In this article, we will be taking a close look and trying to make an accurate COTI crypto price prediction based on technical data and the historical movements since the launch.
The COTI crypto price is at $0.063 right now. It’s a very low price compared to its previous high, but I still think it can go back to it, if not exceed.
What is COTI? The payment network explained
Many blockchain projects focus on solving complex problems such as decentralized lending, market making, or identity management. But there is still one problem that is largely ignored due to the fact that most developed countries have premium access to a variety of solutions. We are of course talking about payments. Credit cards, payment processors like PayPal, wire transfers, and all these types of payment methods can be revolutionized by blockchain technology.
COTI is a fintech that aims to achieve this with its technology by focusing not only on simple peer-to-peer payments but rather enabling companies to create their own fintech products effortlessly.
COTI crypto price – What is COTI?
COTI is an abbreviation of “Coin of the Internet” and was started in March 2017. While many cryptocurrencies and blockchain products are driven by the spirit of an open-source community, COTI is a fintech platform that is building payment solutions for other companies.
It offers a blockchain protocol that is meant to facilitate payments and is capable of handling up to 100,000 transactions per second. The underlying technology is called Trustchain which is based on a multi-directed acyclic graph that enables not only high scalability but also low transaction costs. COTI offers various services to business customers:
Unlike other cryptocurrencies, Trustchain is based on a consensus algorithm called proof of trust. It is basically a ranking system that allows users to interact cheaper and faster with the network if they have a high trust score. On the other hand, if a user acts maliciously, their trust score goes down and costs, as well as transaction times, go up for them as punishment for that behavior.
COTI crypto price prediction – The COTI token
The COTI token is available on the Trustchain itself and on Ethereum as an ERC-20 token and on the Binance Chain using the BEP-2 token standard. Its purpose is to reward nodes for their work and allow users to pay transaction fees with it or use it for payments with COTI Pay.
While the network relies on proof of trust, full nodes are still rewarded for their work through delegated proof of stake by collecting fees. The nodes also act as mediators within the proof of trust-based network. If a transaction is disputed, it is brought before a mediator for arbitration. In return, the broker earns a reward.
Full nodes are also rewarded for processing transactions and adding them to the DAG. COTI has four types of nodes:
This allows you to stake COTI tokens by running a node or by delegating funds to a trusted node. This system is very similar to other solutions available on the market, which means that the barrier to entry for operating a node is relatively high while delegating funds only requires you to hold a small minimum amount of COTI.
The main difference between COTI and other proof of stake protocols is that stakers have to go through KYC. This is also mandatory for users and brokers and stems from the idea that COTI is facilitating real-world payments between businesses and consumers rather than being a cryptocurrency and is also closely related to proof of trust. Ultimately, no participant can falsify or change their confidence score by opening new accounts because identification is mandatory.
What is my COTI crypto price prediction?
COTI creates payment solutions. It’s an enterprise-grade blockchain. Ever since they launched they started working on partnerships right off the bat. They’ve partnered with Cardano, Chainlink, Fantom, just to name a few.
They’ve got real growth potential, especially if they step it up now during this bear cycle.
Even if things stay more or less the same, COTI is a strong fintech creating strong payment solutions, I can see it hitting the 70 – 80 cents mark. But if they step their game up, and continue creating partnerships, and development, then I can see COTI being a $2, maybe even a $3 crypto.
Frequently Asked Questions about COTI
Do I have to do KYC twice when buying COTI on LiteBit?
No, once you have signed in with LiteBit you can buy, sell and hold COTI on our platform as well as send and receive the token. Only if you like to take a more active part in the COTI ecosystem will you need to go through the KYC with them.
Is COTI managed by a company?
The protocol is decentralized but its code and products are developed by COTI Limited based in Gibraltar. Think of COTI more as an innovative fintech using the power of blockchain technology rather than following the anonymous approach of developers like Satoshi Nakamoto.
Do I have to use COTI products to send and receive the token?
No, as the COTI token supports several standards, it is not necessary to be associated with the Trustchain or Trust Score. LiteBit supports COTI as an ERC-20 token on the Ethereum blockchain.
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