COTI Israeli Startup is Building its Blockchain ‘DAG’ Protocol to Eliminate Miners
Israeli Startup is Building its Blockchain Protocol that Eliminates Miners
COTI, an Israeli based startup wants to deliver a Direct Acyclic Graph (DAG) that allows the instant payment and processing of crypto transactions without the use of miners. The Trustchain development will tackle the challenge faced by most cryptocurrencies including Bitcoin that include scalability, fees and the speed of transactions.
At the moment, most cryptos use blockchain protocol that use miners to confirm each transaction. However, COTI has come up with a block-less blockchain that whole relies on DAG data. In this blockchain, each transaction is confirmed by the two previous ones that are to be added to the Trustchain. Consequently, networks will be in a position to process countless transactions in a second without waiting for miners to confirm.
Why Get Rid of Miners?
According to Trustchain, mining consumes a lot of energy and requires heavy computing power. Therefore, Trustchain will be an energy efficient blockchain that doesn’t require much computing power. In Trustchain, users that receive positive comments constantly and less complaints will receive high positive scores. Consequently, they will incur lesser fees when using Trustchain due to their high score. Those that manage a spotless score will be charged nothing on this blockchain.
According to the company, it has already registered eighty thousand users and 5,00 merchants. They’ve also applied POS systems around the globe. The protocol is being optimized to ensure efficient payments and stable coins. The company believes that in order for cryptocurrencies to realize their full potential they need to become cheaper and faster to transact.
COTI is a pioneer in mining free blockchain that allows for decentralized payments by merchants and crypto enthusiasts around the globe. COTI believes that most blockchain protocols are made for dApps rather than payments. The protocols also don’t provide the infrastructure necessary to ensure seamless everyday transactions. Therefore, COTI has a vision to ensure that everyone around the globe can conveniently use cryptocurrencies.