while granting the client full control over their digital asset management. Our solution gives our client the ability to not only mint and burn tokens that represent real-world currencies on demand, but tailor that process to align with their utility and usage requirements. The process also ensures that both token transactions and deposited amounts are recorded correctly and securely on the blockchain.

Ready for Asia!

As a lot of our client’s users come from Asia, we opted to use an instance of the TRON blockchain on the client side with a COTI router in the middle.

The first stables that are planned for the launch are YEN and INR. These currencies were chosen because of their widespread adoption among our client’s many customers.

A glimpse to recent developments:

Here’s a quick glimpse of a testnet environment, demonstrating how our client will mint and burn tokens from a terminal, as well as monitor the data through a CRM. Please keep in mind that this is not the final version:

CRM

We have developed a CRM that enables our client to track all deposits through the network in real time.

As can be seen here, the client has a detailed and granular overview of each and every deposit on their product. They will be able to filter deposits by type and status as well as export transaction reports.

Minting

The entire minting process has been designed to be simple and very fast. To mint new tokens, the client first chooses the network and the action required. Then, they can select a token from a list of options. The client inputs the mnemonics and then provides the TRON address where the tokens will be minted. In the final step, the client specifies the amount they want to mint, and that’s it. The entire process takes no longer than 2 minutes and the client can check the transaction status on the TRON explorer.

*The information presented in the screenshots is for demonstration purposes only.*

Burning

The burning process is very similar to minting. After choosing the network, action, and token, the client specifies the amount of tokens they want to burn and inputs the mnemonics of the address the tokens are currently located. That’s it. And just like with minting, the client can check the transaction status on the TRON explorer.