COTI to become a multi-token layer after the hard fork

The hard fork testnet will take place on August 2nd, and the mainnet launch will be a month later.

The COTI team has announced in a Medium post that it is gearing up for its biggest upgrade yet. The network will undergo a hard fork testnet in three weeks, with the mainnet launch scheduled for a month after that.

According to the COTI team, the hard fork will transition COTI from a single currency infrastructure to a multi-token layer. The team added that during this hard fork, COTI is launching MultiDAG 2.0. With this change, also comes a new token standard: CMD (COTI MultiDAG).

COTI said it has been working hard to make its solution fit the enterprises’ needs, and the launch of MultiDAG 2.0 will enable it to do so. 

The MultiDAG 2.0 protocol will permit branded enterprise tokens to be generated and minted in seconds on top of COTI’s Trustchain. The tokens will come with Trustchain features like scalability, high throughput, lower costs, and seamless payment applications.

According to its roadmap, COTI said after MultiDAG 2.0 goes through its Testnet, and Mainnet trial periods, MultiDAG 2.0 will be officially initiated by creating a hard fork transaction that will be attached to DAG and confirmed by network consensus. 

The change will be followed by the launch of a new token standard: CMD (COTI MultiDAG).

Once this happens, new tokens can be generated, transferred, and burned on the Trustchain as long as the utilized Full Node supports MultiDAG 2.0 protocol, the team added. 

While commenting on this latest development, Shahaf Bar-Geffen, COTI’s CEO, said: 

“CMD, the New Token Standard for COTI, represents the MultiDAG 2.0 launch and is the most significant milestone for COTI. By Supporting the issuance of tokens on top of our protocol, we are accomplishing our vision in becoming the enterprise layer 1. Years of hard work have culminated in this game-changing event, and I can’t wait to see more enterprises using COTI’s technology”.

Ahead of the hard fork, COTI nodes are required to update their nodes in the next 15 days, until August 2nd. The hard fork MultiDAG 2.0 testnet deployment will be on August 2nd, while the hard fork MultiDAG 2.0 mainnet deployment will happen approximately one month later.