Interoperability is the new language of blockchain technology especially at this time when Decentralized Finance (DeFi) is the keyword. Blockchains now more than ever are seeing the need to interconnect and work with other blockchains if they will really move forward. Since most DeFi platforms have taken residence on Ethereum blockchain, designing a way to take advantage of this opportunity is key to other Blockchain Devs. COTI Devs must have seen the future when they designed the network, they have chosen to walk on the path of interoperability with other blockchains from the onset. This is way before the need to really interoperate arose.
COTI ERC-20 and its Advantages
COTI has already made a plan beforehand to handle interoperability with other blockchains. Being an ERC-20 token before it moved to its main net, COTI still validates the Ethereum based token. The COTI ERC-20 token has given the blockchain an extra layer of utility and potential use cases.
The token is listed on Ethereum-based Decentralized Exchange (DEX)- IDEX and more recently, yesterday, it badged listing on Bitmax exchange. Users can now purchase COTI tokens (ERC-20) with fiats via credit and debit cards. Essentially, many cryptocurrency exchanges today find it very easier to list ERC-20 tokens than going through the work of aligning the exchange to work with other Blockchain coins. For COTI, badging listings on multiple exchanges like this will not be a problem since it has ERC-20 based token.
COTI ERC-20 token has also made it easy for holders to store their holdings in cold wallets like Ledger Nano. Just like the case is for exchanges having great support for ERC tokens, so it is for cold wallets. Creating support for a rather new blockchain will take a lot of time for cold wallets. COTI holders can keep their tokens out of the reach of hackers by keeping them in offline wallets.
Potentially, COTI ERC-20 tokens can also be used on different DeFi platforms available since most of them are on Ethereum blockchain. Naturally, COTI coins can be staked on its main blockchain to gain returns. This is because staking on COTI blockchain is a way to include the community in the security of the network. Getting COTI ERC-20 in multiple DeFi platforms adds an extra earning opportunity for the community members.
COTI BEP-2 and COTI Cross-blockchain Bridge
Additionally, COTI Devs have gone an extra length to create interoperability with Binance Dex with COTI BEP-2 tokens on Binance blockchain. COTI tokens can be traded actively on Binance dex. Also, COTI created a cross-blockchain bridge to enable users to take advantage of its interoperability with other blockchains. The bridge can be used to swap COTI coins to and from COTI tokens on other blockchains.
Which other blockchain do you feel the Currency Of The Internet (COTI) coins should create interoperable support for?
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