Day: March 25, 2018

Even though all cryptocurrencies are still losing value as of right now, a lot of people are impressed by how well the XRP price holds up. More specifically, the current XRP price is not even close to its all-time high by any means, yet it seems to have found a stable floor above $0.55 for the time being.

The XRP Price Seems Somewhat Stable

Although the year 2017 was pretty amazing for the XRP price, it seems unlikely this cycle will repeat itself in the near future. With so much negative pressure across all markets, it is evident things are not looking too promising right now  Turning that situation around will not be straightforward by any means, yet we may see some interesting changes regardless. So far, it seems the XRP price has found a stable floor, which is equally as important.

Given all of the market volatility to contend with right now, any form of stability is considered to be a good thing. Whether or not this means the XRP price will not dip below $0.5 again the future, remains to be seen. With how things are looking right now it seems virtually impossible to think that will be the case, but this industry is full of surprises. Even so, it’s still good to see the XRP price hold its own at $0.64 right now.

Although the XRP price has lost 2.13% in USD value over the past 24 hours, it has also gained 1.62% over Bitcoin in the same period.Considering how altcoins often struggle to gain on Bitcoin when the BTC value is dropping, this small uptrend is pretty significant. Maintaining this solid trend is a different matter, though, as things can quickly turn around in this industry these days.

With $223.1m in 24-hour trading volume, things don’t look half bad for XRP. Although this volume is still a lot lower than most people had expected to see at this point, there is no denying all markets see less trading volume these days. Whether or not XRP will reach $1bn in daily trading volume again this year, is very difficult to predict. Assuming this downtrend turns around soon, anything can happen in the next few months.

The way things look right now, most of the XRp trading volume comes from Bithumb. Not entirely surprising, as South Korean trading platforms have been quite keen on XRP over the past few months. Binance and Huobi complete the top three, with Bitbank and Upbit not too far behind. As of right now, there are three fiat currency markets and one USDT pair in the top five, which is pretty interesting to keep an eye on.

Whether or not the XRP price will remain above $0.6 for much longer, remains to be seen. While it is certainly possible that will effectively be the case, the current market trend still appears to be bearish first and foremost. It seems to be a matter of time until we see another big price dip, although it remains to be seen if this will also affect the XRP price.

Trade service which can help you to increase your trade quality. Support API without withdrawal (you can set it by yourself). How to use it?

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The purpose of SmartTrading.

1. You can trade in all exchanges in one window.

2. Contemporary StopLoss and TakeProfit. Exchanges won’t do this.

3. Trailing mechanisms can help you to trace all the market changes and limit the loss.

4. Handy notifications about your orders’ condition.

5. Notes for the orders.

6. Trader’s journal (automatical summary of your trading statistics from all the exchanges in one convenient report)

And now I will tell you about every point a little bit more detailed.

You can trade in all exchanges in one window.

In order to keep all trades in one window it is enough to connect your stock accounts to the 3commas.io service

More information on how to do this can be found in our Wiki / Faq section at 3commas.zendesk.com

Contemporary StopLoss and TakeProfit. 

Okay, managing all the exchanges in one window will probably not be the decisive argument for you, let’s move on. There is another important detail that will improve the quality of your trades is the simultaneous goals for StopLoss and TakeProfit on any of the exchanges that we support at the moment (and there are not a few of them, Poloniex, Bittrex, Binance, BitFinex, Kucoin + in the nearest plans of BitStamp and HitBTC)

So, placing your order on the exchange, you create an application, which the stock exchange is obliged to put in the OrderBook, because this is exactly the right way it works. Accordingly, once you have placed an order, for example, for the sale of your DOGE, all your coins are “frozen and put in the red part of the picture below”

So, we figured out why the stock exchange cannot do that, so how does 3commas do it? It’s simple, at the moment of creating the order from us, our bots begin to look at the current price and compare them to your goals (SL / TP)

As soon as the current coin price coincides with the condition that you set (for example TakeProfit), the bot will close the position, ie it will take the profit. Thus, 3commas does not clutter the OrderBook of the exchange, it does not make fake walls and at the same time it can close your position in both directions, according to the rules established by you of course. Another nice bonus is that 3commas.io is available from any device, ie you do not have to be constantly by the computer or keep it on, it’s enough to set up an order with parameters once and just wait for the notification about its performance

Trailing mechanisms 

Trailing StopLoss for example. You bought 1 ETH for 0.05 BTC, you set in our system a stop loss goal, for example 10% (0.045BTC) and take profit is 20% (0.06 BTC). The trailing stop always follows the price and moves the stop-loss after the price moves toward the target take profit. For example: the price of ETH increased by 10% (0.55 btc) and now your stoploss of 10% will be rearranged to 0,0495 btc

Trailing TakeProfit for example.

