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Blockchain 3.0 and COTI – Next-generation technology without mining?

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COTI logoCOTI

The blockchain is changing with several new protocols currently being tested and that seem to change the system as we know it. The last incarnation is what is referred to as "Blockchain 3.0"

A new company called COTI has designed a new block-less blockchain and with no minerals that claim solves the problem of cryptocurrency scalability and causes bitcoins to look slightly backward. Cryptocurrencies have all been introduced to make payments cheaper, faster, safer and easier. Probably, they did anything except this.

The time and money needed by miners to confirm transactions means that transactions with Bitcoin can lead 3-5 TPS (transactions per second), and Ethereum marginally better at 15 TPS. It is a clear problem if we expect millions to use cryptocurrencies for everyday shopping. Not to mention the nightmare of the wallet and energy consumption for the code.

COTI has designed a new blockchain based on a DAG (Directed Acyclic Graph) protocol. DAGs are blockchains without blocks where there are no miners or blocks. Charts are acyclic in nature and flow in a specific direction, which means that transactions can not be duplicated and can be automatically confirmed based on previous transactions. Therefore, there are no miners who spend time and charge fees on the code to confirm transactions, allowing real-time and low-cost credit of funds to the portfolio of the other party.

Furthermore, no miner means no coding and no energy consumption for the calculation. In addition, COTI will store user funds in "cold" offline portfolios, protecting against recent well-documented cyber attacks.

Therefore, unlike the 3-5 TPS Bitcoin, COTI is able to process 10,000 TPS. Bring what works in the fiat world (ie instant payment processes) in the encrypted world.

COTI is a real business and has not suffered an ICO, but has an operating platform with 80,000 users, 4,000 merchants, for a value of $ 15 million + already, and already used on 250,000 POS terminals in stores around the world.

Shahaf Bar-Geffen, CEO of COTICOTI

COTI is managed by a team with considerable experience: Greg Kidd (early investor in Twitter, Square, Coinbase, Ripple), Steve Heilbron (CEO of Investec plc) and Dr. Matthew McBrady (CIO of Blackrock), as well as other JPMorgan executives, Goldman Sachs, HSBC, UBS, KPMG and IBM.

I spoke to Shahaf Bar-Geffen& nbsp; who is the COTI CEO. As already explained, COTI has designed a new blockchain based on the data structure DAG (Directed Acyclic Graph), called Trustchain. DAG is blockchains without blocks where there are no miners or blocks, allowing a confirmation of transactions virtually in real time and at low cost. Shahaf was also co-founder and CEO of WEB3, a company of digital media and advertising.

Could you provide an overview of how COTI works and how is this relevant in the light of Blockchain 3.0?

"At COTI we are building the world's first optimized blockchain protocol for decentralized payments, designed for use by merchants, governments, decentralized payment networks and stable coin issuers. Our DAG-based Trustchain protocol is the next evolution of the blockchain, a valid blockchain 3.0 solution that will be particularly suitable for specialized use cases ".

Geffen also states that decentralization is the future and that the Trustchain is the next-generation blockchain 3.0 solution, which will bring the world a step closer to achieving mass adoption of cryptocurrencies. "

"Our vision is to digitize money and improve the technology behind it." We see a future where money is completely digitalized and not associated with the limitations that money has today. "

How does COTI improve the safety of job tests?

"We reach the safety of the Trustchain protocol in our network by introducing the DSP nodes (prevention of double spending) and applying trust to all participants in the network.With COTI, double-expense attacks are not possible, so we are much more secure than any protocol existing blockchain.

The best-known solutions to the double expense problem are inefficient or centralized. Geffen states that their DSP solution is to add a handful of highly reliable nodes to the network with the primary function of reaching consensus on whether the transaction is legitimate or a double expense. When a transaction has more than half the signatures of the DSP nodes, consent is reached.

Let's go a step further with the PoT (Trial of Trust) necessary to validate the transactions. In the rare event that an attacker is able to execute many small transactions, the trust score of the account will decrease, causing an increase in the PoT needed to create new transactions and blocking that attack very quickly. Another possible way to launch a similar attack is to flood the network with invalid transactions using many user accounts. In COTI, such attempts will be met with little success because all transactions are verified by Full Node.

What are the technical aspects of money and how do these games change in space?

"We have introduced a high-performance cryptocurrency built on the base-level protocol.This cryptocurrency will be used as a common means of payment, including all commissions and stakes within the COTI ecosystem. vouchers, stable coins, dedicated tokens for global companies, or scaling tokens to accelerate settlements into other blockchains.

Geffen explains that their infrastructure will support a MultiDAG, which is a unique and innovative concept not available on other platforms and that can be used for various purposes and originators. They also present intelligent contracts based on chain-based DAG, a unique solution that will allow the simplified implementation of new tokens on the network. All tariffs within the COTI ecosystem are paid with the COTI native currency. In this way, all applications and tokens supported on the infrastructure will increase the circulation of the native coins and the value of the token accordingly.

"Our MultiDAG, together with our intelligent contracts and the possibility of multiple genesis transactions, allows the creation of stable high-performance coins.The most stable currencies are essentially ERC-20 tokens, which make them difficult to use for daily payments. For COTI, the situation is different, as high throughput, fast confirmations and low costs allow the creation of highly usable stable currencies with its own Cluster and confirmation rules, "added Geffen.

Finally, what are the next steps for COTI?

"To date, we have launched the Trustchain AlphaNet protocol, the KYC chain, the trust score mechanism and COTI Pay. In the coming months we will also present much more interesting developments at COTI. At the end of November, we will release the COTI-X exchange and first white label solution, followed by the launch of our arbitration system during our version of TestNet on December 30, 2018. Smart contracts and POS integration will be implemented main network in the second quarter of 2019, "concluded Geffen.

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The blockchain is changing with several new protocols currently being tested and that seem to change the system as we know it. The last incarnation is what is referred to as "Blockchain 3.0"

A new company called COTI has designed a new block-less blockchain and with no minerals that claim solves the problem of cryptocurrency scalability and causes bitcoins to look slightly backward. Cryptocurrencies have all been introduced to make payments cheaper, faster, safer and easier. Probably, they did anything except this.

The time and money needed by miners to confirm transactions means that transactions with Bitcoin can lead 3-5 TPS (transactions per second), and Ethereum marginally better at 15 TPS. It is a clear problem if we expect millions to use cryptocurrencies for everyday shopping. Not to mention the nightmare of the wallet and energy consumption for the code.

COTI has designed a new blockchain based on a DAG (Directed Acyclic Graph) protocol. DAGs are blockchains without blocks where there are no miners or blocks. Charts are acyclic in nature and flow in a specific direction, which means that transactions can not be duplicated and can be automatically confirmed based on previous transactions. Therefore, there are no miners who spend time and charge fees on the code to confirm transactions, allowing real-time and low-cost credit of funds to the portfolio of the other party.

Furthermore, no miner means no coding and no energy consumption for the calculation. In addition, COTI will store user funds in "cold" offline portfolios, protecting against recent well-documented cyber attacks.

Therefore, unlike the 3-5 TPS Bitcoin, COTI is able to process 10,000 TPS. Bring what works in the fiat world (ie instant payment processes) in the encrypted world.

COTI is a real business and has not suffered an ICO, but has an operating platform with 80,000 users, 4,000 merchants, for a value of $ 15 million + already, and already used on 250,000 POS terminals in stores around the world.

Shahaf Bar-Geffen, CEO of COTICOTI

COTI is managed by a team with considerable experience: Greg Kidd (early investor in Twitter, Square, Coinbase, Ripple), Steve Heilbron (CEO of Investec plc) and Dr. Matthew McBrady (CIO of Blackrock), as well as other JPMorgan executives, Goldman Sachs, HSBC, UBS, KPMG and IBM.

I spoke to Shahaf Bar-Geffen who is the COTI CEO. As already explained, COTI has designed a new blockchain based on the data structure DAG (Directed Acyclic Graph), called Trustchain. DAG is blockchains without blocks where there are no miners or blocks, allowing a confirmation of transactions virtually in real time and at low cost. Shahaf was also co-founder and CEO of WEB3, a company of digital media and advertising.

Could you provide an overview of how COTI works and how is this relevant in the light of Blockchain 3.0?

"At COTI we are building the world's first blockchain protocol optimized for decentralized payments, designed for use by traders, governments, decentralized payment networks and stable currency issuers. Our DAG-based Trustchain protocol is the next evolution of the blockchain, a true blockchain 3.0 solution that will be particularly suitable for specialized use cases ".

Geffen also states that decentralization is the future and that the Trustchain is the next-generation blockchain 3.0 solution, which will bring the world a step closer to achieving mass adoption of cryptocurrencies. "

"Our vision is to digitize money and improve the technology behind it: we see a future in which money is completely digitalized and not associated with the limits that money has today".

How does COTI improve the safety of job tests?

"We obtain the security of the Trustchain protocol in our network by introducing the DSP nodes (prevention of double spending) and applying trust to each participant in the network. With COTI, no double expense attacks are possible, so we are much more secure than any blockchain protocol. existing .

The best-known solutions to the double expense problem are inefficient or centralized. Geffen states that their DSP solution is to add a handful of highly reliable nodes to the network with the primary function of reaching consensus on whether the transaction is legitimate or a double expense. When a transaction has more than half the signatures of the DSP nodes, consent is reached.

Let's go a step further with the PoT (Trial of Trust) necessary to validate the transactions. In the rare event that an attacker is able to execute many small transactions, the trust score of the account will decrease, causing an increase in the PoT needed to create new transactions and blocking that attack very quickly. Another possible way to launch a similar attack is to flood the network with invalid transactions using many user accounts. In COTI, such attempts will be met with little success because all transactions are verified by Full Node.

What are the technical aspects of money and how do these games change in space?

"We have introduced a high-performance cryptocurrency built according to the base-level protocol. This cryptocurrency will be used as a common means of payment, including all fees and episodes within the COTI ecosystem. They can be voucher tokens , stable coins, dedicated tokens for global companies, or scaling tokens to accelerate settlements into other blockchains.

Geffen explains that their infrastructure will support a MultiDAG, which is a unique and innovative concept not available on other platforms and that can be used for various purposes and originators. They also present intelligent contracts based on chain-based DAG, a unique solution that will allow the simplified implementation of new tokens on the network. All tariffs within the COTI ecosystem are paid with the COTI native currency. In this way, all applications and tokens supported on the infrastructure will increase the circulation of the native coins and the value of the token accordingly.

"Our MultiDAG, together with our intelligent contracts and the possibility of multiple genesis transactions, allows the creation of stable high-performance coins.The most stable currencies are essentially ERC-20 tokens, which make them difficult to use for all payments. The situation is different, as high throughput, fast confirmations and low tariffs allow the creation of highly usable stable currencies with their own Cluster and confirmation rules, "added Geffen.

Finally, what are the next steps for COTI?

"To date, we have launched the Trustchain AlphaNet protocol, the KYC chain, the loyalty mechanism and COTI Pay. We also have many other interesting developments coming to COTI in the coming months.At the end of November, we will launch the COTI-X exchange. and the first white label solution, followed by the launch of our arbitration system during our TestNet version on December 30, 2018. Smart contracts and POS integration will be implemented on the main network in the second quarter of 2019, "Geffen concluded.

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