Since the birth of Bitcoin, crypto has been around for 15 years. It was much simpler back then. In fact, OG cryptos were focused just on payments. Today, we’ve got much more advanced projects that are in the payment space. One such project that’s really looking to disrupt this space here is COTI. With that, we bring you this beginner’s guide about COTI.
Indeed, state-of-the-art projects like COTI can support a Transactions Per Second (TPS) load of up to 100,000. That’s miles ahead compared to OG cryptos like Bitcoin and Litecoin. On top of that, it can seamlessly integrate with existing payment networks. So, merchants can leverage its network for payments easily. This was not possible in crypto’s early days. We hope we’ve managed to catch your attention. Now, let’s dive into what COTI is properly.
What Is COTI?
COTI is a Layer 1 blockchain that focuses on payments. In short, COTI stands for the currency of the internet. To elaborate, COTI hopes to create the world’s leading digital infrastructure for payments and enterprise tokens. To do this, the COTI protocol uses a Directed Acyclic Graph (DAG). With this DAG, COTI can offer near-instant settlements for its transactions. Also, it can support a higher load, thus making it more scalable, all while security is held to the highest standards.
Beyond the COTI DAG (A.K.A. the “cluster”) lies its unique consensus algorithm, Proof-of-Trust (PoT). PoT incentivizes good behavior for COTI DAG participants. By instituting a Trust score, said participants are encouraged to build trust. Transactions within the network are validated quickly as well, as they’re linked to two previous transactions that’ve got similar trust scores.
Hence, transactions can proceed simultaneously, instead of linearly like Bitcoin’s Proof-of-Work (PoW). To visualize this, take a peek at the simulation of COTI’s DAG below. Transactions don’t proceed one by one but spread out like a web. This enables the DAG to achieve a higher TPS.
Alongside PoT, a multi-address privacy module supports COTI DAG. This prevents others from tracking a specific address to a specific user. To learn more about COTI’s technology, check out our previous research.
COTI’s Business Use Cases
Alright, enough of the techie stuff. As you know, a project with superior tech is useless without any users. So, what is COTI doing on the business front? Dive in below for a quick overview!
- COTI Pay Business. With this feature, merchants can process and receive all forms of financial transactions in real-time.
- COTI Pay VIPER Wallet. This wallet allows you to store multiple currencies and access the COTI network.
- Banking and Debit Card. COTI offers retail users the convenience of a debit card. With this, users can make payments at merchants that not integrated with the COTI network.
With the above features, COTI is all ready to make an impact on the global payments space. Hmm, but something seems amiss. We’re missing a piece of the puzzle which binds all of the above together. What would that be?
$COTI Token Use Case
Of course, the answer is: A native token! Yes, the project has got its own $COTI token. It’s two main use cases comprise:
- Payment for transaction fees. All transactions on the COTI DAG will require $COTI as a form of payment.
- Reward token for stakers. By depositing $COTI into the treasury, users can get rewards in $COTI.
Now, who doesn’t love crypto rewards? We certainly do, and the COTI treasury loves giving them out too! As of now, the treasury holds $24.8 million worth of $COTI. Its users are now receiving a sweet 43% return.
The source of this 43% return lies in fees. All fees accrued within the COTI network are paid to the treasury. This ensures that COTI’s supporters are rewarded for depositing and helping to grow the project.
So, how can we participate in the $COTI treasury?
Where/How to Stake $COTI?
Next in our beginner’s guide about COTI, we’ll be looking at how to stake the $COTI token. In this case, staking will be similar to participating in the $COTI treasury. And we’ll be teaching you how to do just that.
- First, you’ve got to set up a COTIPay Viper wallet and fund it with $COTI. If you’ve not set it up, you can do so here.
- Next, log in to your wallet. You can do so through this link.
- Then, click on the “Treasury” tab and the “New Deposit” button.
- Here, you’ll be providing inputs on your $COTI deposit. These include:
- The amount of $COTI you want to deposit.
- The multiplier. Here, we advise you to choose multiplier X1 to prevent liquidation.
- The locking period. The longer you lock, the higher your return. Also, you can choose to extend the locking period automatically.
- Lastly, click on the “New Deposit” button after reviewing your deposit summary. You’ll then be re-directed to copy a deposit ID. Once you’ve done that, click on the “Done” button.
Voila! That’s all! Pretty simple isn’t it? You’ve now made a deposit into the COTI Treasury.
Where/How to Buy/Sell $COTI?
For the final item in today’s beginner’s guide, we’ll reveal the places to trade $COTI. To add on, we’ll give you a step-by-step guide on how to trade it too. So stay tuned!
First, let’s tackle the “Where” part. As with any other crypto, head on over to the token’s CoinGecko Markets page. Here, you’ll find a long list of exchanges trading the token. Using $COTI as an example, you can see its markets below.
In this list, we prefer Binance for trading $COTI the most since it has:
- The highest volume traded at 20.6%.
- A green trust score.
- A low spread of 0.23%.
With the above, you can be sure that you’re getting the right price for your $COTI. This applies in both cases, whether you’re buying or selling the token.
Now, speaking of buying and selling, you can follow the steps below to do so for $COTI:
- Log in to your Binance account. Fund it with some $USDT. You’ll be using it to buy your $COTI tokens.
- Then, head on over to Binance’s spot trading page. Here, you can set orders to buy or sell your $COTI with available $USDT.
We’ve come to the end of the first part of our two-part beginner’s guide. Stick around for part 2, where we’ll be discussing more on how to store your $COTI safely.
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