We Will All Be Using Digital Currencies Sooner Than You – COTI’S CEO Reveals All
In today’s digital currency landscape, we see a few clear use cases emerging. For example, Bitcoin is a store-of-value (i.e. ‘digital gold’), Ethereum is a smart contracting platform and Ripple is a digital asset for settlements. However, no existing digital currencies are widely used as a means of payment and, according to analysts at Morgan Stanley, merchant acceptance of Bitcoin will decline in 2017.
Investing.com sat down with Nir Gazit, CEO of COTI, to learn how COTI plans to address the trillion-dollar payments opportunity and set the standard for how payments should work in the digital currency era. COTI’s team is global, with team members located across North America, Africa, Europe and the Middle East, and is backed by leaders from the payments, banking and asset management industries.
Where does the name COTI come from?
The name ‘COTI’ stands for Currency of the Internet. But it’s as much a mission statement as it is a name: COTI aims to become the first digital currency to achieve widespread adoption in consumer transactions. COTI combines the best of traditional payments systems with the best of blockchain technologies to make payments faster, more cost-effective and more trusted for buyers and sellers everywhere.
Currency of the Internet (COTI) is calling itself a digital currency rather than a cryptocurrency, why is this?
COTI and many other currencies (including Bitcoin) can both be described as digital currencies or as cryptocurrencies. COTI’s native currency has cryptographic characteristics that lend it to being described as a cryptocurrency, just as Bitcoin and other blockchain-based currencies are digital currencies.
A major barrier to the widespread adoption of digital currencies, whether justified or not, is their perceived complexity. One of the main objectives of the COTI team is to make digital currencies accessible to everyone, irrespective of their technical sophistication. Using digital currencies should be as simple as using a credit card. So all aspects of the COTI user experience will be simple: this runs all the way from participating in COTI’s forthcoming token generation event (TGE) through to using COTI’s wallet services.
We describe COTI as a digital currency rather than cryptocurrency, as this is terminology that everyday people can relate to more easily. The term ‘cryptocurrency’ can come across as overwhelming for some users.