BENEFIT OF COTI APPLICATION AND SERVICES

sonnyeyakwaire (44)in #block-chain • 7 years ago (edited)

The cryptocurrency market is plagued with a litany of delays across almost every type of transaction. From opening a trading account to verifying your identity and being able to make deposits and withdrawals, the system seems to be quite slow. Blockchain technology ought to make transactions occur faster but it seems to take forever for transactions to be approved on the various chains.
Issues having to do with scalability have been identified by experts as being the cause of transaction delays. As the blockchains become longer, more transactions are being held up in the queue awaiting approval. The market is volatile and as such, delays can be costly. Traders end up missing out on favorable positions because the transaction didn’t get posted on time.
These are just some of the nagging issues in the cryptocurrency market that threaten to affect the quality of the trading experience. It is vital that key stakeholders in the market continue to work on efforts to combat these issues. As the market grows and evolves, it is hoped that some of these issues will become a thing of the past
INTRODUCTION OF COTI FOR FAST TRANSACTION
COTI’s vision is to build a decentralised and scalable payments network to facilitate efficient global commerce. This will set the standard for a next generation payment solution that is trust-driven, instant, cost-effective and supportive of a multi-currency wallet. By reconciling cutting edge distributed ledger technologies with the best of traditional payment solutions, COTI will be poised to spearhead the mass adoption of digital currencies in the mobile era.

Worldwide consumer payment transactions exceed $50 trillion annually and are increasingly carried out using electronic payment methods. Yet despite the intense competition within the payments industry, consumers and merchants face high fees and low approval rates. Digital currencies could represent a compelling alternative, but are not practical to use in common payment contexts in their current form.
COTI APPLICATIONS & SERVICES
COTI is developing a suite of applications and service offerings that will provide consumers, merchants and mediators with seamless connectivity to the COTI network
Benefit of the coti application and services to the global community
Peer to peer transactions. COTI users will be able to make instant, secure transfers to their peers who hold COTI wallets. Transfers will be instant with low-to-zero fees (depending on the users’ Trust Scores and currency selections).
Nearby wallet-to-wallet transactions. COTI wallet holders will be able to send funds in a secure, instant and intuitive manner to other COTI wallet holders through close physical proximity
Storing digital and fiat currencies securely. COTI users will be able to use their COTI wallets as de facto bank accounts for the purpose of holding funds in both digital and fiat currencies. In the first instance, funds can be deposited into COTI wallets using card, bank wire and several leading digital currencies. •
Exchanging digital and fiat currencies. COTI users will be able to use their wallets to move funds from one currency to another by posting market or limit orders to COTI’s exchange. The currencies supported at the outset will include USD, EUR, GBP, and several leading digital currencies, including COTI’s native currency.
Introduction of debit card for easy transaction

COTI users will be able to specify their preferred currency each time they create a virtual debit card. When a purchase is made using a card linked to a currency that does not match the payment currency, COTI’s exchange will automatically convert the required amount of the cardlinked currency to the purchase currency, thereby mitigating third-party currency exchange fees

COTI APPLICATION BENEFIT TO MECHARDISE
COTI recognises that one of the barriers preventing merchant acceptance of digital currencies is the volatility they may be exposed to between the time a payment is received and the time of settlement. COTI will remove this barrier by providing COTI-powered merchants with access to hedging services that enable them to reduce, or eliminate, their exposure to near term currency fluctuations

()
BRAINS BEHIND THE SUCCESS OF THE COTI APPLICATION