Interesting rabbit hole. Low market cap token with very interesting white paper, with a focus on charge-backs or dispute resolution service incorporated into the blockchain. Lots of other novel concepts in this project also, their own blockchain not least. Looking under the hood we find quite some rabbit hole!
“COTI does not rely on the honesty of a few individuals, but on game-theoretical economic incentives.It is based on a fundamental insight from legal epistemology: a court is an epistemic engine, a tool for ferreting out the truth about events from a confusing array of clues. An agent (jury) follows a procedure where an input (evidence) is used to produce an output (decision). COTI leverages the technologies of crowd-sourcing, blockchain and game theory to develop an arbitrary system that produces true decisions in a secure, efficient and inexpensive way”
COTI will work on integrating Fantom-based mainnets such as Xar Network into their existing payment rails on the back-end, allowing us to build FantomPay and XarPay on top of a reliable infrastructure that supports merchant onboarding, fiat off-ramps, and consumer applications.
By utilizing COTI’s infrastructure, merchants will be able to accept CSDT or fiat-backed stablecoins issued on top of Xar, while still receiving fiat currency into their bank accounts at with a wide global coverage and 35 currencies.
All transactions data will be also put to COTI’s Trustchain, opening up further usage and financial services, and adding more utility to COTI’s native coin.
Was Yam a scam, that is what someone has asked me to look into here. The first thing you see when you go to the site is two pop up warnings, warning you of the risks of using this platform! Its an ominous sign of what was to follow, like the developers knew of risks and wanted to have a way to claim they warned everyone in advance, in hindsight I find it fishy, it’s not that common to see such warnings on other new projects in the space despite all the known risks.
Clearly the Yam token crash has affected many and the ecosystem and is a Stark warning to the whole Defi space to take notice that all this shitty code being pumped out is going to end in tears. Vitalik has issued a poignant warning to those speculating in the space:
Seriously, the sheer volume of coins that needs to be printed nonstop to pay liquidity providers in these 50-100%/year yield farming regimes makes major national central banks look like they’re all run by Ron Paul.
This was an industry project with industry grade insider connections but was so slapdash and poorly designed ‘product’ that this eventuality was destined to happen to the project despite bugs or no bugs. The re-base procedure would have resulted in One USD value regardless at some point. A careless attitude seems prevalent in this project and of the founders, if it was going to loose 99% of the value regardless they should never have opened the site! Wait for the relaunch coming to a website near you.
The YAMv2 interim governance period has ended, and all future proposals will need to be ratified on-chain following the launch of YAMv3.
For information regarding the YAMv3 launch, migration, rewards, incentives, and audit, please see below: https://t.co/wTX1zi1X4w
Pre-ICO, industry related project in the DIFI space with lots of industry connections:
Important point: After successfully running a node for six months or less (from network launch; the exact time depends on your individual staking configuration as well as the staking participation rate across the network), participants will be able to fully recover their escrowed ETH. We anticipate that participants can recover their escrowed ETH incrementally over time or all at once, at their option. Participants that fail to successfully run a NuCypher network node for six months of the live network will not receive stake-rewarded NU and their ETH will remain escrowed in the WorkLock contract.
Summary: It is a very early stage project with a lot of chatter in the Twitter and on their discord. The project is connecting well in the defi space with partners in the space and while it is so early, its hard to predict but as risky bet it could well pay off as this market grows.
Trading is hot and diverse
There is a potential risk with the number of tokens held by the project 92% – 95%
on the pump from 120$ to 275$ this is the prime reason:
This trading looks organic but it is not, transactions were dispensed by the dispenser to 10 different accounts which are inter trading between each other in a fast method buying and selling much smaller amounts of the token, this activity in the last 15 hours has coincided with a 100% price increase! This looks like manipulative non organic trading!