It’s time for a new video – and this one has been long awaited.
Not long ago I posted a question on Twitter asking if I should cover COTI. And, the consensus there was pretty clear.
COTI caught my eye when I read that they would be issuing Cardano’s Djed stablecoin, and I decided to dig extra deep given that COTI could become a cornerstone of Cardano’s ecosystem with Djed.
COTI is quite impressive on paper. It has a super solid team, and even robust advisory board. The project managed to raise around 20 million between various token sales, and they became famous among Cardanians when they released ADA pay in late 2019. COTI has recently taken the spotlight again because of Djed.
COTI is pretty damn complex under the hood too. It uses a multi-DAG architecture called the “Trustchain” which leverages an entirely new consensus mechanism called “proof-of-trust”. It’s made possible because everyone using COTI’s native chain has to complete KYC, and this compliance has made it easy for COTI to integrate with legacy payment structures.
COTI is at the center of COTI’s ecosystem, and it had a pretty decent initial distribution. This distribution has been changed twice over the years though, and it’s hard to see what it looks like now because most of COTI’s supply seems to be on Ethereum, the Binance Chain, and the Binance Smart Chain. COTI’s native blockchain explorer also doesn’t provide much info.
COTI’s price action has been pretty poor compared to most cryptos, especially in relation to its ICO price. This will probably change once Djed comes around, and I won’t even bother getting into the details how Djed works here. All I’ll say is that it has an interesting design, and it’s not one that’s particularly favorable to users who mint Djed. You’ll see why.
Djed’s design is one of the many concerns I have about COTI that I didn’t have the time to mention. The rabbit hole there goes deep, and I scratch the surface at the end of my video about the project.
So be sure to watch until then….
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.