By COTI, an enterprise-grade fintech platform which allows cross-chain interoperability and extreme scalability with very low transaction fees has just revealed that their Global Trust System (GTS) will be deployed in the Chainlink mainnet, according to a blogpost on August 12, 2019. Chainlink is already a very popular project among crypto enthusiasts and developers, especially after they joined hands with IT giant Google.
What is the Global Trust System?
The Global Trust system developed by COTI was built to observe and evaluate the behaviour of nodes in a blockchain and calculate a trust score based on that. According to COTI, a trustworthy environment is essential for the mainstream adoption of cryptocurrencies. Keeping this in mind, COTI developed the GTS as a part of their consensus mechanism. This service is now ready to be offered to other chains as a step to introduce a trustworthy blockchain environment.
How does GTS work?
GTS has a blacklist layer to identify and flag fraudulent actors, a transaction layer to identify the different category of risks, and the trust scoring mechanism. The GTS connects to any network and analyses transactions and behavioural data and gives them a score based on their performance. Using this feature, malicious parties can be distinguished from the reputable ones. One can hence incentivize those that have a good trust score.
Chainlink and GTS, a truly decentralized smart contract service
Integrating the GTS mechanism into Chainlink’s oracle and smart contract framework will add support for various trust-based events in smart contracts and also allow users with a decided trust score to be incentivized. This will allow more blockchain networks to address the various issues related to trust and will perhaps create the first fully decentralized smart contract oracle service.
COTI CEO Shahaf Bar-Geffen, commented on the new partnership:
“Behavioral tracking and trust-based incentivization are chiefly missing in the crypto world. By deploying a reputational scoring system like the GTS, more enterprises can maintain trust between transacting parties. We’re excited to break ground on this endeavour with Chainlink, a leader in oracle network solutions, and advance how blockchains connect with third party data sources.”
LINK the traders favourite
Link, the native token of Chainlink is one of the favourite altcoins for any trader right now. Just after it got listed on coinbase, the token saw a huge parabolic price move followed by a correction, but that hasn’t hindered the reputation of this token because, its one of the best projects out there that have actual use cases. Chainlink has also been recognized by industry giants like Microsoft.
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