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MultiDAG Consensus and Token-Generation flow

In the last several weeks, we completed many changes in the Token-Generation flow of new tokens, simplifying it and advancing the generation architecture to be fully decentralized. The current changes that were already implemented consist of New-Token creation, which is performed and processed through DSP-Nodes consensus. Technically, COTI DSP nodes validate that every transaction pays the network fee to be eligible to generate a new token. If the transaction is valid, it receives consensus confirmation and the new token is created by the network as a whole. This is a very flexible and efficient method to provide new user tokens for the COTI multi-currency network.

Changes in the Token-Generation flow include one more important change — since tokens are created by transactions, one simple place does not exist where a node can request all existing tokens. The situation is exactly the same for address balances. Presently, a node keeps it in the decentralized network and we use the same solution — clusterstamp.

In COTI, the current Cluster contains transactions of the current epoch, old transactions are stored in History and Storage nodes, and the clusterstamp file provides the initial state for the current epoch. For tokens (or currencies) we have implemented the same solution. A new node must take the currency clusterstamp file and take the current Cluster transactions from DSP nodes, and it will have the current state of the payment network, including all addresses, balances, and currencies.

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COTI is a DAG-based Layer 1, specifically designed for Enterprises. COTI’s Protocol is scalable, fast, private, inclusive, low cost and is optimized for finance