INTRODUCTION
The emergence of blockchain technology has changed the face of things, the positive impact of cryptocurrency in the world economy cannot be over emphasized. The Bitcoin exchange network or payment system has been a great improvement over the past few years in tackling major challenges in the payment network system. Some of the factors responsible for this achievement is the issue of trust that a lot of people have in the system and the level of transparency in the network transactions. To change digital currency to the local hard currency was an instant affairs on the blockchain network.
The challenge
Some challenge emerge over the time as numbers of cryptocurrency user increase. The huge increase due to massive adoption of cryptocurrency had a great effect on the system exchange network.
Transaction
Due to the expansion in cryptocurrency acceptance, the number of transactions that is being carried out has increased greatly so the numbers of transaction the network handles per second is now very low in comparison to what was obtained before. Presently, the network handles 7 transactions per second.
Transaction price
Another considerable factor is the cost of transaction. Although there is no fixed price for transaction, as at now the price is very high and making things difficult for users, who has no choice than to accept it.
Duration
Currently, the time spent for confirmation of each transaction is so long, Sometimes, it might take up to twenty minutes to get confirmation of transaction. This could be so frustrating, especially when you have many transactions to make.
Price instability
It is becoming extremely risky for merchant or websites to accepts bitcoin and other Cryptocurrency as a means of transaction because of the price instability. The price varies and it is not predictable. So, the merchant or websites that accepts bitcoin or other cryptocurrency might loose a great deal due to the problem of price instability. Lots of Investors now prefer to hold their coin instead of instant transactions.
Payment reversal
It is also observed that when there is a mistake in the course of transaction that it could not get to its destination, the reversal of such transaction is not instant, due to this some people have lost money simply because there is no mechanism in place to handle the reversal of payment anytime there are errors.
Here comes the Solution
Permit me to introduce to you a new project that is aimed at dealing with the aforementioned challenges effectively. HERE COMES COTI
COTI?
COTI is a payment transaction network supported by a native digital currency. It is built to proffer solution to the problems that arise with payments today, COTI is aimed at setting the standard for how proper payments should work in the digital currency era. Combining the blockchain technologies with the traditional payment method, COTI provides buyers and sellers all around the world with the easiest, effective and most reliable way to pay.
COTI is an acronym for Currency Of The Internet it seeks to takeover the currency of the internet by combining traditional payment model with the blockchain technology payment system.
Here are some features of coti
Transactions
The number of transactions that coti is set to handle per second is amazing, it is set to increase the number of transactions being carried out per second to Ten Thousand Transactions Per Second. Also coti network guarantees instant transaction, there will be no delayed transaction with coti network.
Transaction Cost
COTI network seek to set the right standard of how transaction should work in digital currency transactions. In the light of this, the cost of transaction will be low and affordable.
Cryptocurrency support
Coti network supports a wide range of cryptocurency for exchange from the fiat currency to the local currency and vice versa.
League of Professionals
The COTI team is made up of professionals from different fields and profession. These professionals are working towards the establishment and stability of the plaform and to be legally acepted. These team is made up of people from the Banking sector and also Blockchain technology experts since the project combines the two methods together to achieve the best result.
Customer care
COTI has an initiative to have agents who will be available, they will be responsible for interacting and dealing with various issues that might arise between buyers and sellers.
COTI is a great project with a great future. I encourage you to participate in the ICO and hold the coin, investing in COTI is a great decision.
For more informations
Website: https://coti.io
Facebook: https://www.facebook.com/COTInetwork/
Whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
Telegram: https://t.me/cotichannel
BountyOx username: Ruth
good article