More Insight Into COTI
Today I spent a few hours in the COTI discord trying to learn as much as possible. Some things are not as simple as they seem and those things are starting to fall into place the more you learn.
Firstly I was curious to understand why certain countries cannot stake using the COTI Viper wallet. I know @bozz is from the US and has COTI and is not able to do so currently.
The explanation is rather simple and COTI has to be seen as something totally different in crypto and treated differently. COTI is a bank in all forms except they are crypto. Most crypto is getting away from institutions yet COTI cannot as they are an institution. Regulations are therefore much more stricter for a project like COTI as they would like to in the future replace your bank. Borrowing/lending and other financial services will all be part of the services available. It seems they will need more licenses as things become more clear for all this to happen.
The treasury will be dumbed down making sure everyone has a clear understanding of how everything works.
The other item which was the treasury and posted about this last night having various levels of staking. The higher the level the higher the risk. There is an option risk free with a lower percentage thankfully. The liquidations is all about leverage which there will be a simple walk through explaining everything coming soon.
Another thing I picked up on was you need the native COTI token to stake in the treasury. This would mean you would have to use their bridge if you are on an exchange like Binance to convert your COTI to the native COTI ERC20 token. I am trying to get hold of the list for which countries are restricted right now as South Africa like The US is on that list apparently which is a bummer. More reason to get into gear and travel to get registered outside of this place as regulations are holding some of us back.
Posted Using LeoFinance Beta