1. You open a position at a price, for example, $ 5. You set TakeProfit to $ 6. The TP condition itself means that when the price reaches $ 6, your position will close, and you will earn $ 1.

2. Trailing TakeProfit is needed in order to maximize profits, that is, if the value of the position increases, it won’t close it at a fixed price, but will raise the closing condition while the value goes up. For the example of the position described above, if you bet Trailing TP to $ 7 (40% of the growth from the initial one), while the price goes up: $ 6 (20%), $ 7 (40%), $ 8 (60%), the closing position changes and price Take Profit grows.

3. At a time when the price goes down more than X% (which you set in the settings), the position closes. If this happens for example, at $ 9 dollars, you will additionally earn $ 3 thanks to Trailing Take Profit.

Handy notifications

Absolutely unnoticed is the feature with orders notifications. It is clear that there is no limit to perfection, but we notify you using Push in browsers, Email + mobile applications. The notification settings are in the profile.

Notes for the orders

Do you remember when you saw somewhere at the channel that some guy wrote “BUY UNB”? And so, you bought UNB and forgot where all of this happened. Now you can add notes to all your orders. It is clear that the “guy example” is not indicative, but I think it is understandable how you can use this notes.

Trader’s journal 

You can analyze your actions much more faster. Your orders’ reports, handy filters, everything is here. You can share your results with your collegues.

There are all the necessary filters that will help you to form a report in the required representation for your analysis.

Welcome to our official chat and channel

Official support https://3commas.zendesk.com/hc/en-us/categories/360000019313-English-

Tech giant Yahoo is set to invest in cryptocurrency this year with plans to develop its own cryptocurrency exchange in a year’s time. Yahoo Japan has applied to purchase a 40% stake in BitARG, a cryptocurrency exchange that is registered in Japan under the Financial Services Agency (FSA).

Market realignment

Yahoo’s acquisition will lead to a major realignment in the crypto exchange industry in Japan. The acquisition will be made through YJFX, a wholly-owned subsidiary of Yahoo Japan headquartered in Tokyo that operates foreign exchange transaction services. The acquisition will cost YJFX $19 million (2 billion yen) and will be made up of outstanding shares in the firm as well as newly issued stock.

Yahoo Japan will not be stopping there, as it will rely on BitARG’s technology to develop its own cryptocurrency exchange that will go live early next year. Beginning in April, engineers, developers and executives from YJFX will be dispatched to BitARG where they will spend the rest of the year working with engineers from BitARG to develop a new exchange system. The two teams will also partner to work on internal controls, a corporate governance structure, and a customer management system.

A step ahead of Binance

The registration of BitARG by the FSA is highly significant as it enables it to operate in Japan, something that one of the biggest cryptocurrency exchanges in the world, Binance, has recently found itself battling to do. Binance recently confirmed having received a letter from the watchdog which requested that the exchange cease its operations in the lucrative Japanese market if it didn’t secure registration with the regulator.

The FSA has been conducting a major crackdown on most exchanges following the hacking of Coincheck, a major Japanese exchange, that saw the exchange lose $500 million and also exposed deeper security issues affecting most crypto exchanges.

Market consolidation

Market analysts have predicted that the number of cryptocurrency exchanges will decrease greatly in the coming years as people select the exchanges that they will stick to. The exchanges that last for the long haul will witness greatly increased trading volumes.

Major corporations have continued to express interest in this industry. This was witnessed when payments provider Circle acquired major crypto exchange Poloniex. The acquisition, which cost the Boston-based company $400 million, gave it a major foothold in the crypto exchange industry which is growing at an astounding rate. Yahoo Japan is seeking to tap into this market, and the acquisition of BitARG is definitely a great way to start.

 

The correlation between the finance sector and cryptocurrency can be no longer be ignored. The lines between both industries are slowly beginning to blur. This only becomes more obvious due to the exodus of talent from the finance sector entering the cryptocurrency world. Various companies successfully hired new team members in the past few months.

Experts Leaving the Finance Sector

Depending on whom you pose the question to, Bitcoin may very well disrupt the finance sector. It can possibly do so by making several service providers obsolete. Whether or not that will ever happen, is a different matter altogether. Even so, experts in the finance sector are flocking to cryptocurrency companies as we speak. It is not a full-fledged exodus just yet, but still a noteworthy trend.

Sheri Kaiserman, the first person on Wall Street to write a report on Bitcoin in 2013, has left the Securities firm she ran to start a crypto fund.

Crypto is stealing the best talent from Silicon Valley & Wall Street. This will have a positive impact for the next decade.

— Pomp (@APompliano) March 24, 2018

Opportunities in the cryptocurrency are not hard to come by. With the industry maturing, companies go on hiring sprees quite regularly. The increasing regulation all over the world also increases the demand for specific employee “types” as well. When it consumes to legal and compliance, there will always be some job around the corner for financial experts.

Any experience built up in the finance sector will come in handy. It has become evident there is a growing demand for this expertise. Even major companies are looking for staffers who can help with accounting, investor relations, and investment banking. As these companies continue to grow, the need for a strong team will only become more apparent.

Coinbase and Blocktower

Earlier this month, Coinbase announced they hired Eric Scro. Some people may know him as an employee of the New York Stock Exchange. It is evident this hire will bring more legitimacy to Coinbase as a whole. Additionally, it will help stabilize and mature the cryptocurrency industry as well. What makes this hire so interesting is how it shows the future direction Coinbase wants to head in.

Blocktower also saw similar success not that long ago. This cryptocurrency hedge fund has attracted a lot of attention from the finance sector. That may sound unusual, but it is the normal evolution of this industry.  Cryptocurrency is here to stay and the rest of the world is taking notice. It has taken them a while to come around, but things are looking pretty good right now.

Unlike what some may think, the finance sector and cryptocurrency can coexist peacefully. The one can’t exist without the other these days. We still need the finance sector to enter the cryptocurrency space. Additionally, cryptocurrency offers some solutions people won’t find anywhere else. It makes for an interesting correlation, which only seems to intensify year over year.

The post Talents From the Finance Sector are Coming to the Cryptocurrency Market appeared first on NewsBTC.

Crypto-currencies and ICO are, certainly, the VIPs of the world of modern technologies. Having gathered a record $4 billion investments last year, they continue taking the fancy of both professional investors and beginners in the field. Still, according to many experts and analysts, the pace of this crypto-currency fever is gradually declining due to the fact that about a half of all blockchain projects do not reach their goal.

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Until recently, entering the ICO was completely possible for projects without a clear development plan or the ones collecting money for just “some idea”, with no connection to a real product. Now, such approach only indicates the immaturity of a project and is a warning signal for potential investors. It is quite a natural twist: the mistakes made have helped the participants of the crypto-currency process to become smarter and more demanding, the agiotage has subsided.

A working technology and a prototype ready to be scaled should be at the heart of a promising and safe investment project. Only teams from the real economy sector can meet these requirements and the rapidly changing trends of the crypto-industry. Such teams will open the access to high-tech industries to their investors via the ICO.

Yet in this case there are own pitfalls, too. The examples of real production ICO are two projects that succeed in attracting investments for the development: one for a sand quarry openworks, another one for organizing the production of zirconium. In both cases, the product is real (sand and zirconium) but it is not unique and cannot be tokenized. Consequently, these projects have collected their share of investments, but have not shown any results so far.

Becoming a high-yield asset by to combining a new patented material, already operating production and blockchain is possible for a European project, Nafen. The pre-sale on it starts on March 22 and will continue for 2 months. Several years ago, the project team has patented the technology of the production of Nafen aluminum oxide nanofibers, which can improve their structure of various materials when added to it. The production of these nanofibers has started in the European Union, in Estonia. At the moment, the Nafen team cooperates with many large chemical companies in Europe and the USA. The project has repeatedly won in the programs for innovation industry development in the European Union and has received a number of grants from the European Commission.

The demand for European nanofibers explains the plans to expand the production of it. To meet the needs of the Asian and European markets, the team plans to build a new high-tech factory. To do this, it intends to collect 14 million euros with the help of smart contracts and token called NFN based on Ethereum blockchain.

“The high-tech production of Nafen nanofibers is a project that has already passed the stage of a “promising startup”. Now it is a really working business with an experienced team interested in exerting themselves, with a road map, an own industrial site and serious customers. In our case we are talking about a project that is going to disrupt tremendous profits over the next two years.” commented the project’s CEO, Roman Gertcev.

He emphasizes that Nafen can be tokenized, because the nanofibers are a unique patented material that can not be faked or reproduced by some other technology. The exclusivity of the nanofibers and the working production site make the project a promising participant of the blockchain process.

Reference:

Nafen nanofibers are thin nanoscaled fibers with a diameter of only 10-20 nanometers and a length of up to 15 centimeters. Such fibers are not found in nature and can only be created by an artificial method. They are produced by controlled synthesis of Al2O3 aluminium oxide nanostructures on the surface of aluminum melt in the presence of special oxidizers.

Being a unique nanomaterial, Nafen is already used to solve many urgent problems. For instance, in the creation of light and strong composite polymer materials for cars and yachts frames and hulls; durable and safe lithium-polymer batteries; various catalyst systems; high-strength concrete compositions, geopolymer composites. Nafen can also be used to create materials of increased durability suitable for extreme conditions — the space and the Arctic.

The patented technology for the production of nanofibers can be easily scaled depending on the volume of demand for the material. This makes Nafen extremely available for application in a wide variety of fields of science and production, compared to other commercial nanomaterials.

Website: www.nafen.co

As the blockchain industry and ecosystem develop, new terms become commonplace amongst those who run in blockchain technology circles. In the cryptocurrency sphere, the word airdrop has taken on a different meaning from the more widespread military definition. In the blockchain world, the term airdrop refers to gifts.

What is an Airdrop?

Airdropping is the process of distributing tokens to a user’s blockchain wallet at no cost to them. It is a technique commonly used by startup businesses that are undertaking an Initial Coin Offering (ICO), as a tool to promote projects and increase their brand exposure.

In addition to this, airdrops can happen when there is a fork in a cryptocurrency. Examples of this include Bitcoin users getting Bitcoin Cash, and Ethereum users getting Ethereum Classic tokens equal to the value of that held in their original wallets.

Why conduct an Airdrop?

Airdrops can happen for a number of reasons, the most common being:

To reward loyalty: Free tokens can be provided as a reward to users of cryptocurrency exchange websites, giving them free tokens to say thanks for being loyal to their platform. That was the case in 2017 when Binance gave 500 TRX to its users.

Marketing: Used by companies to attract attention during their ICOs in order to encourage investment in their crypto tokens. They are also often used at the launch of a new cryptocurrency, particularly when this is the result of a fork (for example, the Bitcoin Cash airdrop mentioned above).

Decentralization: This can help to create a higher level of security for the network and its users. For example, OmiseGO distributed a sizable chunk of its tokens to Ethereum users.

How do Airdrops happen?

One of two methods are generally used to conduct airdrops:

Planned: Planned airdrops are usually announced in advance, as part of a marketing strategy to promote a project and generate excitement in the crypto-community.

Surprise: Surprise can also generate excitement and a lot of free publicity when it is a well-established cryptocurrency that conducts the airdrop.

Where to find Airdrop information

Information relating to airdrops can be found in a number of sources, including:

• Social media accounts/profiles
• Crypto/blockchain forums
• Crypto/blockchain news sites/applications

These sources can help users select the most popular or current airdrops. Besides this one, two other websites to source interesting and reliable information about airdrops are Airdropalert and Airdropaddict.

Information about airdrops can also be sourced directly from the horse’s mouth, with companies that plan airdrops announcing them through social media and press releases. These releases generally contain the requirements on how to be eligible for the drop. An example of this can be seen in LCCX.

Security and scams

Like any other new technology, crypto and blockchain technology has attracted plenty of scammers in the recent past, and airdrops have not escaped this. It is, therefore, necessary to verify information about an airdrop, especially if you heard about it in an advertisement. You should never be asked for a private key, for your personal data, or for you to transfer funds.

