As heavyweights in the third generation distributed ledger technology solutions, the strategic partnership will form a solid foundation for future cooperation in R&D and more.
While blockchain technology is fast transforming the trade finance and payments ecosystem, it still faces own challenges including low scalability, high costs, and slow confirmation speeds.
In a bid to solve the problems of existing blockchains, a new technology based on the directed acyclic graph (DAG) was formulated and both COTI and Fantom have adopted this tech for scalability and low fees.
Fantom has a high TPS and low time to finality (TTF). This is made possible via the Lachesis protocol which is powered by the OPERA Chain.
The technology has been predicted to replace existing payment systems as well as supply chain management solutions, as it will support dApps that can handle tens of transactions per second.
Interestingly, the dApps built upon the Fantom network can be utilized in a vast array of ecosystems including electronics, finance, real estate, and autonomous vehicles, saving costs and fostering transparency.
COTI’s Trustchain also supports numerous use cases, including white label payment solutions, stablecoins, remittance, as well as loyalty programs for decentralized payments solutions, enterprises, developers and merchants.
The Trustchain protocol which is powered by DAG, is based on machine learning, enabling it to facilitate superfast transactions with meager fees by assigning trust scores to transactions and clustering them in chains.
“Abstracts ledger dependent technologies can overcome the bound of different architectures regardless of addresses, ledger implementation and consensus mechanisms. The potential for both implementations to be networked together is evidently the key needed to hasten the pace of any infrastructure adaptability in the world,” said COTI’s CEO Dr. Nir Haloni.
The network can work with near-zero fees and low energy consumption when coupled with no mining requirement. The more trustworthy a user is, the lower the fees and the faster the transaction speed and vice versa.
“Unless we are thrown into a state of Armageddon between today and tomorrow, we firmly believe that there will be a market for a multitude of distributed ledgers and token standards,” said Fantom CMO, Michael Cohen.
COTI in Brief
COTI is an enterprise-grade financial technology platform that strives to eliminate third parties, enabling organizations to build their own decentralized payment networks with ease.
Fantom, on the other hand, is focused on becoming the backbone of the smart cities of tomorrow, facilitating blazingly fast payments and more.