2023 COTI Updates: CEO Shahaf Bar-Geffen Unveils Game-Changing Plans
The Currency of the Internet, COTI, is the next-generation blockchain protocol on a mission to change the way we think about transactions by providing a fast, scalable, and low-cost solution for a variety of use cases.
COTI's story began in 2015 when a group of entrepreneurs set out to develop a better way to facilitate payments and other transactions. COTI has since accomplished several significant milestones, including the launch of its mainnet in 2019 and partnerships with a number of major corporations.
COTI's DAG-based technology distinguishes it. COTI's DAG architecture, in contrast to traditional blockchain, which can be slow and limited in its scalability, allows for high scalability and transaction speed, with the ability to process up to 100,000 transactions per second.
However, it is not only about speed and scalability. COTI's technology has the potential to transform industries like payment processing, supply chain management, and digital identity verification. COTI's technology can be used to create decentralized lending and borrowing platforms in the world of DeFi.
Let us not overlook COTI's governance. It is built on a decentralized autonomous organization (DAO) model, which means that token holders have a say in key network decisions. COTI, the native token, is essential to the network, as it is used for transaction fees, staking, and governance.
I am aware that the cryptocurrency market can be volatile, and COTI's value has fluctuated in recent months. But, given the growing interest in blockchain technology and its potential applications, I believe COTI has the potential to be a game changer.
COTI revealed last year that the MultiDAG 2.0 Mainnet hard fork occured on December 29th
The announcement stated that the hard fork date was set after a positive testing period in which over 1,100 tokens were created on top of the protocol. The MultiDAG 2.0 protocol, which is based on the COTI MultiDAG (CMD) criterion, allows for the disbursement of tokens on top of the COTI Trustchain.
This will allow for the successful transition from a shared currency architecture to a mega token layer. Such tokens are developed with Trustchain functionalities including high scalability, throughput, and security, tackling the essential requirements of companies presently.
A hard fork is a dramatic upgrade to a blockchain network that is incompatible with the previous version. This implies that when a hard fork occurs, the network will be split into two chains, one running the old version of the software and the other running the new version. In order to continue participating in the network, users and nodes must upgrade to the new version of the software.
A hard fork can be initiated for a variety of reasons, such as to introduce new features or to fix security vulnerabilities. It's important to note that hard forks can have significant impacts on the network and may require careful planning and coordination to ensure a smooth transition.
The forthcoming rollout is a significant step forward for COTI and the cryptocurrency industry as a whole, as it will provide a pathway to collaboration with organizations that have yet to embrace cryptocurrency payment services.
COTI 2023 updates from COTI CEO Shahaf Bar-Geffen
On Wednesday, January 4th, 2023, COTI CEO Shahaf Bar-Geffen provided an update on the new Treasury payment system, COTI's strategy for this year, and why Djed should be referred to as an overcollateralized stablecoin rather than an algorithmic stablecoin.
The CEO announced via a press conference on COTI's YouTube channel that COTI is transitioning from a network with a native coin to a network with multiple assets built on top of it. He emphasized that was the primary focus at the moment. Shahaf retaliated by claiming that the new progress was made possible by the recently upgraded MultiDAG 2.0.
According to the CEO, the ability to create DAG-based CMD tokens is a significant technological achievement that will lead to tremendous business success. He emphasized that the overall goal was to work on technology first, then on business, and finally on adoption. COTI can now launch private payment networks, he says, thanks to the release of MultiDAG 2.0. This advancement has been made possible by the creation of CMD-branded payment tokens and CMD-branded loyalty tokens. According to Shahaf, this advancement will enable enterprises to take advantage of all trust chain capabilities without making any compromises. He added that businesses can now achieve high scalability, security, and throughput while handling all of the critical requirements for modern enterprises.