Conclusion

Airdrops can be a useful technique to raise awareness of a new token or project – or to gain some coverage in the press with the excitement of free tokens for an established cryptocurrency. They have benefited the market greatly in building desire in users to invest in new projects, and to remain loyal to existing ones. But, like all technologies, it is vital to be on guard against scams and scammers, who will try to cheat you of your hard-earned cash and crypto.

As is usually the case on Sundays, the cryptocurrency markets don’t look too hot right now. Very few currencies are remaining stable, let alone making a profit. Binance Coin is one of the few rare exceptions in this regard, as this currency is absolutely surging as of late. With a current value of $13.33, things look rather promising.

The Binance Coin Price Surge is Real

Most people accustomed to cryptocurrency know Binance is one of the most top altcoin exchanges on the market right now. This trading platform also has its own native currency, known as Binance Coin. The Binance Coin price has seen an interesting trend over the past six months. With an initial surge in value to almost $23, many people were taken by surprise at the end of 2017.

Even so, the Binance Coin price eventually began to retrace in early 2018. With all cryptocurrency markets taking a beating in that period, this end result is the unfortunate logical outcome. The value of BNB quickly dropped from $23 all the way to $6, which just shows how volatile cryptocurrency markets can be at times. Panic sellers certainly played their role in driving the Binance Coin price down during this period.

Right now, things look a lot better for BNB. The currency is in high demand due to the growing popularity of this exchange. As such, we now see a Binance Coin price of $13.39. It is not even close to the all-time high, but a lot better than $6. This is partially thanks to solid gains over Bitcoin and Ethereum, as both currencies continue to struggle these days.

With $287.352m in 24-hour trading volume, it is safe to say the demand for BNB is very real. Even though the overall cryptocurrency trading volume is now below $13bn, it seems the demand for BNB is certainly increasing. This positive trend amid the sea of mediocrity that is cryptocurrency right now should not be underestimated. Whether or this BNB can maintain momentum, is a different matter altogether.

As one would come to expect, the main trading platform for BNB is none other than Binance. In fact, it is the only platform trading BNB, but it seems all of its trading pairs are gaining popularity. Nine of them even generate over $1m in volume, which is pretty solid .The USDT and BTC pairs are clearly more popular than the rest, which won’t surprise anyone at this stage.

How things will unfold for the Binance Coin price, remains to be seen. No one will deny the current overall market trend is still extremely negative, and things sure aren’t going to improve anytime soon. Unless the overall trading volume picks up and Bitcoin and Ethereum bounce back strongly, there isn’t much to look forward to whatsoever. Whether or not the Binance Coin price will reach $15, remains highly questionable as a result.

newsBTC

Bitcoin to See Significant Improvements in Privacy and Scaling, Impact on Price Trend newsBTC Other than scaling, bitcoin will see a strong focus on privacy. Schnorr signatures are a very intriguing development in this regard. These signatures improve efficiency and improve privacy of multisig transactions. By masking the original signatures ... and more »

The future of Bitcoin is always interesting to keep an eye on. This year, as well as the next few years, will introduce a lot of technical changes. All of these developments – especially those pertaining to scaling – will positively impact the cryptocurrency’s price in the long run.

Scaling and Improvement Solutions are Coming

Most cryptocurrency users are still concerned about Bitcoin’s lack of scaling. This is only normal, as the world’s leading cryptocurrency doesn’t look that impressive. Its transaction throughput is abysmal, and mounting network fees occur quite regularly. These problems will be more efficiently dealt with, given the activation of transaction malleability fix and scaling solutionSegWit. That is also the first step in the process, though.

Other than scaling, bitcoin will see a strong focus on privacy. Schnorr signatures are a very intriguing development in this regard. These signatures improve efficiency and improve privacy of multisig transactions. By masking the original signatures, it will reduce the size of multisig transactions in general. That in itself solves two big problems associated with the most dominant cryptocurrency in the market in one go. Introducing this solution will also reduce overall Bitcoin network bandwidth.

On top of that, bitcoin will see the Bulletproofs implementation. It is another privacy-oriented feature which removes the need for trust between multiple parties. It is possible this will lead to lower transaction fees. Not necessarily a scaling solution, yet still a massive development for Bitcoin as a whole. All of these tools will come to fruition at some point. Most of them have no deadlines right now, but that isn’t a big problem.

