Our biggest technological development to date, the launch of the Trustchain protocol AlphaNet checks off an exciting milestone for COTI on the path to becoming the world’s first blockchain protocol optimized for use by enterprises, payment dApps, merchants and stable coin issuers.
To our developer community and tech aficionados, the code behind our Trustchain protocol has been released on Github. This MVP debut is just the first step of many on our path to revolutionizing blockchain adoption and providing an end-to-end solution for enterprises, merchants, governments, financial organizations and developers who wish to create their own payment networks and price-stable coins.
These are just some of the key innovations presented in our Trustchain AlphaNet kick-off:
Proof of Trust (PoT) consensus
COTI’s DAG-based decentralized ledger achieves scalability through its use of parallel source selection and Trust Scores. The Trustchain algorithm utilizes user Trust Scores to determine the amount of PoW necessary to confirm a transaction. The higher a user’s Trust Score, the faster the confirmation time. This is the basis of COTI’s Proof of Trust (PoT) consensus.
Proof of Trust (PoT) algorithm
COTI has developed a unique PoT algorithm that is able to control and prevent network spamming, as well as balance incentives for network participants.
DSP (double spend prevention) Node clusters
DSP Nodes will be geographically distributed to a number of clusters. All DSP Nodes in a cluster will be strongly connected to each other as before, and a specific protocol for cross-cluster synchronization will be implemented.
Monitoring network behavior
Nodes in the COTI network are also assigned Trust Scores. Node Trust Scores are used to help users select the most suitable Full Node. Less trusted DSP Nodes, TS Nodes and History Nodes are banned from network operations and cannot collect any fees.
Arbitration Service and buyer-seller protections
COTI offers a ready-to-use service users can appeal to in cases of fraud or any other dispute related to deals settled through the COTI payment system. The Arbitration Service creates a rolling reserve for each merchant to cover possible claims and a system-wide Reserve Credit Fund (RCF) to guarantee it. Both funds are maintained in COTI’s native currency. The required merchant rolling reserve is calculated based on the merchant’s Trust Score.
The COTI double spend prevention solution consists of adding a handful of highly trusted Nodes to the network with only one function: to reach consensus on whether the transaction is legitimate or a double spend. Transactions require the signature of a DSP Node before they can be considered fully confirmed, while any detected double-spending attempts are flagged and refused.
Exciting times are in store for COTI and everyone who has been a part of our mission from the very start. Be sure to tune in on 20 September, 2018 for an exciting webinar that will cover everything related to the code behind our Trustchain protocol. Join us in revolutionizing the future! If you have any questions, you are welcome to get in touch with us on Telegram or via E mail.