Hello and welcome to this blog post about COTI White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the COTI white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the COTI (COTI).
I can ensue you that, you will be able to understand every bits and pieces related to COTI (COTI) after going through the COTI white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
COTI White Paper
COTI white paper will be going to provide you, all the information that is needed to get started with COTI (COTI), including the inspiration for creating, the problem it is trying to solve and the solution proposed by COTI (COTI).
“ It has been long anticipated for cryptocurrencies to significantly alter the online payment landscape. To accomplish this, it is necessary for cryptocurrencies to be user friendly, convenient and highly scalable.
Several blockchain based technologies have been created to tackle the challenges posed by attempting to provide high transaction throughput while remaining inexpensive, but these have been met with little success.
Another challenge faced is the lack of trust between unknown parties, which leads to countless chargebacks and transaction cancellations. Moreover, merchants are often classified as ’high-risk’ or ’low-risk’ based on their association with a particular industry, rather than on their actual behaviour.
COTI, Currency Of The Internet, solves these challenges by using an innovative base-layer protocol in the form of a directed acyclic graph-based ledger, built from transactions connected through time, by harnessing trust-based algorithms.
Trust should be based on a combination of the network participant‘s historical behaviour data and objective information about them. COTI takes this into consideration, calculating trust using a unique machine-learning algorithm.
Trust is used in the Trustchain Algorithm to validate and confirm transactions faster. Trust chains grow as new transactions attach to two prior transactions which have similar degrees of trust as themselves.
This results in an innovative consensus-based confirmation mechanism, where every user is incentivised to have a high level of trust while engaging in trust-building behaviour due to the benefits associated with having a high level of trust (i.e. faster confirmation times).
COTI has built mechanisms to monitor, detect and defend against possible attacks, ensuring network security.
An example of such a mechanism is COTI’s Double Spend Prevention (DSP) Nodes. COTI also introduces novel protocols to address disputes that may arise when sending transactions, a much required feature which is not possible with other cryptocurrencies.
Dispute resolution is achieved by the use of an Arbitration Service. This service takes advantage of the principles of game theory to ensure a fair outcome in the case of a dispute and votes to determine which of the two disputing parties is right.
Our vision of COTI is to empower users to freely exchange value as simply as information is exchanged on the Internet.
To achieve this, we are developing the Trustchain Protocol based on a directed acyclic graph (DAG) distributed ledger, which creates a scalable blockless protocol that can be utilised by any industry that needs high throughput and trust to operate.
COTI is uniquely positioned to provide the infrastructure needed for industries requiring immense scalability, in addition to an arbitration mechanism to resolve disputes, fraud (e.g. double spending) and errors. COTI also introduces a MultiDAG structure and high-performance smart contracts, which provide a multitude of tools for enterprises, merchants, governments, developers and stable coin issuers.”
White Paper Link: COTI White Paper
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