Everything You Want To Know About COTI’s Partnerships
For those new to the COTI community, and for those that want to learn more, we’ll be releasing a series of tech guides over the next week detailing the COTI tech and what powers the COTI network. In the article below you can learn more about some of COTI’s partnerships.
COTI & Cardano Foundation
COTI Crypto Gateway is a significant part of COTI’s Universal Payment System.
As a direct result of this week’s announcement on the first release of our Crypto Gateway that allows payments to be received by merchants in Bitcoin, we are pleased to announce today the release of the ‘pay with ada’ gateway solution for payments to be accepted in ada, as part of our collaboration with Cardano.
Thanks to the Crypto Gateway, merchants will be able to accept ada payments easily and directly via their website.
In order for you to be able to see the ada Payment Gateway in action, we’ve created a demo COTI store where you can purchase a personalised COTI image for $0.50c. Check it out here.
Merchants who are interested in accepting ada as a payment method on their website, sign up here.
For more details, visit the Cardano website.
To see the official announcement published by Cardano Foundation, click here.
COTI & Chainlink
Trust is foremost
A trustworthy environment is essential for the widespread adoption of cryptocurrencies. To further this cause, COTI has developed a unique Trust Score node as part of its Global Trust System (GTS) to monitor user behavior and calculate trust scores as part of its consensus mechanism. This Trust Score node is now offered as a service on other chains as part of COTI’s mission to introduce more trust and adoption to any blockchain system.
COTI’s GTS is made up of a blacklisting layer to flag fraudulent actors, transaction classification to differentiate high-risk and non-risk activity, and a trust scoring mechanism based on accumulated information and historical performance. The COTI GTS connects to all networks and analyzes transaction and behavioral data, updating each entity’s trust score in real-time. By using the COTI GTS, malicious parties can be actively identified, while reputable behavior is tracked and incentivized.
COTI and Chainlink
COTI has initiated the process of integrating its GTS mechanism into Chainlink’s oracle and smart contract framework. This will add support for trust-based events in smart contracts, enabling user incentivization in line with a predetermined trust score threshold. For example, a user will be eligible to receive tokens if his/her Trust Score is above a given threshold for one year or, alternatively, users could receive a bonus for transacting in a trustworthy manner.
By fully migrating our TrustScore and ranking mechanism and applying it to any infrastructure, more and more blockchain networks will be able to address the issue of trust between unknown parties.
“Behavioral tracking and trust-based incentivization are chiefly missing in the crypto world. By deploying a reputational scoring system like the GTS, more enterprises can maintain trust between transacting parties. We’re excited to break ground on this endeavour with Chainlink, a leader in oracle network solutions, and advance how blockchains connect with third party data sources”, said COTI CEO Shahaf Bar-Geffen.
COTI & Celsius Network
Celsius Network will be integrated into the COTI network, enabling consumers and merchants to easily earn interest and access loans directly on the COTI platform!
Celsius Network is a leading lending platform with over $4.25b in loan origination and $400m worth of managed assets. Thanks to this new partnership, both our COTI Pay and COTI Pay Business applications will enable both consumers and merchants to easily earn interest on stable coins and cryptocurrencies, while also gaining easy access to loans, all powered and secured by Celsius Network.
On our Universal Payment System, payments processed on the Trustchain are instantly settled using stable coins, with each payment creating a securely stored transaction history. Consumers and merchants on COTI also have a unique Trustcsore that when combined with a transaction history, effectively creates a virtual credit score. By adding this credit scoring as additional data point to the Trustscore and our Global Trust System (GTS) we’re able to add an additional layer of trust to participants in the DeFi ecosystem who require it.
Access to loans for most merchants is limited to the bigger payment networks, such as PayPal. COTI now offers a superior product that distinguishes itself by offering something no other payment networks offer: a new revenue stream from stored balances for both consumers and merchants alike.
The development will commence in Q1 2020 and will be ready for the launch of COTI Pay and the upgraded COTI Pay business app this year, so stay tuned for further development updates.
COTI & Fantom
While blockchain has provided a means of processing transactions in a decentralized fashion, it has faced a number of issues, including low scalability, high costs and slow confirmation speeds. To address these issues, a new technology based on the directed acyclic graph (DAG) was developed and is used both by COTI and Fantom to provide scalability and low fees.
Fantom’s high TPS and low time to finality (TTF) is possible through the platform’s Lachesis protocol built on the OPERA Chain. This technology will replace existing payment methods and supply chain management infrastructures using dApps that can handle tens of thousands of transactions per second. dAPPs built on the new distributed ledger by Fantom can be used across a range of industries, including food, telecommunications, finance, electricity, electronics, real estate and autonomous vehicles, saving costs and providing transparency.
COTI’s Trustchain has also been optimized for a number of use cases, including white label payment solutions, stable coins, remittance and loyalty programs for decentralized payment apps, merchants, enterprises, developers and more. The DAG-based Trustchain protocol is based on machine learning, which dramatically decreases transaction costs and increases processing speed by assigning trust scores to transactions and clustering them in chains. When coupled with no requirement for mining and low energy consumption, the network can operate with near zero fees in a decentralized environment. Fees decrease the more trustworthy a user is, while the speed to process a transaction increases. The inverse is also true, thus improving the security and overall trustworthiness of the network.
“Abstracts ledger dependent technologies can overcome the bound of different architectures regardless of addresses, ledger implementation and consensus mechanisms. The potential for both implementations to be networked together is evidently the key needed to hasten the pace of any infrastructure adaptability in the world. Its ability to increase accessibility, link up disconnected systems and enable quick transfer of value is a crucial factor that will drive mass adoption of any product. I am delighted to work with Fantom’s technical advisor, Andre Cronje on these subjects “ commented COTI’s CTO Dr. Nir Haloani.
