The blockchain-based payments network COTI has something big in store, with the promise of a “major announcement” that will be made during the Cardano Summit that’s taking place in Lausanne, Switzerland, from Nov. 19 to Nov. 21.
COTI Chief Executive Shahaf Bar-Geffen revealed the upcoming announcement via a video update posted on YouTube and Twitter, where he also disclosed that he had been chosen as one of the headline speakers at the summit following a vote by members of the COTI community. Bar-Geffen didn’t elaborate on any of the topics he plans to discuss, but whatever he does say will almost certainly be related to the Cardano ecosystem if his promise is anything to go by.
“If all goes well, and there are still some moving parts, but if all goes well, I’ll have a major announcement alongside Charles Hoskinson at the event,” Bar-Geffen said.
COTI is a major player in the Cardano ecosystem. It’s a project that’s focused on building a decentralized, high-performance ecosystem that will allow companies to create their own digital payment networks and stablecoins. COTI has created a layer-1 protocol with its own native chain specifically optimized for payments or consumer-to-merchant payments.
Its unique DAG-based Trustchain is designed to cater to the unique requirements of consumer-merchant payments, and it has built up a powerful ecosystem around this idea with its own wallets, banking and exchange services, processing tools and more. With these tools, COTI provides organizations with everything they need to build their own crypto-based payment solutions and digitize any currency.
One possibility is that the forthcoming announcement could be related to Djed, the hotly anticipated Cardano-based stablecoin that COTI is developing. COTI Network will be the official issuer of Djed, an algorithmic, Cardano-based stablecoin that is already integrated with the AdaSwap DEX and other Cardano platforms. Like other algorithmic stablecoins, Djed holds a reserve base of digital tokens and mints and burns coins as necessary to maintain price stability.
The launch of Djed promises to be a big deal for the Cardano community. For example, AdaSwap is building a gamified, native DEX on Cardano that will enable users to easily swap Cardano-native tokens with one another. Currently, that’s not possible on any Ethereum-based DEX.
If the announcement pertains to Djed, that still leaves us to guess exactly what the news will be – an official launch date, perhaps, or more interesting partnerships, maybe?
A second possibility is that the announcement might finally reveal the identity of COTI’s first enterprise partner.
The community has known for some time that COTI has been working closely with an unnamed major enterprise to create a crypto-based digital payments ecosystem. Bar-Geffen addressed this ongoing relationship in the video, stating that COTI has already started work on building the technology for this client, which “serves millions of people”. This work reportedly includes creating a private payment network with its own native payment token, which will be used by “millions of users” for payments.
Bar-Geffen added that COTI is also building a custody wallet and loyalty token for the enterprise, along with a bridge for its payment token that will enable users to swap it for cryptocurrencies based on other blockchains, such as Ethereum and Bitcoin.
COTI is a smart bet for enterprises looking to get into digital payments because its ecosystem provides everything they need to get a fully compliant payment network up and running quickly. They can tap into COTI’s highly scalable, DAG-based blockchain infrastructure rather than struggle to build their own from scratch.
COTI’s infrastructure is supported by an extensive ecosystem that includes the COTI Treasury, where users can stake COTI tokens and earn rewards for supporting the network. When someone stakes COTI, they’re entitled to a share of the Treasury, which earns fees from its entire ecosystem of services. In addition, COTI has created a Crypto Volatility Index that helps to protect investors from one of the biggest plagues in DeFi – impermanent loss.