COTI’s Updates By Shahaf Bar-Geffen
We have been super busy building and I haven’t had an opportunity to update recently about everything we’re working on.
I’ll briefly do that now and I also advise that you stay very tuned in the coming weeks for the things to come. When COTI is quiet, it means that we’re laser focused on building something…
I’ll begin by updating about things revolving around our brave partnership with Cardano. Those who follow the market have seen how fast Cardano has grown to become the 3rd biggest cryptocurrency in terms of market capitalization. We couldn’t be happier for our partner’s success and it is a very positive sign for COTI, too, as we are building many things with Cardano (most of which haven’t been announced yet). It’s a great privilege to be the first company that Cardano’s ecosystem fund has made an investment in, and we feel their support by sharing with us tremendous opportunities.
We have recently been working on scaling up ADA Pay and signing in a lot of new merchants to the system. Some of which are household names. In the coming weeks, we’ll be gradually revealing new partners and merchants who will use the system. I expect an announcement from one of our partners about this next week.
Other than that, we’re working on a project with Cardano that will be very instrumental in Cardano’s ecosystem. We’ll share more information about it on a later date, once Cardano announces it on their side.
Reiterating, as Cardano grows, so will COTI!
The Native $COTI has now been trading at around the same price as the ERC20 $COTI, which makes perfect sense. The bridge has been working more and once we finally list the Native COTI on a tier1 exchange, it will be completely open. With that in mind, and as I have updated, we’re good to go with the exchange. It is the exchange’s policy (this specific exchange) to not tell the listed company about specific timing, to avoid any manipulation, which is understandable. I can only tell you what they told us: it can be today, tomorrow, next week or any time — no heads up! So, we are waiting for it alongside everyone else from our community. It’s a nice surprise that it is coming our way, after all the hard work.
Post listing, we’ll upgrade the network to Mainnet 2.0. We have been working a lot on it and we should be ready shortly after the listing (I assume 2–4 weeks). There will be a more detailed announcement on what is included in Mainnet 2.0, especially in terms of scalability and new features, so stay tuned. For your information, You won’t need to actively do anything on your end to be upgraded to the new Mainnet.
We are already thinking and designing what will be included in Mainnet 3.0, which we predict will happen roughly a year from now. The crypto space continues to evolve and so shall we!
We are finalizing our integration to Celsius Network, a dear partner of ours, which will allow us to activate our EARN button on the VIPER app for the first time, but definitely not the last. Read to the end of this post to see what I mean…
Some of you have asked about the EMI license that we are pursuing. Just so we’re clear, we are still on it and it takes time. What we have learned from other colleagues and partners is that regulators don’t appreciate the conversation about it too much and that it would be best not to mention it to improve our chances to acquire the license. So, apologies for not updating more often about it, but we’ll take the advice and not further talk about it before it’s in our hands.
With regards to Banking and Debit Cards, the first testing cards have arrived, including mine. Super excited about this, it is so cool to see COTI Pay on a card, you’ll love it. During the testing period, we have found a few integration bugs and the team in Simplex and Visa are working on it. I wanted to be able to send all the cards this week, but we obviously need to wait for the teams to fix all the issues, as this system involves your personal capital and I wouldn’t risk it. I have heard estimates of 2 weeks, but we’ll keep you posted. Definitely worth the wait.
Another system that we had to fix and resubmit is our Ledger app. As you remember, we have submitted it and were waiting for it to go live. During that time, Ledger had a big update, forcing us to withdraw the application and re-do quite a few things. It’s in the making now again and will be resubmitted next week. Sorry for the inconvenience, but it’s mandatory.
The thing that excites me the most these days is our master plan for the next 2 years.
Since our inception in 2017, COTI has been growing as a DAG based layer one protocol, focused on payments, and has succeeded more than any other payment protocol in terms of processing volume and adoption. We have been developing various products along the way, the most notable ones being ADA Pay with the Cardano team, Blockchain Dollars for the gaming industry and Ultra eWallet for Dafabet, a gaming giant. We have also been branching out to Defi by building the Crypto Volatility Index, crypto’s first decentralized volatility index and its trading platform, governed by the $GOVI token.
Now, it’s time to bind it all together to one coherent ecosystem, growing our offering from Payments to a fully-encompassing next generation financial system.
In the coming weeks, we’ll be revealing our plan for the coming years, which will include new services and technologies for enterprises on one hand, and new ways for $COTI holders to benefit from their holdings. This goes farther than the “EARN” button on the VIPER wallet and expands into ways for more people to take and to gain even greater rewards.
This plan is grand as it involves everything that we have developed to date and new technologies and ideas that still need to be developed. We have been on a recruiting blitz, hiring 5 new talented developers and 3 new business development officers. We prepare ourselves to go big, and so should you!
For all of our updates and to join the conversation, be sure to check out our channels:
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf