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COTI Surges 280% in a Month: What’s Behind the Pump?

COTI Surges 280% in a Month: What’s Behind the Pump?

COTI, the native currency of the COTI Layer 2, experienced a significant surge in February, gaining more than 280%. Over the past week alone, the value of COTI has more than doubled, jumping by around 130% and sitting at around $0.22 on February 29, 2024.

The rally is largely attributed to a series of technological advancements that have attracted investor interest. In this article, we will explore some of the key factors contributing to COTI’s rise.

Key Takeaways

  • COTI has seen a remarkable increase of over 280% in February, with a notable jump of about 130% in the past week alone.
  • The project’s recent developments have contributed to its growing traction.
  • At its core, COTI is designed as a comprehensive privacy-focused fintech platform aiming to revolutionize digital transactions with its decentralized payment network, stablecoins, and a multi-DAG data structure.
  • Analysts remain bullish on COTI’s future, predicting further price increases based on its technological innovations and market position.

What is COTI?

COTI stands for “Currency of the Internet” and is a pioneering fintech platform that seeks to revolutionize digital transactions by offering a decentralized payment network and stablecoins.

It’s built on a multi-DAG (Directed Acyclic Graph) data structure, which enables it to process over 100,000 transactions per second, offering a scalable, fast, and cost-effective alternative to traditional blockchain systems.

The core of COTI’s innovation is its Trustchain algorithm, which operates on a DAG data structure rather than a conventional blockchain. This approach significantly reduces transaction costs and increases processing speed to up to 100,000 transactions per second.

COTI employs a new consensus mechanism called Proof of Trust (PoT), which combines elements of Proof of Work (PoW) and DAG. This mechanism rates users and nodes within the network based on their historical behavior and payment statistics, assigning a Trust Score that influences transaction processing speed and fees.

Moreover, COTI’s MultiDAG 2.0 layer facilitates the creation of enterprise tokens, merchant tokens, and governance tokens, allowing for the issuance of branded stablecoins like Cardano’s Djed and the payment system ADA Pay.

In essence, COTI is intended not to be just a cryptocurrency but a comprehensive financial ecosystem designed to modernize and simplify digital transactions for businesses and consumers.

COTI’s Latest Developments

COTI has been making significant developments in the cryptocurrency space, which has sparked investor interest in the cryptocurrency. Here are some of the more notable developments:

1. Garbled Circuits on Blockchain

COTI has successfully demonstrated the application of Garbled Circuits on the blockchain, a cryptographic technique that allows two parties to jointly evaluate a function over their inputs without a trusted third party.

In a February 2022 Medium post, the project said it has “achieved a revolutionary breakthrough in garbled circuits” that allows the technology to be used on the blockchain for the very first time. This marks a major step towards enhancing privacy and computational efficiency on the blockchain​​.

2. Multi-Party Computation (MPC) Protocol

Earlier this month, COTI announced that it has integrated the advanced Multi-Party Computation (MPC) protocol into its Ethereum-based L2.

This protocol enables computations that require confidentiality, allowing sensitive data to be computed collectively without being shared, which is crucial for privacy concerns or regulatory requirements​​.

 

3. COTI’s $100 Million Development Fund

More recently, the COTI Foundation announced the target use cases and focus areas for its $100 million development fund, all of which will be allocated in COTI tokens.

The fund aims to support projects in various sectors, including decentralized finance (DeFi), data management, artificial intelligence (AI), GameFi, and more. Developers are encouraged to apply for funding through a selection process.

COTI Price Prediction: What to Expect Next?

With its innovative technology and growing ecosystem, COTI has gained traction as a promising blockchain project. This has led to a number of bullish forecasts, with predictions indicating a potential for significant growth.

Discussing the token and its future, Anndy Lian, an intergovernmental blockchain expert, told Techopedia: “Their narrative on “increased privacy on the chain,” announced at the end of 2023, got my attention. They want to launch Ethereum Layer 2 – COTI V2 – in 2024.”

“[COTI V2] will lead to potential use cases to keep transaction history private on DEXes or privacy-preserving dApps for RWA that allow businesses to verify the authenticity and traceability of products without revealing sensitive business relationships or information,” Lian explained.

“Considering the timing of Bitcoin’s recent price hike and halving in April, as well as the upcoming Ethereum Dencun upgrade, there is a good chance to see more price action on COTI.”

Tony Severino, a CMT candidate, technical analyst, and the author of the CoinChartist VIP newsletter, told Techopedia: “The COTI Foundation recently revealed a $100m growth fund targeted at expanding development around DeFi, GameFi, AI, and more.”

Severino added that “coupled with surging demand for crypto assets, the positive fundamental roadmap has led to the strongest weekly buying pressure since 2021 per the Relative Strength Index.”

“After some short-term consolidation, COTI appears poised to make new all-time highs in 2024. Exceeding the current price record puts the 1.618 Fibonacci extension in play, with a target of $4.22 per token.”

In the meantime, for the immediate future, CoinCodex suggests a modest increase in the COTI price, with expectations of it reaching $0.224085 by March 7, 2024, marking a 3.67% gain from its current price.

The broader outlook for 2024 suggests a possible range of $0.177128 to $0.641784, highlighting a significant bullish sentiment with a potential increase of up to 204.97%. Looking further ahead, the prediction for 2030 ranges between $0.410150 and $1.305266.

BeInCrypto predicts a high of over $0.65 by July 22, 2024, with a projected return on investment (ROI) from the current level of 170%.

For 2025, the site foresees a new all-time high of $0.8595, indicating a 258% ROI from current levels. Extending predictions to 2030, it suggests that COTI could trade as high as $1.8450, with projected lows around $1.50.

The Bottom Line

COTI’s surge in February can be attributed to its significant technological advancements and strategic initiatives aimed at enhancing privacy and efficiency on the blockchain.

The successful demonstration of Garbled Circuits, the integration of the MPC protocol, and its $100 million development fund are expected to further strengthen COTI’s position and contribute to its positive price trajectory.

Source: https://www.techopedia.com/coti-crypto-pumps-280-percent-in-february

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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India behind Vietnam, Turkey in estimated crypto gains in 2021: Chainalysis

India behind Vietnam, Turkey in estimated crypto gains in 2021: Chainalysis
Synopsis

United States topped the charts with an estimated realized gain of $49.95 billion, followed by the United Kingdom (UK) with estimated realized gains of $8.16 billion. The US topped the UK by about a wide margin of 575 per cent.

NEW DELHI: 2021 was a milestone year for cryptocurrencies, wherein virtual digital assets such as Bitcoin, Ethereum and many more bluechip crypto tokens scaled new life highs.

Thanks to this rally, investors around the world realized total gains of $162.7 billion in 2021, compared to just $32.5 billion in 2020, shows data released by crypto analytics firm Chainalysis.

But investors from which countries have added the most wealth? Answering the questions surrounding the theme, Chainalysis has released data for the second year in a row. This year, it has moved beyond Bitcoin and added more crypto tokens in its report.

Geographical analysis in cryptocurrency is difficult due to the technology’s decentralized nature. Chainalysis has attempted to estimate this through a combination of transaction data and web traffic data.

In its Global Crypto Adoption Index, derived through its methodology, the Chainalysis has included as many as 50 countries.

United States topped the charts with an estimated realized gain of $49.95 billion, followed by the United Kingdom (UK) with estimated realized gains of $8.16 billion. The US topped the UK by about a wide margin of 575 per cent.

Germany ($5.82 billion), Japan ($5.51 billion) and China ($5.06 billion) were other names in the top 5 countries in estimated realized gains, the data suggested.

Jennifer Lu, Cofounder at Coinstore said the exponential increase in crypto profits in 2021 underlines the fact that crypto as an investment class has performed better than the traditional asset class. “We strongly believe that a homogenous global regulatory framework for cryptos is the need of the hour as it will fast-track the adoption of crypto-related products and services,” she added.

Chainalysis analyzed that many emerging market countries have embraced cryptocurrency for remittances and as a response to currency devaluation.

In 2021, China’s total estimated realized cryptocurrency gains were $5.1 billion, up from $1.7 billion in 2020, for a year-over-year growth rate of 194 per cent. China’s lower growth rate most likely reflects a decline in the country’s cryptocurrency activity following government crackdowns.

India did not even make it to the top 20 names. It stood at 21st position with an estimated realized gain of $1.85 billion, lagging behind Asian peers such as Turkey, South Korea and even Vietnam.

Shivam Thakral, CEO of BuyUcoin, said, “It’s a great encouragement for crypto community across the globe to see that crypto investors have made handsome profits by putting their faith in crypto assets.”

India with crypto gains of around $1.8 billion is impressive despite the regulatory fluctuations, he added. India has the potential to be numero uno in the crypto gains if the industry is nurtured by a healthy regulatory framework, according to Thakral.

Anndy Lian, Chairman, BigONE Exchange said Vietnam’s cryptocurrency investment performance is the one that surprises me most.
Turkey ranked 11th in GDP at $2.7 trillion but sixth in realized cryptocurrency gains at $4.6 billion, whereas Vietnam ranks 25th in GDP at $1.1 trillion but 16th in realized cryptocurrency gains at $2.7 billion.

