The Cardano Effect: Ada Meets COTI: The Ultimate Power Grid of Payments | TCE 80
COTI is building a platform built from a blockless chain, a new consensus algorithm, and dApps that create payment networks over DAG. COTI can be used by merchants, payment service providers and financial organizations that wish to create their own payment network.
I must admit this looks like an awesome platform with many perks for the merchants and consumers.
I do have some concerns/questions about this platform though.
How decentralized is this platform really? From what I can see there are not many nodes at all. see: http://54.80.25.52:3001/
Coti itself runs 2 types of servers. The KYC server and the double spend server. Isn’t Owning the KYC server giving Coti a lot of central power? Isn’t that not a really important central point of failure in the system?
Users of coti are being profiled in depth by their trust scores, artificial intelligence and machine learning. Wouldn’t this become the biggest global surveillance system in the world? Many people don’t care about this because “they have nothing to hide”. I am from a different breed and want anonymity online and don’t want a system where they can see openly where I pay, what I pay and whom I interact with.
I noticed when there are disputes the ip address of a transaction is used for verification. What happens if you are using a vpn or have dynamic ip’s?
Would be appreciated if someone from Coti sheds a light on this