COTI ERC-20 Token Interoperability
Since blockchain technology was first introduced to the world nearly 10 years ago, the number of different blockchains and protocols has increased exponentially. However, instead of this evolution resulting in a highly interconnected internet of value, all blockchains to date, including Bitcoin and Ethereum, have existed in isolation. This isolated state has precluded the many blockchains from interacting with one another, hampering the exchange of value among chains and limiting the mass adoption of blockchain technology.
As a result, finding a solution that allows for cross-chain transactions has become one of the top priorities in the blockchain industry. COTI’s Cross Chain Bridge is a significant milestone for the entire blockchain space, marking a major step toward fulfilling the vision of a completely interconnected internet of value. COTI’s Cross Chain Bridge allows for seamless integration with almost any blockchain in existence with the added value of supporting native ledger features, such as scalability, staking, governance and more. The platform is now fully connected to the Ethereum blockchain and has the capabilities and development plans necessary to scale.
This new functionality, which is achieved through a combination of smart contracts, enables Ether to be transferred cross-chain from Ethereum’s blockchain and accurately represented 1:1 on COTI’s platform with a token known as COTI (ERC-20). It is important to note that COTI will maintain the same token supply. Nothing will ever change with regard to that, and we will not dilute or tamper with the supply. One COTI coin can exist either on Ethereum or on the Trustchain, but not on both at the same time.
Available application scenarios for COTI (ERC-20):
- Ethereum smart contracts: the ability to issue a smart contract and use it to deploy contracts on COTI’s platform and allow for more sophisticated payments within the COTI ecosystem, such as subscriptions, conditional payments, lockups etc.
- Liquidity: open a larger market for adoption and increase the liquidity and availability of COTI tokens on exchanges.
- Faster deployment on exchanges: ERC-20 tokens experience simpler and faster listings, as they are supported by all exchanges.
- Immediate support for hardware wallets: due to technical differences between the COTI Trustchain infrastructure and common blockchains, COTI has not been supported across hardware solutions to date. However, this is a task the team is working hard to overcome, and hardware support will be available in the coming months. As we add support for ERC-20 tokens, it will be possible to store tokens on a cold wallet like the Ledger Nano S or Trezor and stake your coins through it to make earnings via specific dPOS and POS networks.
- By issuing COTI (ERC-20), the Ethereum platform will be powered with COTI’s unique capabilities, including:
- Cross chain support: Ethereum-based apps can solve their payment needs with COTI, while COTI-based apps can grow their scope using Ethereum’s infrastructure.
- COTI technologies, data and platforms to be used by COTI (ERC-20):
a. TrustScore/ranking API
b. KYC/AML server
c. Dispute resolution
d. Payment requests
How does it work?
Introducing the COTI Cross Chain Bridge
The COTI Cross Chain Bridge is the gateway between the COTI MainNet and other MainNets. The first bridge introduced links to ERC-20 liquidity tokens on the Ethereum MainNet.
COTI’s Trustchain coins can cross to other MainNets or cross back to the Trustchain through the bridge. We also plan on embedding the bridge in COTI’s GUI wallet.
There are no concrete requirements to swap tokens from our MainNet token to any other platform’s supported tokens, and users can switch between both sides. Swaps through the bridge incur the transaction fees of each respective network.
Read and watch the COTI’s Cross Chain Bridge Tutorial here.
Bridge support between COTI Trustchain and COTI ERC-20 is now live. COTI’s Cross Chain Bridge allows users with COTI coins to cross the bridge and swap their coins to ERC-20 tokens, which adds another level of liquidity support for the entire community. At the moment, users can make swaps from COTI Trustchain coins to COTI ERC-20 tokens. Additional chain support will be added soon to increase capabilities and liquidity.
Access the bridge: https://bridge.coti.io/
Watch the video tutorial here.
As integrations with additional blockchains continue to be added, COTI’s new cross-chain technology is set to pave the way toward a future where individuals and enterprises can gain access to a decentralized platform offering privacy-protected financial services, such as digital asset management and exchanges, loans and credit payments. The possibilities do not end there, COTI’s cross-chain bridge opens entirely new worlds of opportunities across many industries.
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
Token economy overview: https://coti.io/files/COTI-Token-Economy-2019.pdf