War hit Ukraine ranks 40th in GDP at $576 billion but 13th in realized cryptocurrency gains at $2.8 billion, whereas the Czech Republic ranks 47th in GDP at $460 billion but 19th in realized cryptocurrency gains at $1.9 billion.

Ethereum, meanwhile, was the most noteworthy gainer among the crypto assets, the study suggested. Ethereum edged out Bitcoin in total realized gains globally at $76.3 billion.

Chainalysis believes this reflects increased demand for Ethereum as the result of DeFi’s rise in 2021, as most DeFi protocols are built on the Ethereum blockchain and use it as their primary currency.

While most individual countries follow this pattern, there are some notable exceptions, it said in the blog.

Japan received a much higher share of realized gains from Bitcoin at just under $4.0 billion, compared to just $790 million in realized Ethereum gains.

“Ethereum being one of the most popular coins in the world just edged out Bitcoin in total gains. This is a close call in my opinion. Based on on-chain analysis, the overall gains should be fairly equal,” said Lian from BigOne.

“2021 that is mostly led by the Defi trend could be the main catalyst for Ethereum,” he added. “For 2022, we may be seeing Solana, Avalanche and Cronos rising up the ranks.”

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Blockchain Cannot be Developed behind Closed Doors “To change the real world, blockchain companies need to step out of blockchain world.”

Blockchain Cannot be Developed behind Closed Doors “To change the real world, blockchain companies need to step out of blockchain world.”

The blockchain industry does not lack hype, for sure. New blockchain companies seem to spruce up every single day. Initial Coin Offerings (ICOs) raised more money in the first three months of 2018 than the whole of 2017, according to data collected by CoinDesk.

Source from: https://www.coindesk.com/6-3-billion-2018-ico-funding-already-outpaced-2017/

However, blockchain is still a distance away from mass adoption. The technology remains in a nascent stageand has not impacted people around the world yet, which has led many to question whether the world can really be transformed by blockchain.

Linfinity CEO Anndy Lian believes that in order to speed up the tapping of blockchain’s potential, blockchain companies need to proactively try to merge their technologies with traditional businesses and industries, especially those that are less digitalised at the moment.

He said, “The appearance of blockchain provided traditional industries with unlimited heights of imagination. However, there are many problems that blockchain needs to overcome first.

“It cannot work behind closed doors, as its first-priority role should be a technological service that is integrated with traditional industries. In this process, blockchain technology can continually be upgraded.”

A wider audience Integrating blockchain with traditional businesses and industries will, most importantly, let it reach a wider audience.

The value of the blockchain market is estimated to be USD 550 million this year. While the size of the industry is rapidly increasing, it is hardly comparable to already established industries.

For example, Linfinity aims to provide blockchain-based solutions for the supply chain to make the supply chain industry more transparent and secure. The global supply chain management market size is worth around USD 14 billion now, making it 25 times as large as the entire blockchain market.

Hence, when Linfinity integrates blockchain into supply chain management, it opens up blockchain to a whole new paradigm of possibilities and business use-cases. By combining blockchain effectively with pre-existing technologies to help traditional businesses, it brings blockchain directly to the masses, rather than having blockchain stay within specific circles.

The blockchain process of transacting and storing information on a decentralised, distributed ledger yields many benefits for enterprise application data. That makes supply chain management a good use case — a consortium of stakeholders in a supply chain can own, operate and enforce rules for their own shared blockchain.

Combine with other technologies

Blockchain itself should be used sparingly, where it is needed. The ample cryptography which blockchains employ also make them slow. That provides another reason to reconsider off-chain processing and storage alternatives.

In order to maximise its effectiveness and applicability to enterprise scenarios, it needs to be used together with other pre-existing great technologies.

Lian said, “Making blockchain more widespread requires a process. Simply relying on the technology itself is unproductive.”

“Linfinity combines blockchain with Artificial Intelligence and the Internet of Things (IoT). We also focus on the demands of businesses and consumers, so we can speed up the commercialisation of blockchain.”

Besides, having data from the supply chain recorded onto blockchain, Linfinity plans to use other technologies, such as Artificial Intelligence, to conduct real time analysis and to magnify the value of supply chain data.

It will then be able to provide innovative value-add services such as smart energy monitoring, smart sales monitoring, and predictive maintenance.

For blockchain world to expand its reach to the wider world, blockchain companies need to proactively step out. Having access to wider markets and amplifying blockchain’s effectiveness aside, that is the only way blockchain can truly enhance the world.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j