With success comes FUD. With a lot of success, comes more FUD! We trust our community to see that this FUD is Fake.
Here is the FUD:
Here is why it’s fake:
For example: The Coti team had created this graphic showing Coti vs other Coins. They claimed that they have a decentralized consensus mechanism whilst other coins didn’t. They claimed to be faster than other coins as well. Upon asking them for proof of tx speed in their TG group, i was banned immediately.
Answer:
Graphics was posted in 2018 and we stand behind the comparison done then. If the comparables made progress since, like we did — we are happy about it for them and for the space.
specifically:
Instant transactions
DAG is indeed faster than other forms of decentralized blockchains. We are clocking more than 10K TPS. You can also watch this video. But why take it from us? just send a transaction on our network and see for yourselves.
Low cost
Transactions on DAG are inherently low cost, certainly cheaper than traditional finance and nowadays from other decentralized protocols.
Simple user interface
The COTI Pay VIPER wallet has a very simple and seamless interface. Feel free to download it via Google store and check on yourself.
Compliance
COTI is one of few companies in the space to hold licenses. This ensures compliance and therefore longevity and stability.
Fiat and crypto support
COTI processes both crypto and fiat, through its multitude of crypto gateways, COTI-X and through Paywize, our subsidiary that handles credit card processing.
Decentralized consensus mechanism
Our decentralized consensus mechanism, the PoT (Proof of Trust) is a unique combination of the Trustchain algorithm and Proof of Work. We developed a new approach to achieving consensus between transacting parties operating on a DAG, which you can review here.
Secondly, they claim to be able to offer “chargebacks” by way of a decentralized jury that can make decisions on buyer vs merchant issues. When I emailed the team about how to become one of these jurors, they claimed that Jury Selection was done by the Coti Team, to which I responded “so how is that decentralized?”, and never got a response.
Answer:
Absolutely wrong. The jury is NOT and was never COTI’s team. In the COTI Arbitration Service disputes are resolved by an arbitrator jury randomly picked from a large pool of highly trusted network participants. You are welcome to read all about it in our whitepaper.
Thirdly, they claim to have “zero-to-low fees”, but upon speaking to a Coti node operator, I learned that nodes are able to set any fees they like on transactions. So how does that make it a zero-to-low fee system?
Answer:
Node operators will be able to set fees within low boundaries (and can be even 0) and operate in a competitive environment. They will be limited by a maximum fee and If their prices are high, people will choose different nodes.
Fourthly, they claimed that they “Integrated with Apple”, whereas in reality, Simplex (a platform that supports 100s of cryptocurrencies including Coti — integrated with Apple). Yet there are hundreds of paid marketers on Reddit and Twitter saying that Coti and Apple have partnered up.
Answer:
We posted that users can now buy COTI with Apple Pay, and it’s 100% correct. You can read it here. By the way, Simplex doesn’t work with 100s of coins but actually with less than 1% of tokens out there, we are one of them and proud of it.
Stay away from FUD, and as always, stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.me/coti
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
