COTI (XCT) ICO Review – ICO Token News
COTI (XCT) ICO Review – ICO Token News
COTI is a unique payment transaction network that is powered by its own native digital currency, XCT. This payment network sets the standard for how digital payments should work in the digital currency era.
COTI (XCT) Analysis
What is COTI all about?
This payment system is built for pricing and managing trade risk between online pseudonymous parties that would systematically unlock trade opportunities, which currently fail to manifest due to the untrusting nature of electronic commerce.
What does the network core of this COTI payment system consist of?
The three main elements of this payment network consist of the trust scoring engine, mediation system, and currency exchange system.
- Trust scoring engine
Over a period of time, this engine efficiently analyses network interaction to generate a unique trust score for each COTI network participant. Transaction value, dispute occurrence, disputes won, disputes lost, and user rating are some of the parameters that effectively determine the unique trust score.
- Mediation system
This system will effectively protect sellers or buyers in the event of transactional disputes that may arise within the XCT payment network. This system provides backup to the trust engine.
Some of the scenarios where a mediation system is needed:
- Unauthorized charges.
- Undelivered goods/services.
- Non-conforming goods/service.
- Billing errors.
- Inadvertent transfers.
- Currency exchange
This system is used for currency exchange and cross-currency payments. It is used to transfer the holdings of the end-user from one currency to another through a direct mechanism.
What does COTI aim to be?
There are more than USD50 trillion of consumer-initiated transactions are carried out around the world annually. Traditional currencies such as US dollars and Euros are responsible for 99.997% of total transactions while 0.003% transactions are carried using ico tokens such as Hamster, Storiqa, BunnyToken, Flying Money, Havven and Amon.
1- The XCT payment network will be used as mandatory fuel that will be required for this payment network to work and to send necessary payments.
2 – This payment network has support from the global payment solution company PROCESSING.com.
3 – In this way, it will be much easier for this payment network to expand using experienced, reputed, well-known, and esteemed partners.
What problem is this payment network solving?
This payment system gives end users greater peace of mind and successfully eliminates frictions from the payment experience by systematically introducing a layer of trust to all the seller and buyer interactions and payments.
Why is COTI a good project?
It provides the fastest, most trusted, and most cost-effective way to pay for sellers as well as buyers by utilizing the best of blockchain technology and traditional payment systems. This payment system is powered by its native digital currency, XCT.
What is the new innovation associated with this project?
1 – A new approach of the Trust Protocol is used in this payment system for building trust between transacting parties.
2 – Based on the behaviors of buyers and sellers over a period of time, this protocol systematically scores the trustworthiness between them.
3 – A seller with a less-than-ideal record pays higher fees while a seller with a flawless reputation pays zero processing fees.
4 – A decentralized system is also featured in this protocol and it efficiently reaches consensus on disputes using mediators.
5 – The mediators are rewarded with XCT just as Bitcoin miners receive Bitcoin for their mining efforts.
How is the COTI payment network better that Bitcoin and PayPal?
Payment transactions carried out by using PayPal and ICO tokens such as LALA World, TBIS, FintruX, CUBE consume a lot of money and time. The transaction might not be included in a block if the user pays a small fee while using Bitcoin. When facilitating a transaction, Bitcoin is not the best payment method.
COTI is a payment transaction network that systematically solves the payment challenges faced by the users while using Bitcoin and PayPal. It combines the best of blockchain technology with the best of the traditional payment system.
Token price and token sale
1 – This payment network has the XCT native currency which is used for payments, mediations, and fees.
2 – In fact, XCT tokens have an excellent potential for future growth in comparison to other digital currencies and ICOs.
3 – XCT has its own wallet and virtual debit cards for processing tools, consumers, and hedging services for merchants.
ICO of XCT tokens
The ICO is the first opportunity for the general public to obtain XCT tokens. The total number of tokens available for sale during the ICOs of this digital currency is limited. The sale will be closed once the hard cap is reached.
How to participate in the ICO
1 – The participation in the token sale is a straightforward process. The general public has to enter their email on the website to receive notifications when the details of the crowd sale are release.
2 – The tokens will be available to purchase during the sale using Bitcoin, Ethereum, bank card, or wire transfer.
3 – At the end of the ICO sale, any token purchased by the members of the general public will be delivered to them.
XCT token allocation:
- 10% of the tokens will be allocated to the team, bounties, and early backers of this project.
- 50% of the tokens will be allocated to the future development of the project by the project developers.
- 40% of the tokens will be allocated to an advisor sale (private and public).
Uses of the raised funds from the ICO
Research and Development (R&D): 25% of the funds will be used in the development of the trust protocol (trust scoring and mediation), the mediator and consumer client applications, the exchange applications, and the merchant integration tools.
Reserve: 10% of the proceeds will be set aside as reserve funds for compliance, R&D depending on requirements for network expansion, and future deployment to market marker.
Merchant Acquisition: 16% of the funds raised will be used to market this payment system to merchants. It will be a key aspect of fuelling this payment network, which builds acceptance of wallets.
Merchant Services: 12% of the funds raised will cover the delivery and maintenance of the non-software merchant services which includes hedging services.
Market marker: 15% of the funds collected through the ICO will be used to fund the automated market marker of COTI. It will effectively establish a healthy functioning market for its digital currency (XCT) and other currencies that flows through its ecosystem.
Legal and compliance: 10% of the proceeds will be used to build a global licensing footprint for its wallets, payment services, and exchange services.
Operational expenses: 7% of the total funds collected will be used to cover various operational expenses that will be incurred by COTI.
COTI funds: 5% of the funds will be set aside for the COTI funds. It will be used to kick-start the development of trust scoring and the mediation platform of COTI.
The team behind COTI
This project is backed and supported by a team of experienced and dedicated professionals who hold expertise in their area of work. The core members of this project are:
- Shahaf bar Geffen,
- Andy Chin, Software Engineering.
- Erol Hallufgil, Research and Software Engineering.
Summary of COTI
This payment system will be a means for carrying out a trade without trust and extending traditional blockchain attributes for including advanced digital payment attributes or features.
COTI is equipped with features such as instant credit, network-based market making, decentralized mediation, and risk-based pricing for ensuring a smooth and vibrant payment ecosystem.
By utilizing the best of the traditional payment systems and blockchain technologies, this payment system effectively solves some of the transaction problems and challenges faced by the users while using Bitcoin and the PayPal payment gateway.