COTI Set to Deploy Major Testnet Upgrade, Here’s How COTI’s Token is Reacting

Key Points

• COTI is set to deploy its MultiDAG 2.0 hard fork upgrade on its testnet this Tuesday.
• All going well, the upgrade which transitions COTI to a multi-token blockchain would go live on the mainnet in one month.
• But COTI/USDT seems unenthused and was last down just over 7.0% on Tuesday amid broader crypto price pressure.

COTI Deploys Hard Fork Upgrade on Testnet

COTI is on Tuesday expected to implement its first major step toward the biggest leap in the blockchain-based digital payments solution-based company’s history. On 2 August, COTI will deploy a hard fork on its testnet that will transition it from a single currency infrastructure to a multi-token layer.

More specifically, COTI has launched MultiDAG 2.0, which will enable the creation of new tokens on the COTI Trustchain, similar ERC-20 tokens on the Ethereum blockchain. According to a recent blog post by COTI on Medium, “COTI’s unique MultiDAG 2.0 protocol enables branded enterprise tokens to be generated and minted in seconds on top of COTI’s Trustchain”.

The new token standard will be called CMD (COTI MultiDAG). “These tokens inherit Trustchain capabilities such as scalability, high throughput, lower costs, and seamless payment applications,” COTI continued. In the post, COTI said that it would announce a “Mint 2 Earn” activity on the Testnet environment, which went live this Tuesday.

According to CoinMarketCap, “COTI markets itself as the first enterprise-grade fintech platform that empowers organizations to build their own payment solutions as well as digitize any currency to save time as well as money”.

COTI offers excellent scalability capabilities, with its blockchain able to process as many as 100,000 transactions per second.

Countdown to COTI Mainnet Hard Fork Begins

All going well with the deployment of the MultiDAG 2.0 hard fork on COTI’s testnet, the upgrade to COTI’s mainnet should follow one month later.

$Coti launching its multidag 2 testnet tomorrow. Exciting times in store for all involved with #COTI

Expectation is if all goes well multidag mainnet will launch 1 month later so early September

🚀🚀🚀🚀🚀

— Cryptemberrain (@cryptemberrain) August 1, 2022

“CMD, the New Token Standard for COTI, represents the MultiDAG 2.0 launch and is the most significant milestone for COTI,” said Shahaf Bar-Geffen, COTI’s CEO. “By Supporting issuance of tokens on top of our protocol, we are accomplishing our vision in becoming the enterprise layer 1”.

COTI Tumbles Despite Anticipated Testnet Hard Fork

COTI/USDT was last trading lower by about 7.0% on Tuesday, with cryptocurrency markets broadly suffering amid concerns about geopolitical tensions between the US and China plus recent data pointing to a continued slowdown in the global economy.

Having been as high as the $0.1170 area in earlier trade and very close to multi-week highs around $0.1180, COTI/USD was last changing hands around $0.1080. While the cryptocurrency, for now, appears to be struggling with resistance in the upper $0.1100s, but its technical bias remains positive.

Since mid-July, COTI has been posting higher lows after printing a triple bottom on the $0.0800s. It now appears to be in the throes of an uptrend. A break above resistance in the upper-$0.1100 to $0.12 area could open the door to a swift rally towards resistance in the mid-$0.14s.