How COTI Is Using Trust to Transform Crypto Payments 229

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.

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Dreams Quest Partners with The Sandbox 4226

Quest

Metaverse – December 15, 2021Dreams Quest and The Sandbox, a subsidiary of Animoca Brands and the leading open NFT metaverse platform, are pleased to announce they have entered into a global strategic partnership, combining Dreams Quest’s industry-leading character development with The Sandbox’s expansive metaverse and next-gen technology.

With collaboration playing an increasingly critical role in every aspect of the metaverse and GameFi space, the companies recognize that they need to accelerate the development of cross digital solutions. The partnership brings together strategic skills in gaming, business and technology, that bring value to gamers and facilitate financial opportunities to more users.

“The Dreams Quest – The Sandbox partnership is a powerful combination. The Sandbox virtual metaverse allows users to create and play games within a game and has a collaborative approach that is uniquely complementary to the Dreams Quest ecosystem. We believe this partnership will help the GameFi sector bring mass adoption as the arena shifts to retail players looking for play-to-earn games,” said Paulii Good, Dreams Quest Co-Founder and CMO. “It’s also been wonderful having Sébastien Borget, the Co-Founder and COO of The Sandbox, as one of our strategic advisors.”

“The Sandbox open metaverse aims to be the place where NFT projects come to life and enable their community to create stories with their favorite NFT characters using our #no-code Game Maker,” said Sebastien Borget. “Dreams Quest provides a universe of heroic fantasy that will inspire all creators.”

As an indication of commitment to the partnership, Dreams Quest will be adding special edition NFTs of its high profile characters to The Sandbox NFT marketplace, starting with a voxel version of Dreams Quest’s frost giant.

By virtually connecting Dreams Quest to The Sandbox the collaboration creates an immersive and decentralized gaming experience where gamers are in complete control of their NFT cards while pushing towards a metaverse-based economy.

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About Dreams Quest

Dreams Quest is building the first-ever metaverse-based economy, a self-sustaining DreamsVerse where people will be able to participate in the decentralized play-to-earn RPG game using dynamic NFTs. Unknown factors will affect character attributes in-game, and post-game outcomes will dynamically change the NFT card attributes and write them on the blockchain (the ethereal scribes) to show game history for each card.

Discord: https://discord.gg/dreamsquest
Telegram chat: https://t.me/dreamsquesttavern
Twitter: https://twitter.com/DreamsQuestNFT
Main website: www.dreams.quest

About The Sandbox

In The Sandbox, creators and brands can build, own, and monetize immersive 3D worlds and game experiences on a virtual LAND they own. With The Sandbox’s play-to-earn model, every creator is free to share, trade, or sell their creations while retaining full ownership and revenue. To date, over 165 brands, such as the Walking Dead, deadmau5, Atari, Rollercoaster Tycoon, The Smurfs, among others, have built exclusive experiences. The Sandbox Alpha is live now, with full launch scheduled in 2022. For more information, please visit www.sandbox.game and follow the regular updates on Twitter, Medium, Telegram, and Discord.

Dequency Executes First-Ever Music Synchronization License Smart Contract on the Algorand Blockchain 3436

Music synchronization licensing marketplace, Dequency, has executed the first-ever sync license on a public blockchain. “Late Night People” by Goldfish ft. Soweto Kinch was licensed through Dequency’s SmartSync contract for use in Algorand’s Decipher conference, held November 29 – 30, 2021 in Miami, Florida.

Keatly Haldeman, CEO of Dequency: “Our vision for Dequency is to cut out the middle man in music licensing transactions so that creators maximize earned income and get paid immediately. By executing the first-ever on-chain sync license transaction, we’re one step closer. We made history today.”

Goldfish: “From the start we have always been about disruption and this is the best kind bringing musicians and producers closer to being able to earn income directly from their creations. Being part of the very first sync is a real honor and we cannot wait for the future as the music industry is in need dire need of technology like this to take it into the new realms of possibilities the blockchain presents.”

Dequency is built on Algorand, a blockchain that is known for its environmentally friendly “pure proof of stake” consensus mechanism. Initially catering to on-chain content such as motion graphic NFT projects, video games and metaverse productions, Dequency showcases recording artists offering their music to license and facilitates communication between the parties to foster community.

