COTI stands for “currency of the Internet”. This is a new type of blockchain systems that is supposed to seamlessly convert to and from other types of crypto. This will make it possible to pay much more easily on many platforms.
A coti wallet may soon become a very useful thing for both online stores and web users, as it allows people to use digital currencies to pay for goods and buy other currencies on the Internet.
How does a COTI wallet work?
A COTI wallet converts any kind of cryptocurrency into a generalized form of money. This money can be exchanged for goods at any store that also uses a COTI wallet.
To register a wallet, you will need to register at the CPS — COTI payment system. You will need to provide a password and email address. Then a unique code will be created, in the same way as with a BTC wallet.
After this you will be able to receive payments in many different currencies, and they will be converted to COTI currency, which is ERC20.
Key features of the system
The biggest drawback in most new virtual currencies was the fact a user could not use them to pay in stores. However, with a COTI wallet this will be possible.
The reason this wallet has so many perspectives in the way of unifying all cryptocurrencies, and also make it possible to pay for services and goods with crypto. There are many reasons to use it:
- This wallet will work like other crypto exchanges. It will show a user’s balance, and store the money in the form of Ethereum. The ETH tokens will be exchanged for merchandise, when the user pays for it, and when the tokens are moved to the seller’s account, the balance of the COTI wallet will reflect these changes.
- COTI already has an app, which will make access to it much easier.
- Even users who are not technically advanced, will be able to utilize COTI.
- COTI has a lot of security features, a security rating for each user and an arbitration system, which will make it possible to quickly resolve any disputes.
- The COTI Pay system is already published as an API, which can be embedded into your online store, so customers can pay with this currency.
- Customers are identified via their email address, and in many cases, KYC with verification is used.
- Any kind of goods will be exchangeable for COTI tokens.
As the system gets more developed, it will probably have even more benefits.
What is the future holds
While COTI is still an experimental currency, it has very interesting future perspectives, and if it is invested into, then it may become the Internet’s main currency. Its main benefits are convenience, quick transfers and the ability to convert different currencies.