HomeCryptoCOTI completes MultiDAG 2.0 hard fork to power crypto payments with multi-token network
COTI completes MultiDAG 2.0 hard fork to power crypto payments with multi-token network
December 30, 2022
“The transition from a single-currency infrastructure to a multi-token network is an exciting step for us and we are delighted to have your support in this important journey,” COTI said in a statement.
COTI announced the successful completion of the MultiDAG 2.0 hard fork event, with the Mainnet live and Explorer 2.0 deployed on the Mainnet, along with the Bridge 2.0 wallet app.
The hard fork occurred after all node operators updated their nodes to version 3.1.2, furthermore, Huobi and Kucoin also updated their nodes and apps.
MultiDAG 2.0 to fuel the adoption of crypto payments for enterprises
“Although the past year has not been easy for the cryptocurrency world, here at COTI we have focused on developing and building our product suite to achieve high quality standards. This launch represents a huge step forward for the cryptocurrency industry, as well as for COTI, as the MultiDAG 2.0 will boost the growth of widespread adoption of crypto payments for businesses that have yet to adopt crypto payment solutions. The transition from a single-currency infrastructure to a multi-token network is an exciting step for us and we are delighted to have your support in this important journey,” COTI said in a statement.
The MultiDAG 2.0 protocol underlines COTI’s full transition from a single currency infrastructure to a multi-token network as it seeks to serve businesses by enabling them to launch their own private payment network (PPN) which includes issuing CMD-branded payment tokens and issuance of CMD-branded loyalty tokens.
The protocol uses the CMD (COTI MultiDAG) standard to allow issuance of tokens on the COTI Trustchain, similar to the ERC20 token on Ethereum, but on a single DAG.
The Bridge 2.0 wallet allows for redemptions
The release of the Bridge 2.0 wallet app includes the new refund functionality, which will allow users to request a refund in case the exchange is not executed for technical reasons or if its processing is pending.
The new COTI Explorer offers a variety of statistics related to the Trustchain. Additional enhancements such as the ability to search for any generated token on the Trustchain and view detailed information regarding that token, as well as access to the full list of COTI nodes, are now also available to our users.
The Djed stablecoin will be available in January 2023
COTI recently announced the upcoming launch of Djed, an over-collateralized algorithmic stablecoin built on Cardano and powered by COTI. Djed will be live on mainnet this January 2023 after a successful full audit.
Djed will then be integrated with selected top partners and DEXs among the 40 partnerships signed, to allow for its correct use. These DEXs will offer greater rewards to those who provide liquidity using Djed.
$DJED is pegged to USD, backed by the base currency $ADA and uses $SHEN as reserve currency. The algorithm relies on a collateral ratio of between 400% and 800% for $DJED and $SHEN to ensure there is enough $ADA in the pool.
The cryptocurrency winter has reminded everyone within the digital asset ecosystem that security and stability must be top priority at all times. Djed is released with a lot of caution to ensure that a thorough check and other rigorous stress tests are done before launching on the Mainnet.
Furthermore, COTI will take a gradual and slow approach to provide $ADA liquidity to the Djed smart contract, to ensure constant and careful growth.