New “blockless” chain based on DAG protocol solves many challenges of traditional blockchain as payment gateway
Ormeus Cash, an asset-backed virtual currency with a stable transaction price, announced today a partnership with technology firm COTI. The new partnership provides Ormeus Cash with the platform upon which to build out is merchant gateway, opening new markets for the virtual currency so that it can be accepted worldwide for payment without the bothersome delays, high fees, and other stumbling blocks found in traditional blockchain-based payment systems.
COTI is the developer of Trustchain, a “blockless” chain based on the DAG protocol that solves many problems merchants have using the current blockchain system to facilitate customer payments. Scalability, speed, high transaction fees and other issues make bitcoin and similar blockchain-based coins cumbersome to use to buy a cup of coffee, a favorite book, or tickets to a sporting event. These issues prevent virtual currency from widespread adoption as a payment method among retailers.
COTI plans to change all of this with a groundbreaking platform built from a blockless chain, a new consensus algorithm, and dApps that create payment networks over directed acyclic graph (DAG.) COTI’s “Trustchain” can be used by merchants, payment service providers and financial organizations that wish to create their own payment network.
The company achieved many impressive milestones this year. In September, they announced winning Google’s “Pick a Startup” contest. Forbes covered COTI on their website, citing it as block-less and miner-less system solving traditional blockchain scalability issues.
Not to be outdone, Inc. mentioned COTI as a blockchain disruptor set on creating a fair and just online transaction system. Investopedia cited COTI in an article describing PayPal’s new system, pointing out that COTI had already solved some of the problems inherent in the bitcoin system. COTI, it seems, is both a disruptor and a problem-solver, the company that plans to upset the status quo and push blockchain to its next phase of evolution.
The COTI Trustchain protocol addresses scalability and transaction costs and introduces new features for payments, such as stability framework and charged back transactions, that directly address merchants’ objections to accepting virtual currency as a payment method.
A spokesperson for Ormeus Cash said, “COTI is a true creative thinker in the world of blockchain technology. Having them at the heart of our project gives us confidence in what we can build and achieve together. We are delighted to work with such an outstanding team and innovative technology.”
As COTI moves forward with Trustchain, they are only scratching the surface of an enormous potential market. In 2017, global e-commerce topped $2.304 trillion, a 24% increase from 2016. Solving the challenges of traditional blockchain payment methods opens up an enormous potential global market for companies partnering with COTI.
COTI is the world’s first blockchain protocol optimized for payment networks and stable coin, designed for use by merchants, governments, financial institutions payment dApps and stable coin issuers.
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