Blockchain protocol Coti announced its successful hard fork event – MultiDAG 2.0 – which aims to move the ecosystem from a single currency infrastructure to a multi-token network.
In a joint press release with encrypted potatoesCoti also revealed that the Mainnet will launch on December 29, where Explorer 2.0 will also be distributed alongside the Bridge 2.0 wallet application.
The team responsible for the protocol said in a statement:
“This launch is a big step for the crypto industry, as well as for COTI, as MultiDAG 2.0 will drive the growth of widespread use of crypto payments for businesses that have not yet adopted crypto payment solutions. Moving from a single-currency infrastructure to a multi-token network is an exciting step for us, and we are excited to have Thank you for your support on this important path.”
Launching MultiDAG 2.0
The MultiDAG 2.0 protocol leverages the CMD (COTI MultiDAG) standard that facilitates the issuance of tokens on top of the COTI Trustchain, a concept similar to the ERC20 token on Ethereum. However, in the case of this protocol, the release takes place in one day.
The issuance is expected to strengthen Coti’s position to help businesses by allowing them to launch their own Payment Network (PPN) which includes issuance of CMD-branded payment tokens, issuance of CMD-branded loyalty tokens and more.
According to Coti, these new tokens will have the same capabilities as Trustchain in terms of high scalability, security, and throughput, while meeting critical corporate requirements.
Meanwhile, the new Bridge 2.0 wallet app, released alongside the protocol, includes a new refund feature that allows users to apply for a refund if the exchange fails due to technical difficulties or is in a pending processing state.
The Coti ecosystem also participates in Cardano-based Djed Stablecoin. In fact, the Blockchain protocol is the official source of the hyper-secured algorithmic stablecoin that is expected to go online in January 2023.
Despite previous failures of algorithmic stablecoins and the recent implosion of TerraUSD (UST), Cotis Shahaf co-founder Bar-Geffen remained optimistic about the launch.
Speaking at the Cardano Summit this year, the CEO said he expects JD to serve as a “haven” in the Cardano network.
COTI’s Announcement of Successful Hard Fork to Expand Multi-Token Network appeared first on CryptoPotato.