‘’Unless we are thrown into a state of Armageddon between today and tomorrow, we believe that there will be a market for a multitude of distributed ledgers and token standards. When building a cohesive digital economy, projects should work with each other instead of against each other, therefore we are of the opinion that interoperability and collaboration function as the building block for the mass adoption of both Fantom and COTI.’’, commented Fantom’s CMO Michael Chen.
COTI & Simplex
Simplex is an EU-licensed financial institution that enables users to buy crypto from exchanges using their credit cards in a fraud-free environment. Simplex processes credit card payments with a 100% guarantee; in case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s cutting-edge fraud prevention solution and AI technology blocks fraudulent users and allows legitimate users to complete payments with ease. This increases conversion rates and enables merchants to focus on their business growth.
As part of the partnership, Simplex is also considering adding COTI to its limited lineup of supported currencies that include BTC, ETH, and 5 others.
Binance and KuCoin, two top cryptocurrency exchanges, have already partnered with Simplex to process crypto purchases using credit cards. Creating such fiat gateways on crypto exchanges is what is needed to increase digital currency adoption and introduce crypto to more users.
Simplex will assist with COTI’s efforts of offering a holistic solution that empowers enterprises to build their own payment networks by providing users with a simple way to convert fiat to crypto. Through this integration, users will be able to purchase crypto using credit cards through a secure checkout page.
“Easy and fast credit card payments for mainstream users is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with COTI and together enable a much better, fast and easy payment experience,” said Nimrod Lehavi, co-founder and CEO of Simplex.
COTI CEO Shahaf Bar-Geffen commented:
“COTI’s Trustchain provides all the necessary features required for a perfect payment system. Scalability, simplicity, buyer-seller protections, cost effectiveness, price stability, instantaneity, and security all take center stage in our solution. Adding Simplex’ solution will significantly enhance Trustchain”.
COTI & Constellation
Blockchain Leaders Join Forces to Launch the Scalable Protocol Alliance to accelerate enterprise adoption of Distributed Ledger Technologies
Leading blockchain protocols and application developers Constellation, COTI, ORBS, Wanchain, BXB Capital and Mido Play announced today the formation of the Scalable Protocol Alliance (SPA), a consortium of leading companies that are building next-generation Distributed Ledger Technologies (DLT) for business intelligence and real-world solutions. Relying on industry specialists, protocols and applications, SPA will focus on accelerating the adoption of DLT business applications and integrations across protocols.
“Scalability, stability, and security are all needed for the real world application of distributed ledger technology,” commented COTI CEO Shahaf Bar-Geffen. “COTI is pleased to be a part of the SPA alliance, which is working towards turning this mission into a reality to encourage the widespread adoption of crypto for everyday, mainstream use.”
DLT has emerged as a secure and scalable alternative to the current blockchain model, and part of the SPA mission is to raise awareness of the technology and address the skepticism that many have towards the blockchain and cryptocurrency industries.
“SPA will serve as a bridge towards real-world DLT implementation by conveying a message of stability, scalability, and accountability,” said Ben Jorgensen, CEO, Constellation. “We are using the technology to solve real-world problems, focusing on delivering enterprise-ready integrations across platforms capable of supporting consumer applications.”
Alongside this broader mission, the SPA consortium has set a number of specific goals in 2019: a cross-network integration, a shared application build, and protocol measurement whitepaper. These deliverables will be worked on across a series of quarterly seminars and working groups, consisting of the technical and business leads of each project.
COTI & Recruit
Recruit, a major global enterprise with a market cap of over $50 billion, recently announced its investment in COTI through its funding division RSP. RSP’s investment focus lies in all business stages, from the seed round to the growth phase, and covers sectors such as fintech, blockchain, AI, IoT, robotics and business applications. Some of their most prominent investments include Udacity, BitFlyer, Shift, 99Designs and more that can be viewed here.
RSP’s Blockchain Tech Fund, in particular, invests in promising blockchain technology start-ups like COTI with the aim of seeking out new business models in the field. The fund makes prompt investments in such startups by raising funds for the companies via the use of tokens, thus promoting blockchain development and mainstream awareness.
With the deficiencies experienced by current financial systems, such as security breaches due to centralized operations and high merchant processing fees, blockchain protocols like Bitcoin and Ethereum emerged to solve these shortcomings. However, they have failed to deliver some of the basic features required for their commercial-grade adoption as a means of payment, partly because they are complicated to use, lack the required scalability and do not provide buyer-seller protections. They also possess numerous challenges related to identity, trust, stability and relatively high transaction costs.
The RSP Blockchain Tech Fund recognized COTI’s potential to solve these issues in a way that is cost-effective, scalable, simple to use and secure. This in addition to other benefits, such as a decentralized dispute resolution mechanism to protect buyers and sellers and the ability to equip companies with greater control over their money and data. These robust functionalities are all attributable to COTI’s DAG-based technology and algorithm built on machine learning.
RSP has joined COTI’s list of notable investors, and their extensive portfolio will enable COTI to break into the Japanese market and amplify its user base in Asia.
COTI CEO Shahaf Bar-Geffen commented:
“We’re pleased to have made it on the radar of the RSP Blockchain Fund and its larger mission of making leading blockchain projects known to the world at large. This is a notable accomplishment for COTI and further anchors our belief in the enormous potential of the technology market in East Asia.”
We work on major partnerships, by offering parts of our technology to benefit what they already have and their user base.
We have received more requests from well known projects and brands to build their solution and we’ll announce more of it in the coming weeks and months.
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf