This article is a recap of the recent AMA session between the changeNOW Community and COTI Network. The session took place in ChangeNOW's Telegram Group on the 6th of August 2020. The COTI team was represented by Shahaf Bar-Geffen (CEO of COTI Network), and Oriane Maire(Community Manager).
The following text is the essential points of the AMA session and has been edited for clarity
Q: What is COTI?
Shahaf: Sure, Jeremy. Maybe I'll just quickly introduce myself for those of you who don't know me yet: My full name is Shahaf Bar-Geffen and I'm COTI’s CEO. I am an entrepreneur and was a co-founder of successful companies in my past and have two exits (WEB3, Positive Mobile). I have studied Computer Science, Biotechnology and Economics. I’m also a reserve officer ranked Major.
With regard to COTI, COTI is Currency Of The Internet. It’s a base protocol and a full infrastructure (everything from a wallet to DeFi and to a Debit Card). It’s a fully encompassing “finance on the blockchain” ecosystem that is designed specifically to meet the challenges of traditional finance (fees, latency, global inclusion, and risk). You can think of us like the Ethereum for finance.
Q: What’s your status?
Shahaf: I'm married! joking. COTI’s MainNet launched back in June 2019 and we are soon releasing it’s version 2.0 to support the network growth we’ve known since. COTI is already generating revenue - in July was processed more than $8.5M for merchants as it can be viewed in our COTI Explorer.
You can now directly purchase COTI, all over the world, using credit and debit cards. This is facilitated through our partnership with Simplex and adds a huge liquidity source to our network while improving our enterprise offering.
Our Staking 2.0 program is a huge success as the demand to participate is very high. The staking volume from our MainNet is 50M COTI and it keeps increasing as we are adding more nodes to the network as we grow. Another 70M has been allocated to exchange-based staking programs. We're building all the time and see actual adoption of our products
Q: Who are your partners?
Shahaf: CARDANO (ADA) partnership is a big deal and a great vote of confidence. We have been chosen to build AdaPay and have completed the solution. There have been some praising feedback about it, including an article associating ADA’s value increase by 24% after the release of AdaPay. We stay in close touch with Cardano and I expect to have some more news about it soon
We also have a key partnership with Simplex, the same company that provides Fiat to Crypto processing to Binance, KuCoin, BitMax, and others. This partnership allows us to build a bridge to traditional finance and build and even more robust universal payment system.
We have a Defi partnership with Celsius Network, one of the leading crypto banks that allows our users to gain interest for their deposits.
We have also announced about deploying our global trust engine on Chainlink. This will add support for trust-based events in smart contracts, enabling user incentivization in line with a predetermined trust score threshold.
Lastly, we have received both an investment and strategic partnership from Recruit Japan, the biggest Internet conglomerate in Japan, to help us penetrate this promising market.
Q: What are the latest updates?
Shahaf: let me share and explain a few:
1) COTI’s activity and network processing volume continues to grow with July being the record month for COTI with over $8.5M in processing volume
2) Blockchain Dollars is coming this month with the first casino partner
3) COTI is now listed on 12 exchanges and more significantly has now 2 Fiat listings, ChangeNOW included, through which COTI can be purchased with a credit or debit card We were hosted on Cardano's summit where I have spoken to their audience for about an hour, explaining ADA Pay and answering questions
Game changer for COTI: You can now directly purchase COTI, all over the world, using credit and debit cards!
COTI joins the elite club of top currencies like BTC, ETH, and XRP as purchasing COTI become far more accessible and easier now. This is facilitated through our partnership with Simplex and adds a huge liquidity source to our network while improving our enterprise offering.
Read all about it here: https://medium.com/cotinetwork/coti-can-be-purchased-directly-by-more-than-35-fiat-currencies-using-credit-cards-and-debit-d7cfb1690ff0 We said we are DeFi and now it's confirmed by the leaders in the space, CoinMarketCap! COTI is one of the lowest DeFi market caps to now join this prestigious list! https://coinmarketcap.com/defi/
COTI Pay v1.0 “VIPER” is coming soon and we thought it would be the right time to give you a glance at the newly designed wallet! VIPER will launch as a new design to our MainNet wallet, revamping it completely with a new sleek responsive design. Let us give you a sneak peek at the fresh brand new design of COTI Pay:
Trusthain 2.0: We have recently introduced our growth plan, product roadmap, and the new COTI Pay ecosystem. Supporting such an extensive growth of our processing volumes will require fortifying our network.
These are the latest and there are big things coming this year
Q: What is planned next for 2020?
Shahaf: As said previously, we are soon releasing COTI Pay v1.0 VIPER. Features will be added to the wallet throughout the rest of 2020 as described in our COTI Pay roadmap.
Soon after we will release COTI-X, our Fiat On-Ramp that will allow users to buy COTI directly with a credit card. In addition to that, we have a new feature for COTI-X that we are developing, which will allow essentially any token that has partnered with us to have his own fiat gateway under their domain. COTI will serve as an intermediary coin, to perform a swap, so it's: Fiat>COTI>Partner token
To support the extensive growth of our network, we are also finalizing the development of the DAG 2.0 that will include the MainNet 2.0 and the Deployment of Initial Consensus Protocol (pBFT).
Additionally, we plan on deploying our GTS (Global Trust System) for Bitcoin and Ethereum. You can read the Trustchain 2.0 roadmap. https://medium.com/cotinetwork/the-continuing-growth-of-cotis-trustchain-trustchain-2-0-8c2212ee61ef
Live Questions From Community
Q: What is "MultiDAG"? can you tell us more about this?
Oriane: You can find all the information about COTI's MultiDAG here: https://medium.com/cotinetwork/coti-is-launching-multidag-a-protocol-to-issue-tokens-on-a-dag-infrastructure-5c6282e5c3d1
Shahaf: MultiDAG is a unique development of COTI that allows us to issue tokens on our infrastructure, the same way you can issue ERC20 tokens over Ethereum. No DAG can do that other than COTI
Q: Why COTI Mainnet wallet redesign?
Oriane: We thought it was about time to make COTI wallet at the image of what COTI really is. The new wallet COTI Pay v1.0 VIPER is not only a newly redesigned wallet but will also include more features to it: COTI-X, DeFi products, 1-Click payments, our Debit card, a new staking dashboard, the COTi Bridge, and more
Shahaf: For everyone asking about DeFi, as you know we have been working in that space for a long while and have been recognized as such by CMC.
I believe DeFi blossoms when the centralized systems fail us. It spreads the wealth of fees and interest between participants. We love it. Other than what we do today, We are building Trustchain 2.0 to fit the needs of the space now, specifically overcome the obstacles that come with Ethereum.
Q: Sign up at COTI pay need KYC, what's the benefit for us to use COTI pay? thanks
Oriane: Any regulated crypto wallet used for payments requires KYC/AML as part of the onboarding process. COTI follows stringent Know Your Customer (KYC) and anti-money laundering (AML) policies to ensure the network is always safeguarded for all users.
Q: What conditions do I need to run Node and receives COTI Token?
Oriane: To run a node, one must first operate a TestNet node and will be selected to operate on MainNet after some time. The demand to operate a node on COTI network is very high. You can also simply stake without the need of operating a node. Read all about it here: https://medium.com/cotinetwork/everything-you-want-to-know-about-cotis-full-nodes-and-staking-model-425fce17f613
Q: When making new partnerships, what does Coti focus on? What does Coti look for in its partners?
Oriane: We make only meaningful partnerships and focus on what is important and will bring value to COTI. The rest will wait
Q: Trust and security are very important in any business, what makes investors, customer, and users safe secure when working with COTI??
Oriane: One of COTI’s SWOT analyses provided was about its strength: "COTI is a proprietary technology solution that is superior to other platforms in terms of scalability, transaction speed, and environmental effect (no mining). It is especially fit for the payment use case because it is low cost, instant, simple, regulated, highly secure, and offers customized transparency modifications."
Q: It is well known that the US cryptocurrency market is the largest market. Do you have any kind of strategy to face the competition and reach a conqueror in this United States market?
Oriane: We have an appetite to conduct business in the United States and plan to expand into it in a prudent and responsible manner once our regulatory environment is well established. From a legal standpoint, the US government has instituted restrictions for citizens and residents participating in cryptocurrency-related endeavors. Therefore, registration from restricted countries will not be possible in the initial stages, but we do plan on becoming widely-adopted globally.
Oriane: Thank you all for your great questions!
Jeremy (changeNOW); Thank you Oriane and Shahaf for taking the time to join us today!
Shahaf: Thank you, everyone! keep following the news from COTI!
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