Place/Date: Tel-Aviv, Israel - May 24th, 2019 at 9:23 pm UTC · 4 min read
Contact: Efrat, Source: COTI
While blockchain technology has provided a means of processing transactions in a decentralized fashion, it has faced a number of issues, including low scalability, high costs and slow confirmation speeds. To address these issues, a new technology based on the directed acyclic graph (DAG) was developed and is used both by COTI and Fantom to provide scalability and low fees.
Fantom’s high TPS and low time to finality (TTF) is possible through the platform’s Lachesis protocol built on the OPERA Chain. This technology will replace existing payment methods and supply chain management infrastructures using dApps that can handle tens of thousands of transactions per second.
dAPPs built on the new distributed ledger by Fantom can be used across a range of industries, including food, telecommunications, finance, electricity, electronics, real estate and autonomous vehicles, saving costs and providing transparency.
COTI’s Trustchain has also been optimized for a number of use cases, including white label payment solutions, stable coins, remittance and loyalty programs for decentralized payment apps, merchants, enterprises, developers and more. The DAG-based Trustchain protocol is based on machine learning, which dramatically decreases transaction costs and increases processing speed by assigning trust scores to transactions and clustering them in chains.
COTI’s CTO Dr. Nir Haloani commented:
“Abstracts ledger dependent technologies can overcome the bound of different architectures regardless of addresses, ledger implementation and consensus mechanisms. The potential for both implementations to be networked together is evidently the key needed to hasten the pace of any infrastructure adaptability in the world. Its ability to increase accessibility, link up disconnected systems and enable quick transfer of value is a crucial factor that will drive mass adoption of any product. I am delighted to work with Fantom’s technical advisor, Andre Cronje on these subjects.“
When coupled with no requirement for mining and low energy consumption, the network can operate with near zero fees in a decentralized environment. Fees decrease the more trustworthy a user is, while the speed to process a transaction increases. The inverse is also true, thus improving the security and overall trustworthiness of the network.
Fantom’s CMO Michael Chen commented:
‘’Unless we are thrown into a state of Armageddon between today and tomorrow, we believe that there will be a market for a multitude of distributed ledgers and token standards. When building a cohesive digital economy, projects should work with each other instead of against each other, therefore we are of the opinion that interoperability and collaboration function as the building block for the mass adoption of both Fantom and COTI.’’
COTI is an enterprise-grade fintech platform that eliminates all intermediaries and empowers organizations to build their own private payment solution and digitize any currency using its proprietary Trustchain protocol.
COTI provides functionality as robust as Paypal and Alipay while enabling enterprises to create their own unique rules and finally own their payment system to save time and money and regain control over their data. COTI’s platform enables companies to effortlessly create advanced fintech products ranging from payment networks to stable coins, loyalty programs and more.
COTI’s 28+ people team is built from highly experienced individuals, who previously held positions at IBM (former head of research), Ripple (former CRO), Blackrock (former CIO), Investec bank (former CEO), as well as cryptographers from Israeli elite army intelligence units.
Fantom is a new distributed ledger technology that is striving to become the backbone of the smart cities of tomorrow, blazingly fast payments, and the digital economy. With a focus on its newly engineered consensus mechanism, the lachesis protocol, Fantom is providing an underlayer for decentralized applications, IoT use-cases, and decentralized finance solutions.
Fantom is a geographically distributed organization which has a 30+ people team, active in Dubai, South Africa, Luxembourg, the Netherlands, Russia, Australia, and South Korea.
Disclaimer: COTI is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.