COTI, as per the official announcement, is a blockchain protocol that has been specifically optimized for decentralized payments. Designed for usage by merchants, governments, payment dApps, and stablecoin issuers, COTI boasts a high transaction throughput.

Unlike traditional blockchains, COTI employs a Directed Acyclic Graph (DAG) of transactions, known as the Cluster. This unique feature enables users to process a large number of transactions quickly and at low cost.

One key aspect of COTI is its Trustchain protocol which is a trust-based system that manages relationships between buyers and sellers. It considers user behavior during transactions to assign a Trust Score. Additionally, COTI has its own native token, COTI, used for transaction processing within the network, staking for network participation, and earning rewards.

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Launched in May 2021, Internet Computer aspires to become a “world computer” capable of hosting decentralized applications (dapps). This ambition is backed by its unique Chain Key Cryptography, which promises to provide stable computing costs, thus overcoming the cost fluctuations and scalability issues plaguing traditional blockchains.

The operation of Internet Computer is underpinned by several vital components. One of these is the Network Nervous System (NNS), an open and decentralized management system that not only incorporates community proposals but also continually expands the blockchain network by adding new nodes. This system helps to maintain minimal data storage costs to facilitate on-chain dapp operation. Furthermore, it enhances user experience by allowing smart contracts on the platform to directly serve users’ HTTP requests. The platform also ensures user anonymity and adopts a reverse gas model where the developers, rather than users, bear the costs.

In terms of infrastructure, Internet Computer mirrors the decentralized nature of Bitcoin and is not dependent on centralized cloud nodes. The native token of this ecosystem, ICP, performs crucial roles in governance. Staking ICP tokens generates “Neurons” that enable holders to vote on and shape proposals, thus earning rewards in the process.

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To create fake giveaways, scammers took over existing accounts and changed them to appear as accounts of prominent figures in the crypto world, CoinTelegraph.com says. From such accounts, scammers would ask users to send XRP to a wallet address. In return, they promised to send back five times the money received.

With COVID-19 lockdowns taking place in the first half of 2020, social media scams have increased significantly. According to the data from the U.S. Federal Trade Commission, only in the first half of 2020 losses from social media scams reached $117 million, compared to $134 million over the whole year 2019.

Among the most notable hacks of last year was the massive Twitter breach where hackers took over high-profile accounts of Elon Musk, Barrack Obama, and Bill Gates, among others, and scammed crypto out of users.

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