01 Mar 2024 Samantha McLauren
COTI Surges 288% In February 2024. What Are The Key Reasons?
In February, COTI, which is the native currency of the COTI Layer 2, saw a notable increase of almost 290%. The value of COTI has more than doubled in just the last week alone, rising by almost 120% to settle at roughly $0.22 on March 1, 2024.
source: Coinmarketcap
Most of the credit for the increase goes to a string of IT developments that have caught investors' attention. We will examine a few of the major causes of the increase in COTI in this post. COTI, which stands for "Currency of the Internet," is a cutting-edge finance platform that offers stablecoins and a decentralized payment network in an effort to transform online commerce.
Built around a multi-DAG (Directed Acyclic Graph) data structure, it provides a scalable, quick, and affordable substitute for conventional blockchain systems, processing more than 100,000 transactions per second.
The Trustchain algorithm, which runs on a DAG data structure rather than a traditional blockchain, is the central component of COTI's innovation. With this method, transaction costs can be drastically decreased and processing speeds can reach 100,000 transactions per second.
Proof of Trust (PoT), a novel consensus technique used by COTI, blends aspects of DAG and Proof of Work (PoW). This system assigns a Trust Score that affects transaction processing speed and fees by rating users and nodes inside the network based on their past behavior and payment records.
Additionally, the MultiDAG 2.0 layer of COTI makes it easier to create enterprise, merchant, and governance tokens, which permits the issuance of branded stablecoins like Cardano's Djed and the ADA Pay payment system.
COTI is really meant to be more than simply a cryptocurrency; rather, it is meant to be a whole financial ecosystem that streamlines and modernizes digital transactions for both consumers and companies. Investor interest in cryptocurrencies has increased as a result of COTI's notable advancements in the field. For example, COTI has successfully demonstrated the use of a cryptographic approach called Garbled Circuits on the blockchain, which enables two parties to jointly assess a function over their inputs without the need for a third party they can trust.
The company claimed to have "achieved a revolutionary breakthrough in garbled circuits" in a Medium article from February 2022, which enables the technology to be utilized on the blockchain for the first time. This is a significant advancement for blockchain privacy and computing efficiency. COTI declared earlier this month that their Ethereum-based L2 now incorporates the cutting-edge Multi-Party Computation (MPC) technology.
The protocol makes it possible to perform computations that need to be confidential. Sensitive data can be calculated collectively without being shared, which is essential for meeting legal or privacy obligations. The target use cases and emphasis areas for the $100 million development fund, which will be distributed entirely in COTI tokens, were revealed by the COTI Foundation more recently.
The fund seeks to provide funding for initiatives in a number of fields, such as artificial intelligence (AI), game finance (GamFi), data management, and decentralized finance (DeFi). Developers are invited to submit funding applications via a selection procedure.
COTI Price Forecast: What's Coming Up?
COTI has become well-known as a potential blockchain project thanks to its cutting-edge technology and expanding ecosystem. As a result, several optimistic projections have been made, suggesting that there may be substantial growth. Crypto experts predict a further rise in the price of COTI, with a target price of $0.3 by April, 2024 and possible peak of $0.6 - $0.7 in the summer of 2024.
