Ormeus Cash, COTI team up for trustless point of sale system

Friday 28 December 2018 11:39 CET | News

Ormeus Cash has partnered with COTI to launch a ‘trustless’ point of sale system that allows merchants to accept cryptocurrency payments for goods and services.

As such, Ormeus Cash (OMC) utilises COTIs ‘trustless’ protocol in the POS system. On the other hand, the protocol uses a directed acyclic graph-based ledger, built from transactions, as well as trust-based algorithms, which base their conclusions and actions on historical behaviour data and objective information about the participants. Moreover, the Trustchain Algorithm can validate and confirm transactions faster than traditional blockchain-based transactions.

Most blockchains depend upon miners to confirm transactions, and those miners are paid a percentage of the transaction fee. The Trustchain Algorithm eliminates the need for miners to confirm transactions by using data to validate information.

Through this, merchants obtain expanded payment options, micropayment processing, secure and private payment networks, and full KYC and AML regulation. By choosing to pay with cryptocurrency at a merchant who uses the OMC POS, consumers receive additional buyer-seller protection, instant payment, and the peer to peer payments make giving away personal information completely unnecessary.

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Keywords: Ormeus Cash, COTI, POS, miners, cryptocurrency, behaviour data, AML, KYC, payments , security, transactions , regulations
Countries: World

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