This review is purely fact-finding!
The global payment industry includes many different organizations, intermediaries, clearing houses, bank processors, gateways and, of course, traders and consumers. COTI aims to become a de facto payment mechanism for sellers to conduct business in crypto-currencies (their own, XCT, as well as others) and fiat. The COTI review document reads: "The COTI team was formed to fill this void. COTI combines the best of traditional payment systems with the best digital currencies - working with their respective limitations - to provide a comprehensive payment solution that is optimized for the needs of typical consumers and sellers, first of all. "
For those of you who are not familiar with the payment industry, there are certain entities involved in conducting payment transactions using traditional payment methods and brands such as Visa and MasterCard. Let's look at the traditional process; there is a cardholder, as well as a consumer, as well as a seller who wants to accept payment for goods or services and receives a trading account for this. The payment gateway allows credit card payments and ensures the secure transfer of payment data between the seller's site or the POS-machine and the trading account. The payment processor works to process a credit card transaction from start to finish. It does this by connecting a merchant account to the payment gateway so that it can receive transaction data and also connects the gateway to the credit card network for authorization from the issuing bank. The issuing bank issues credit cards to consumers. They are responsible for paying the acquiring bank for the purchases that their owners make.
A credit card network helps to link issuance and acquisition banks by sending relevant transaction information between two banks. The acquirer bank is also referred to as a commercial bank, as it creates and maintains trading accounts that allow commercial businesses to accept credit and debit cards. So, if you ever thought about what happens when you take on your card, you are right. As you can see, in this space there are many opportunities for companies based on the block system, due to the fact that there are currently involved chains of transactions of multiple structures. These chains increase costs. The question is, how does COTI fit into this trillion-dollar industry?
The review article was well written with a detailed description of the organization's applications and services, including a purse with internal exchange and a virtual debit card for consumers, processing tools for merchants that look like a virtual gateway and a platform for intermediaries to handle disputes in their network. The structure of the COTI card is based on a trust account derived from the transaction history of that person or seller.
The company also states:
"In addition to taking measures to counteract the manipulation of a trust account, COTI guarantees that parties with a low trust account have a clear path to achieving higher confidence indicators. COTI does not intend to skip participants with a low trust account on either side and actively encourages network participants to take bona fide steps to increase their points. If a participant with a low rate can demonstrate its value to the network by showing honest, credible behavior, this value will be reflected in his points over time. "
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