COTI Network has revealed their Global Trust System (GTS) will be deployed on the Chainlink mainnet to help solve the reputational issue on the platform, as per a blog post, August 12, 2019. Chainlink has the potential to truly decentralize data collection for smart contract execution and COTI will play a critical role in ensuring trust and reputability on the network.
Integrated Reputation Management
The Global Trust System by COTI Network was set up to observe and evaluate node behavior, and calculate trust scores. COTI’s vision to bring a robust trust mechanism to other blockchains has led to them offering it as a service to other networks.
GTS consists of a blacklist layer to expose fraudulent actors, a transaction layer that identifies high risk and low-risk activity, and the trust scoring mechanism.
By connecting to a network and analyzing its transactions, GTS creates an effective way to link behavioral data to malicious parties. Identifying these actors and penalizing them is a core premise of the protocol, as is rewarding reputable behavior of users to incentivize them further.
To summarize this, a trust score is issued to each user and they will be eligible to receive their tokens if their trust score is above the required threshold. Users can also receive a reward for incentivizing reliable transacting.
When Chainlink launched their mainnet, they were determined to find a way to efficiently bring in a reputational system that can help eliminate bad actors. The integration of COTI’s GTS is perhaps the first step to creating the most decentralized smart contract oracle service that actually works.
Chainlink Hype Continues
Anyone who is active on crypto Twitter knows just how many people are going bananas over Chainlink, or rather the LINK token.
LINK has become the trader’s favorite coin, especially after the liquidity burst from the Coinbase listing. The token has seen parabolic price growth and subsequent corrections, but this hasn’t hindered altcoin traders as they continue to track it with the same fervour as a few months ago.
Chainlink is a strong project that has been recognized by the likes of Microsoft. As mentioned earlier, a key missing piece of the puzzle was a reputational system to create trust and penalize bad actors; this has finally been addressed through GTS.