The CEO stated that, in addition to MultiDAG 2.0, COTI has released Explorer 2.0, and Bridge 2.0 Wallet app, and that all activities can now be carried out on the mainnet. The Bridge 2.0 Wallet app includes a refund feature that allows users to request a refund if the swap fails to execute due to technical issues or if the process is still pending. He stated that at the Explorer level, users can now search for any token generated on the trust chain, not just COTI. Users can also view information about a particular token. Users can also gain access to the COTI full node list, which he revealed is currently very limited. According to the CEO, the testnet has just over 100 nodes.
One of the main goals for COTI this year, according to Shahaf, is to increase the number of mainnet nodes. He also stated that adoption is still a high priority for 2023 and that it is the primary focus of the business team. The CEO also mentioned Treasury as a key pillar, and that the team has implemented a new fee structure model based on community feedback.
Shahaf stated that the new fee structure will go into effect on January 16th and that it will be more transparent and align with COTI's long-term goals. The CEO clarified that the fees were going to Treasury, not COTI. The fees are then passed on to the users. He also stated that the COTI team is in the process of releasing the White Paper, which will describe Treasury 2.0 and highlight all of its key features.
Concerning Djed, the CEO stated that COTI intends to roll it out later in January. Regarding the Djed designs, Shahaf stated that the minimal and extended designs are being implemented, beginning with the minimal design. He revealed that the extended Djed design will outperform the basic version. The CEO explained that the minimal Djed is sufficiently robust, stating that its robustness is the primary reason for rolling it out. Shahaf went on to explain that the minimal Djed version has been battle tested with Ergo USD, and that users have no reason to be concerned about its robustness.
Shahaf also stated that the Djed stablecoin is a collateralized stablecoin rather than an algorithmic stablecoin. Simply put, Djed employs an algorithm, but this is not sufficient to qualify it as an algorithmic stablecoin. Djed uses external collateral in the form of $ADA, which has nothing to do with the protocol algorithmic stablecoins. Djed is 4x208x overcollateralized, whereas algorithmic stablecoins are mostly partially collateralized.
Overcollateralized stablecoins are therefore less capital efficient. Djed is unique in that it corrects this with the Shen model, which takes care of overcollateralized stablecoins in a symbiotic relationship. As a result, Djed is extremely capital efficient. To put it another way, one dollar of $ADA is always equal to one dollar of Djed. Furthermore, Djed is always redeemable for the collateral, $ADA. Because they are based on the value of the governance token, algorithmic stablecoins are not always redeemable.
Djed stability is based on overcollateralization rather than the trust that users must have in the governance token when using algorithmic stablecoins. Users of algorithmic stablecoins must trust both the algorithm stability model and the price of the governance token. This occurs because if the algorithmic stablecoin crashes, the peg may be lost. Overcollateralized stablecoins benefit from this, with the only drawback being that they are not capital efficient. Djed solves this by completely separating the capital-efficient stablecoin from the collateral providers, Shen. Shen is compensated with fees.
The CEO concluded the brief by promising to release COTI's 2023 plans in the coming weeks. Continue reading our articles, and we will keep you updated on what happens with COTI in the future.
In conclusion, COTI is a project worth keeping an eye on. Its DAG-based technology, potential use cases, and decentralized governance structure distinguish it as a distinct and promising blockchain player. Before making any investment decisions, always conduct your own research and consult with a financial advisor.
Djed is now live on Mainnet, ushering in a new era for stablecoins
Djed's much-anticipated public mainnet launch took place today, January 31st, ushering in a new era for stablecoins. Djed's launch marks an important milestone for COTI, the Cardano ecosystem, and the DeFi ecosystem as a whole. Djed is a community-driven decentralized open-source protocol that allows users to hold, mint, and burn DJED and SHEN.
The Djed platform is available at djed.xyz. DJED is also accessible on Wingriders, MinSwap, and MuesliSwap, and we anticipate that it will be listed on additional top Cardano ecosystem platforms. Users on Wingriders can now provide liquidity and take advantage of farming rewards. In addition,Bitrue will be the first exchange to list SHEN and DJED.
First published on Dec 19, 2022