Dr. Matt McBrady
Former CIO & MD
Investec Bank UK
Former CRO, Ripple Labs
Commerce is evolving. A few years from now, digital currencies will play a central role in our lives, replacing coins, cash, cards and cheques. They will enable us to transact more easily, more cost-effectively and with greater security than ever before.
COTI aspires to bring about this change by becoming the Currency of the Internet – the first digital currency to achieve widespread adoption in consumer transactions.
As the world becomes increasingly interconnected, new forms of commerce – including peer-to-peer transactions, online marketplaces and cross-border eCommerce – are becoming commonplace. Payments networks do not accommodate these forms of commerce effectively, resulting in high fees and low approval rates.
Digital currencies, including Bitcoin, lay a strong foundation. But they do not provide a complete payments solution: they face scaling challenges and low rates of adoption, and are unable to offer the protections that consumers and merchants have grown accustomed to.
COTI is a payments transaction network that was built from the ground-up to solve the payments challenges of today. By introducing a layer of trust to all buyer and seller interactions, COTI gives users greater peace-of-mind and eliminates friction from the payments experience.
Powered by a native digital currency, COTI combines the best of traditional payments systems with the best of blockchain technologies to offer the fastest, easiest, most cost-effective and most trusted way to pay.
At the core of COTI’s ecosystem lies the Trust Protocol, a new approach for building trust between transacting parties.
The protocol algorithmically scores the trustworthiness of buyers and sellers based on their behaviours over time. A seller with an impeccable trust record pays zero processing fees, while a seller with a less-than-ideal record incurs higher fees.
The protocol features a decentralized system that reaches consensus on disputes using crowdsourced mediators. Just as Bitcoin miners receive Bitcoin for their efforts, COTI’s mediators are rewarded with COTI’s native currency. Disputes are resolved in a fair, fast and cost-effective manner.
The Overview Document provides an end-to-end picture of the COTI project – from its origins and motivation through to its token sale and roadmap.
The Technical Whitepaper provides a technical treatment of COTI’s core technology.