Barely half a day after listing and starting to trade on Coinbase Pro, COTI cryptocurrency has seen a huge price jump of over 65%. The token started trading against the dollar on Coinbase at 9 AM PT on Thursday, August 26.
However, the token, whose initials stand for ‘Cryptocurrency Of The Internet‘ is not yet available for trading on the Coinbase web and mobile app platforms. The company said it would announce if and when this is done. In listing the token, Coinbase said the order book would launch in three phases, namely post-only, limit-only and full trading.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period or suspend trading as per our Trading Rules.”
The cryptocurrency powers a directed acyclic graph blockchain. One of the use cases of the blockchain is creating decentralized payment networks and stable coins. Businesses can use the COTI chain to create and use their online payment channels while paying low fees compared to VISA and PayPal. COTI envisions the integration of traditional payment systems with digital currencies. With the platform, users can also digitize their currencies. COTI also lets users earn rewards for holding their tokens in their wallets. This is availed through a partnership with Celcius.
Being a block-less blockchain, COTI has the advantages of facilitating real-time and low-cost confirmation of transactions. It does not have any miners but instead, its consensus mechanism is based on machine learning. Transactions are placed into chains based on their trust scores.
The blockchain is capable of processing over 10,000 transactions per second. Using the blockchain, businesses can even launch their tokens. With it, businesses can launch one-click payment requests on their websiteS to help their users perform effortless checkouts.