COTI, a directed acyclic graph (DAG)-based DLT network, announced that it has completed and launched MultiDAG, a structure that allows token issuance on top of COTI’s DAG-based Trustchain protocol.
This achievement was made possible by combining independent DAG clusters into the overall COTI network. The COTI MultiDAG ecosystem is similar to Ethereum, in the sense that both are common decentralized infrastructure acting as the basis for a multitude of different tokens and smart contracts while utilizing one main coin for all fees and staking within their respective ecosystems.
The MultiDAG code has already been pushed to mainnet nodes, and the code can be viewed on GitHub. The COTI team has also launched the first MultiDAG test token (TestToken) for internal experimentation. TestToken is representative of how clients can issue their own tokens on MultiDAG and fully demonstrates its extended capabilities.
MultiDAG Features
- A series of permissioned instances allow the token issuer and owner of the individual MultiDAG instance to set their own rules to their needs and/or use case. Token issuers on Ethereum are limited by the overall rules and performance of the Ethereum network as a whole, while on the COTI MultiDAG – token issuers retain control of their own rules and instances are not limited by the overall performance of the network, allowing for almost limitless instances and tokens without any network degradation.
- Instances retain the ability to access all the overall COTI network features such as high scalability, low transaction costs, privacy, and dispute resolution and whenever a transaction happens on any of the MultiDAG instances, fees are automatically converted between the issued token to COTI’s native coin, increasing the overall demand for the COTI coin and overall network utility.
- Transactions can be “multi-currency” meaning a transaction bundle can contain base transactions nominated in different tokens. Since DAG as a data structure is agnostic to the transaction payload, the flow of attaching transactions to the DAG and Trustchain consensus stays the same for MultiDAG.
“In about two weeks, we will share a workable demonstration of token issuance, and we will also show how you can transact with tokens using API commands. In the following weeks, we will also add a token generation interface, which will be for widespread issuance of tokens.”
– The COTI Team
