COTI is Launching MultiDAG — A Protocol to Issue Tokens on A DAG Infrastructure
We are very proud to announce that we have completed and launched the build of our MultiDAG!
The MultiDAG code has already been pushed to our MainNet nodes, the code can be viewed on GitHub and we have also launched the first MultiDAG token (TestToken) on it for internal testing. TestToken is a token that is representative of how our clients can issue their own tokens on our MultiDAG and fully demonstrates the extended capabilities we now have as a result of this technology.
The MultiDAG is a tremendous achievement, being the first-ever DAG structure that allows token issuance on top of our DAG based Trustchain protocol. This achievement was made possible by combining independent DAG clusters into the overall COTI network. The COTI MultiDAG ecosystem is similar to Ethereum, in the sense that both are common decentralized infrastructure acting as the basis for a multitude of different tokens and smart contracts while utilising one main coin for all fees and staking within their respective ecosystems.
However, unlike Ethereum, the MultiDAG is a series of permissioned instances that allows the token issuer and owner of the individual MultiDAG instance to set their own rules specific to their needs and/or use case. Token issuers on Ethereum are limited by the overall rules and performance of the Ethereum network as a whole, while on the COTI MultiDAG token issuers retain control of their own rules and instances are not limited by the overall performance of the network, allowing for almost limitless instances and tokens to exist without any network degradation. MultiDAG instances still retain the ability to access all the overall COTI network features such as high scalability, low transaction costs, privacy and dispute resolution and whenever a transaction happens on any of the MultiDAG instances, fees are automatically converted between the issued token to COTI’s native coin, increasing the overall demand for the COTI coin and overall network utility.
MultiDAG transactions can also be “multi-currency”, meaning a transaction bundle can contain base transactions nominated in different tokens. Since our DAG as a data structure is agnostic to the transaction payload, this means the flow of attaching transactions to the DAG and TrustChain consensus stays the same for MultiDAG.
The COTI MultiDAG is yet another competitive advantage that allows the COTI network to focus on our primary target of adoption, enterprise clients. Enterprises by their very nature demand a controlled environment that delivers certainty of network availability combined with sufficient flexibility and scalability. This creates the confidence that enterprises need to have a long-term corporate approach using COTI. With the COTI MultiDAG, enterprises can now build upon a network they can truly trust. Remember, one enterprise = many users!
The process of issuing a new token:
- The token Originator ( = Token Owner) will be able to use a special “COTI token-app” application to create a new token.
- The token Originator fills the token data and signs it.
- The “COTI token-app” calculates the fee for issuing a new token, and sends a transfer transaction for this amount in COTI native coin to the network fee address. This is a special transfer transaction having IBT and NFBT only.
- After the fee transaction is created and confirmed, “COTI token-app” forms the token creating request — FinancialServer/createToken API call. The request includes the new token parameters and the hash of the fee transaction.
- Upon receiving the createToken request, the Financial Server checks data and signature, creates CurrencyData record for the new token and propagates it.
- The Financial server requests the primary (ZeroSpend Server) to create and propagate the new token creation Clusterstamp file.
- FinancialServer/createToken API call returns the new currency hash.
- After full nodes get the propagated data, the originator can start to mint and transfer tokens.
The code behind the MultiDAG can now be viewed on our GitHub.
In about two weeks, we will share a workable demonstration of token issuance, and we will also show how you can transact with tokens using API commands.
In the following weeks, we will also add a token generation interface, which will be for widespread issuance of tokens. Until then, partners who wish to issue their own token on top of our MultiDAG can send us an email to contact@coti.io.
Read more about COTI’s MultiDAG here, or review COTI’s whitepaper here.
COTI Resources
Website: https://coti.io
Telegram: https://t.me/COTInetwork
Twitter: https://twitter.com/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.me/coti
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