“We are thrilled that Dequency chose Decipher as the launch pad for demonstrating their new smart contract licensing for artists and all event music was licensed on chain,” said Keli Callaghan, head of marketing at Algorand. “Dequency is at the forefront of creating new blockchain-based economic models for creators and it is amazing to see history being made on Algorand in a way that truly benefits artists.”

About Dequency
Built with Web 3.0 technology and ethos, Dequency seeks to connect visual creators directly with recording artists and other music rightsholders and provide a simple, transparent, and fun licensing experience. With the ultimate goal to create a fully-decentralized, trustless music licensing marketplace Dequency provides creators income-generating opportunities with minimum fees and instant payment. Visit: www.dequency.io.

About The Dequency Team
Dequency was founded in early 2021 by music industry veterans Keatly Haldeman and George Howard with support from investor Mark Ross. Haldeman is a lifelong musician and co-founder and CEO of Riptide Music Group, a publishing company and record label specializing in the synchronization of music to picture. Riptide’s roster includes songs by artists such as Foster The People, Selena Gomez, Migos, Quavo, Big Gigantic, Black Flag, The Turtles, Goldfish, and Fatboy Slim. George Howard, JD/MBA is a distinguished professor of music business/management at Berklee College of Music. He is a founding member of Open Music Initiative (OMI), an open source protocol to increase transparency for royalty distribution. He is the former president of Rykodisc, the world’s largest independent record label, and cofounder of TuneCore, the world’s largest independent digital music distributor. Mark Ross is a music, film and concert producer, and a longtime entertainment business investor and entrepreneur with more than 35 years in the business of entertainment. As a music executive, he signed several multi platinum artists, most notably Pantera, and is responsible for the sale of tens of millions of records. The former Executive Director of Quincy Jones Productions, Ross has produced some of the largest and most successful live events in history.

About Algorand
Algorand is building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for anyone to transition into the new digital economy. The leading decentralized infrastructure of choice for visionary leaders across more than 1000 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.

Lydium Ecosystem Prepares for Financial Revolution in Agriculture Sector with LYD Coin 3587

LYD coin lydium

Lydium continues to expand its financial network, which continues to grow with new agricultural cooperative contacts and agreements every day. Lydium, whose ICO sales continue to be in demand on a global scale, aims to be a new ecosystem that includes the entire agricultural sector and LYD Coin to be a cryptocurrency used in the entire agricultural sector.

Nowadays, the share and strategic importance of the agricultural sector in the global economy has become more important than ever before. Despite the fact that the agricultural production around the world has increased nearly 3 times in the last 50 years, many agricultural products are insufficient to meet the demand of the constantly growing global population. It is seen that the biggest reason for this is that agricultural producers, due to financial problems, cannot reach the resources needed for production and technologies that will increase efficiency in production. Arguing that the solution to the financial problems in the agricultural sector is through a decentralized financial system, Lydium seems to have convinced the sector representatives and investors in this regard.

LYD Coin will be a cryptocurrency used in the entire agricultural sector

Lydium, which is the first project that brings DeFi to the agriculture sector, one of the most important sectors in the world, enables producers to reach the financial resources they need in a fast and easy way with the local currency LYD Coin. Lydium, which offers high-yield opportunities for investors and fast and easily accessible financing for producers by bringing together global individual and institutional investors and agricultural producers on the same platform, aims to solve the scalability and efficiency problems of the blockchain with its double-layered blockless distribution technology, and in this direction, aims Lydium Financial Network to be an ecosystem used in the entire agricultural sector by integrating the benefits and facilities of decentralized finance in the agricultural sector.

Lydium lyd coin

It is possible to participate in ICO via lydium.org with all cryptocurrency exchanges

Lydium, which has the advantage of being the first defense project of the agricultural sector and aiming to become one of the largest decentralized finance ecosystems in the world, investors who are interested in the Lydium Project, which continues its ICO 2nd Phase sales with high demand globally and offers high-yield opportunities to its investors by increasing its value in each phase, can buy LYD token by sending Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), TRON (TRX), Dash (DASH), and Cardano (ADA) via lydium org over cryptocurrency exchanges. You can also follow Lydium’s official Twitter account at https://twitter.com/lydiumorg to be informed about airdrop events and take advantage of airdrop rewards. Lydium, which is preparing to create a financial revolution in the agricultural sector and developing an ecosystem that includes the entire agricultural sector, is one step closer to its goal in every ICO stage it completes.

Vietnamese project DeFiHorse raises $5 million in private round 3680

DeFiHorse has raised $5 million in capital from several overseas ventures to produce a stunning horse metaverse project, in both gameplay and graphics, based on blockchain technology.

DeFiHorse announced the fulfillment of a $5 million private investment round on Dec. 7. The financing round was completed in less than a week, with the involvement of numerous well-known blockchain funds, including Exnetwork Capital, Poolz Ventures, BullPerks and Avocado Guild. DeFiHorse was formerly fostered by Coincu Ventures, one of Vietnam’s leading investment funds for significant blockchain initiatives.

DeFiHorse is one of the NFT metaverse projects in Vietnam that has received the most funding from a private round to date, at $5 million. According to the project’s spokesperson, the additional funds will be utilized to further develop DeFiHorse with the long-term goal of becoming a technology unicorn founded by Vietnamese and bringing promising blockchain technology closer to everyone.

“We intend to present to the world a high-end NFT metaverse in which everyone can own at least one NFT horse and horse farm. The player can proudly own NFT horses and farms just like elite people own horses in real life,” Mai Truong Giang, CEO of DeFiHorse, stated.

The success of DeFiHorse’s fundraising is not surprising. Before acquiring financing, DeFiHorse made a big splash in the community when it was led and mentored by several globally known advisers in the blockchain space.

Before launching DeFiHorse, Giang achieved many accomplishments. He was named a Forbes “30 Under 30” Vietnam honoree and has been the driving force behind the development of various companies. DeFiHorse is advised by Steven Nguyen, founder of Metub and Coincu; Hung Dinh, founder of Rada; and Duong Vi Khoa, vice president of the Vietnam Recreational eSports Association.

Unlike many other projects, DeFiHorse is building a metaverse in which users can own horses and earn income from competing, buying, selling or even breeding horses.

DeFiHorse is set in the year 2099. The horses are equipped with cutting-edge technology such as quantum technology, gene technology, artificial intelligence and space travel. DeFiHorse’s four distinct horse breeds are inspired by the mythology of Greek gods:

  • The Chaos: The game’s rarest horse breed, created by the big-bang explosion. 
  • The Titan: The toned-body horse breed made of scorching coals and fire. 
  • The Poseidon: The deity of the sea with endless ocean force. 
  • The Heroic: The earth and nature’s metaphorical god.

 

The form of the steeds is one of the most notable aspects of DeFiHorse. The NFT horse is depicted in 3D, both mythological and realistic. The horse prototype in the game is designed based on the Arabian horse, which has the best form globally and can run at a lightning pace.

Giang claims that all of the unique creations in the DeFiHorse realm are the work of young, talented Vietnamese individuals. Players may also let their imaginations run wild thanks to the game’s extensive customization options. Because of the nature of NFTs, each horse in the game is a different character and has unique strengths.

DeFiHorse is centered on races in which users may manage their horses and compete for distinctive rewards. To make the racing experience more appealing, DeFiHorse added a “tap to earn” function that allows users to engage genuinely with their horse to assist it in improving its pace compared with other rivals. The race outcomes assist players in earning different awards, increasing the worth of horses, thereby generating economic value.

According to the roadmap, DeFiHorse will release the first demo online in 2022, followed by iOS and Android operating systems, incorporating AR technology, and holding worldwide tournaments with up to $1 million in prize money.

Label Foundation Has Announced an Official Deployment on Binance Smart Chain 3733

Label Foundation has recently announced its readiness to deploy on the Binance Smart Chain, utilizing the cross-chain bridge that they have developed in cooperation with the Tokyo-based blockchain development company, Curvegrid. The deployment of the bridge pinpoints to the initiation of the Label’s integration into the Binance Smart Chain’s ecosystem.

Label may be understood as a blockchain-oriented international education content platform which presents an incubation system that readily supports various promotion, distribution and investment processes in an attempt to eliminate obstacles and challenges pertaining to existing content production as well as investment procedures.

Previous to this development, Label Foundation has expanded its ecosystem with key partnerships within the blockchain and education industry. It has already collaborated with OPENTRACK, a leading music education platform operated by Clesson. The partnership will provide a batch of world-class instructors that will provide early content within the Label ecosystem. They announced that they are committed to bringing world-class artists, such as Scoop DeVille, Mark Lettieri, Docskim and many other Grammy-nominated artists to their platform to incubate and NFTize their IP rights.

Label Foundation’s primary objective is to hence provide its users with high-quality educational and entertaining resources. Apparently, with their migration to the Binance Smart Chain ecosystem, Label will be able to leverage all the best features of the mainnet to scale and increase their performance of their decentralized application.

An innovative platform

Through Label, an NFT framework has been constructed atop the Ethereum Network and Binance Smart Chain, and it is supported by the LBL utility as well as governance tokens, with a single purpose of establishing a fair profit-sharing economy with permissionless IP rights incorporation. Label is hence a decentralized P2P (Peer To Peer) incubation platform that invests in high-quality entertainment and education material via the DAO (Decentralized Autonomous Organization) voting system, allowing donors to collect profits via the NFT ownership mechanism.

Also, the Label platform creates an ecosystem that seeks to establish an unbiased and decentralised incubating system, with the goal of providing content creators in the MOOC industry with improved accessibility. It therefore strives to enhance a seemingly unfair profit structure which is often prevalent in the sector and to also prevent copyright infringement instances from occurring throughout the industry.

Bridge with BSC

As per the latest developments, Label is now officially bridged to Binance Smart Chain (BSC) and the token shall be deployed via the MultiBaas Middleware, built by Curvegrid. The bridge shall link Ethereum Mainnet with Binance Smart Chain, allowing for the smooth movement of LBL tokens from ERC-20 to BEP-20 and vice versa.

Additionally, Solanium shall be joining LABEL as a strategic adviser, assisting in the expansion of the LABEL ecosystem. In the Solana (SOL) ecosystem, Solanium is a platform based in Amsterdam and primarily used for governance voting, decentralized fundraising, and time weight token staking. Furthermore, Label’s IDO is also anticipated to take place on RedKite and NFTb for the purposes of conducting public sale.

As per its whitepaper, Label aims to offer an unrivalled sales framework and infrastructure situated on the usage of blockchain technology via the aforementioned incubating system. Through this, experts, professionals and specialists alike can be found and invested in. Moreover, through effective system integration, Label will also create a fair profit sharing environment for the purposes of intellectual property rights. Lastly, with the establishment of its NFT Market, Label will launch a virtuous loop that will initiate the Global Value Chain by making the IP rights embedded in the non-fungible token readily transactable. To that end, it is also partnering up with various organizations from the entertainment and media industry to focus on the cultivation of its respective incubating system.

Blockchain Security Solution Provider CYBAVO Selected to Participate in Tokyo Financial Award 3929

Blockchain security firm CYBAVO has been selected as a participant for the Tokyo Financial Award, Financial Innovation Category. Chosen from a pool of 88 applicants, CYBAVO is one of the 16 companies that have moved into the next phase of the prestigious award.

The Tokyo Financial Award is hosted by the Tokyo Metropolitan Government (TMG) as part of its “Global Financial City: Tokyo” project, which aims to revitalize the city’s financial sector and reaffirm Tokyo’s position as the top global financial city in Asia. The award is designed to attract FinTech companies, both local Japanese and international organizations, to develop and provide innovative products and services that contribute to enhancing Tokyo residents’ daily lives and solve problems that Tokyo’s government may face.

CYBAVO offers a comprehensive solution that helps large enterprises and governments securely manage digital assets, providing a set of tools that help key players in the digital asset industry protect their assets, ensure regulatory compliance, and enhance operational efficiency.

CYBAVO recognizes Japan as being one of the most important markets for blockchain and cryptocurrency development. As early adopters of Bitcoin, Japanese users are among the more mature and technically-savvy users, pushing this technology further in terms of global exposure and adoption. With its expertise in the cybersecurity industry, CYBAVO looks forward to working with Japanese organizations to help them adopt the blockchain with confidence, knowing their funds will remain secure.

The 16 companies moving into the next phase of the award selection process will go through a final judging round in December, where their products and services will be ranked and 3 will be selected as award recipients in February of 2022. Before then, they will be offered the opportunity to meet with industry experts and mentors, participate in networking events, and receive business-matching opportunities with companies in Tokyo, including financial institutions.