Sidechains for Everyone

Another strong point of focus comes in the form of sidechains. These “additional” blockchains let other projects connect to Bitcoin. This method opens up a lot of new opportunities for all currencies involved. Different chains can have different rules and features, while still being anchored to Bitcoin. It is also a sort of scaling solution, depending on how you want to look at it

Different sidechains are worth keeping an eye on as of right now. Rootstock, Liquid Network, and Drive chain are just some of the options worth keeping an eye on. All of these projects bring so much potential to Bitcoin, the price simply has to go up. Bolstering this ecosystem as a whole is a long process, but a lot of the stars are aligning.

For anyone looking at the big picture, it is evident things look promising for Bitcoin. Solving scaling issues, additional privacy, and more features are all bullish signals. While speculators may not care about any of this, the rest of the world will. Bitcoin has a bright future ahead, that much no one can deny.

The post Bitcoin to See Significant Improvements in Privacy and Scaling, Impact on Price Trend appeared first on NewsBTC.

During the last couple of years, the digital currency casino market has rapidly evolved, given the appearance of more games, features, bonuses, and more. However, of the currently active casinos are fairly complicated, given the learning curve that users are required to go through.

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Bitsler represents a fairly new casino on the market, as it was launched back in 2015. However, it has quickly managed to gain popularity thanks to its ease-of-use, great game design, bonuses, and user features.

To kick things off, Bitsler currently offers 4 games that players can choose from, these being Dice, Roulette, Multicolour and Cara Y Cruz. Each game contains a variety of tools meant to make gambling on the website, an easier and more rewarding experience. For instance, those who are looking to bring in big profits, have access to a statistics panel that offers important information regarding the users’ current stats, level and awards. Some of the other interesting tools that Bitsler offers, include a faucet that can be used to claim free BTC, automatic betting, keyboard shortcuts, progressive jackpots and more.

In an effort to provide a more immersive user experience, Bitsler has also created a networks panel, meant to incentivise socializing between players, who can be added as friends.

At this moment in time, Bitsler supports a total of eight currencies, one of which is, Bitcoin. Through the help of ShapeShift, which is directly integrated within the casino, users can deposit in 7 other altcoins, including Ethereum, Bitcoin Cash and more.

It is important to point out the fact that the team behind Bitsler is actively working on new updates. For instance, one of the games available on the casino is being revamped, to offer a better experience. Additionally, a forum has been added, as a way of further encouraging player cooperation. Last but not least, the casino now also offers almost 24/7 support, meaning that users encountering any sort of issue, will receive customer support replies as soon as possible.

In the future, once all planned updates are implemented, Bitsler also plans on rolling out fresh promotions, more bonuses and contests for its players.

Those who are interested in learning more about Bitsler, can check out the casino’s website.

Crypto naysayers have been pointing out that calling tokens “currency” is a misnomer. Sadly for crypto advocates, the naysayers do have a point. Cryptocurrencies do lack certain attributes of fiat currencies. They are yet to be generally accepted and their values are far from stable. Even with the emergence of Bitcoin ATMs and Bitcoin-backed debit cards, the cryptocurrencies still have to reach the level of ubiquity that fiat currencies enjoy.

This is partly the reason why crypto payments seem to struggle gaining momentum despite the current frenzy in the payments space. The boom of retail and digital commerce has triggered an arms race that prompted various entities like card companies, payment processors, phone manufacturers, and mobile service providers to make plays in digital payments.

Many of the currently available crypto payments projects focus on making Bitcoin and similar tokens usable. Crytopay and Uquid, for instance, offer wallets and physical cards that make cryptocurrencies spendable in existing checkout systems. Other projects like Ripple focus on grander things like replacing the infrastructure for transactions of banks and financial institutions. These projects have met varying levels of success but there still appears to be space for improvements and fresh takes.

COTI, an upcoming crypto token and payments platform, aims to transform the segment and push crypto payments to the mainstream. Instead of simply enabling the use of crypto assets to pay for purchases, it also plans to establish a healthy payments ecosystem that is based on trust.

Trustchain Protocol

Trust has become a vital factor in payments especially with the rise of peer-to-peer commerce and the gig economy. In such transactions, it can be impractical to use cryptocurrencies for payments. Blockchain payments are irreversible so it is quite risky to use when there are no mechanisms available to ensure that the other party will deliver once payment has been sent. For merchants, supporting even established methods like credit cards also entails risk due to the increasing cases of stolen card use and chargeback fraud. Chargeback fraud is expected to cost businesses $31 billion by 2020.

At COTI’s core is its Trustchain Protocol which aims to incentivize positive user behavior on the platform. The protocol keeps track of each transaction and creates a trust score for each user. Users (whether buyer or seller) who engage in smooth deals and issue-free trade would get positive scores. They are then incentivized with lower fees when using the platform. Those with spotless records will not be charged by the system. With such an incentive system in place, users are encouraged to be trustful and trustworthy when conducting business.

Cost Effective

A key advantage that crypto payments have over conventional mechanisms is cost. Traditional payments typically involve several intermediaries. A simple retail sale would often include a payment processor, a card company, clearinghouse, and a bank. Oftentimes, each of these entities would impose fees such as transaction fees, processing fees, and currency conversion fees – all of which affect pricing and the seller’s margins.

COTI helps users save on fees by linking the transacting parties directly thus eliminating the need for intermediaries. Through the Trustchain protocol, there is also little need to engage an entity to perform escrow services since parties are compelled to honor the agreements. COTI also features exchange integration allowing the platform to support multiple crypto and fiat currencies.

Dispute Resolution

The modern payments experience also demands other mechanisms that provide protection for users in cases where transactions get bumpy. Even with features like Trustchain, disputes can happen. In traditional payments, disputes are often handled by case agents who decide on the matter. Most of the time, the process isn’t transparent leaving users with little choice but to accept whatever verdict is handed. Card companies typically favor the customer in cases of chargebacks or fraud putting merchants at a disadvantage.

COTI decentralizes the dispute resolution process. Disputes are crowdsourced to mediators on the platform. So, rather than having cases be decided upon by some secretive process, disputes are resolved through a real jury of peers aided by the platform’s transparency. As a reward for participating in the processes, mediators get to earn COTI tokens.

DAG Architecture

Other crypto payment platforms rely on other blockchains like Ethereum to work. COTI runs on its own network which isn’t a conventional blockchain. Instead, COTI uses a directed acyclic graph (DAG) architecture that gives the platform speed and scalability. With DAG, transactions confirm each other so the network scales as usage ramps up.

This helps COTI avoid network bottlenecks that are common to conventional blockchains. COTI is expected to be able to handle 10,000 transactions per second. Bitcoin can only do about 2 transactions a second on average. Many crypto transactions also take time to get confirmed depending on the blockchain’s consensus algorithm. This makes most crypto tokens unusable for scenarios where speedy checkout processes are ideal. This wouldn’t be an issue for COTI.

Frictionless Experience

The modern business environment requires a frictionless experience. This is why retail and e-commerce demand dependable and feature-rich payments solutions. Unfortunately for crypto payments, simply providing means for crypto asset holders to spend their coins isn’t enough. Speed and performance also matter. Crypto payment services should perform quickly enough so that the experience isn’t a step back to what is currently available today.

Payments solutions must also be able to provide trustworthy mechanisms for parties to transact and resolve issues. COTI ticks all of these requirements by putting trust at the core of the service. Hopefully, the trust-based experience that the project aims to provide could help encourage more users to adopt crypto payments.

The post How COTI Is Using Trust to Transform Crypto Payments appeared first on NewsBTC.

The Cloud Act, a last minute addition to the US federal spending bill, has passed into law with cheers from Microsoft and boos from crypto privacy advocates. #NEWS

Mickey Mantle Baseball Card Worth $3.5 Mln Goes To Bitcoin-Friendly Auction Cointelegraph Ex-NFL player Evan Mathis, a member of the Broncos when they won the Super Bowl 50, is auctioning a $3.5 mln Mickey Mantle baseball card and is prepared to accept Bitcoin as payment, the AP reported yesterday, March 24. The card, estimated to have ... and more »

A new social media app on the Blockchain is turning “likes” into currency #SPONSORED

Ex-NFL player Evan Mathis is auctioning off a $3.5 mln Mickey Mantle card, accepting Bitcoin for payment as a way to give new crypto millionaires a “chance to jump in” #NEWS