COTI 2020 in Review
Tags: Crypto, Community, Blockchain, Year In Review, Cryptocurrency

2020 has been an exciting year for the COTI network. After launching our TestNet and MainNet in 2019, we’ve been able to build upon this foundation to strengthen our network and continue to build out core aspects of our technology that has allowed for increased usage and utility of both the network itself and our COTI coin that powers it.

One of our most important achievements this year has been the completion and launch of our MultiDAG. The MutiDAG extends the capacity of our Trustchain to allow for multi-currency and additional token issuance on the COTI network. The MultiDAG lays the foundation to allow partners, from developers to enterprises and central banks, to issue tokens on top of the Trustchain. We have already been approached by potential partners and plan to participate in central banks tenders to issue Central Banks Digital Currencies in 2021. For more details and a demonstration of the MultiDAG, you can click here.

We also launched our COTI Pay v1.0 wallet, featuring a sleek responsive design for web browsers, COTI Bridge integration, updated staking support, and COTI-X integration. The COTI Pay v1.0 wallet is also now available as a mobile application on Android, via the Google Play Store and our iOS version of the wallet will soon be available on the Apple App Store (currently in the approval process). For those who haven’t accessed or downloaded the COTI Pay v1.0 wallet, you can click here to see what the wallet looks like.

To support liquidity across the COTI network, we launched COTI-X. COTI-X functions as an internally licensed exchange, a fiat on-ramp for the COTI ecosystem and is supported by several liquidity pools, including Uniswap. The COTI/ETH Uniswap pool is already being used by COTI-X to facilitate credit card purchases of COTI via the COTI Pay v1.0 wallet and on Binance and BitMax. COTI-X is also being used as a fiat on-ramp by some of our whitelabel wallet customers, covered in more detail below.

We recently released the COTI Global Trust System (GTS). The initial GTS system supports the Bitcoin network and will be expanded out to support Ethererum and Cardano in 2021. The GTS uses our unique Trustnode and Trustscore infrastructure to monitor user behaviour, calculate trust scores and as such, introduce more trust and adoption to other blockchain networks, past COTI. The GTS is available via a web interface and will also soon be available via an API and via Chainlink’s oracle and smart contract framework.

Our Trustchain 2.0 update has seen significant development and we’ve been hard at work at the challenges of implementing a pBFT consensus model to upgrade our network to DAG 2.0. This update will include major optimizations to the DAG structure and ClusterStamp that will significantly increase throughput and capacity on the Trustchain.

As we’re currently in the process of integrating our MainNet 1.0 into a major exchange to support more liquidity for our native COTI coin, in order to solve issues faced with the COTI Bridge availability and transfer limitations, this update has been pushed back to Q2 2021. Once this exchange integration is complete, we’ll be rolling out TestNet 2.0 and developing an SDK that will allow integration of MainNet 2.0 with KuCoin and other exchanges supporting the COTI native coin.

After the development of our underlying network architecture in 2019, one of our main points of focus in 2020 was building out our whitelabel merchant solutions to expand our payment network and use of the COTI network and utility of the COTI coin. We released several whitelabel wallet solutions in 2020 that use fiat, BTC, and stable coins that allow gaming merchants to accept crypto as a form of payment, firstly, Blockchain Dollars, used by Market Junction N.V, a gaming industry giant. Secondly, the Ultra eWallet, used by Dafabet, a name synonymous with gaming worldwide, and finally Simply Wallet, a custodian wallet with a simple user interface and with built-in credit card processing.

In 2021 we will continue to not only build further whitelabel products to support the growing demand for crypto and fiat-based patent solutions via our merchant network but also our Trustchain and supporting infrastructure to support the increased capacity required of this ever-increasing processing demand.

Towards the year’s end, we have introduced not only the long-awaited COTI debit card but also a direct integration of fiat into the COTI Pay wallet, allowing our consumers and merchants alike to use the COTI Pay wallet as a digital bank account, inclusive of an IBAN and supportive of both crypto and fiat alike.

We’ll also be focused on developing more features and tools for consumers who seek the same level of support and functionality we give to merchants: a combined world of crypto and fiat offers, via additional features in our COTI Pay wallet.

As always, our technology and development can be followed through our public GitHub.