COSS
COSS (Crypto-One-Stop-Solution) is a revenue-generating token on Ethereum designed to sustain the Crypto One Stop Solution platform, which aims to boost the massive adoption of cryptocurrencies. The COSS token generates an entire cryptocurrency portfolio to its holders derived from cryptocurrency transaction fees within the COSS platform. This process is called the COSS TOKEN-BASED FEE SPLIT ALLOCATION (FSA), in which transaction fees are split in half by the COSS DAO and distributed equally between COSS and COSS token holders. Through this process, 50% of all transaction fees generated by the platform are shared among COSS token holders.
Contents
COSS Review
COSS stands for Crypto-One-Stop-Solution and represents a platform, which encompasses all features of a digital economical system based on cryptocurrency. The COSS system consists of a payment gateway / POS, an exchange, a merchant list, market cap rankings, a marketplace, an e-wallet, various coin facilities and a mobile platform. The COSS platform unifies all transactional aspects that are usually managed by means of FIAT money and offers multiple cryptocurrency-related services in one place. The list of potential features of the platform can be infinitely extended and will continue growing as the platform evolves.
The COSS team is visionary in the way it approaches the development of the Crypto-One-Stop-Solution. On the track to massive cryptocurrency adoption, we do not allow the limiting belief systems to interfere with the development of the COSS platform. We accept the changes that the rapidly-evolving technologies bring and welcome innovation on any and every level. We plan our success with determination and implement it into our strategy that implies the following steps:
- providing for all the cryptocurrency users’ needs via one-stop-solution services;
- rewarding users for bringing new merchants and affiliates on board;
- establishing a marketplace, where cryptocurrency users and merchants can meet each other seamlessly;
- issuing tokens with real value;
- expanding the network of customers by providing the high-quality services;
- enhancing the security of the system;
- adopting the disruptive innovations[1].
History
The idea for COSS originated in 2016 during an MIT Fintech course taken by Rune Evensen, CEO and founder of COSS. In the beginning, the concept seemed rather obvious, however, having done the necessary research, Rune realized that no one had attempted to create an integrated one-stop solution platform to operate cryptocurrencies before, or at least hadn’t been successful in bringing it to life. Feedback, encouragement, and support from course participants convinced Rune to move on with developing COSS. In November 2016, the company name C.O.S.S. Pte Ltd was registered in Singapore, followed by the beta release of the exchange on April 1, 2017. From July to September, COSS ran pre-ICO and ICO campaigns before releasing the COSS token. On January 7th 2020 coss.io was taken offline to begin migration to a white label platform after proceeding with account level snapshots. The migration was halted mid-way as COSS entered and finalized acquisition negotiations, followed by audits of the existing technology, user data and wallets. The new platform went online early March 2020.
Exchange
The exchange interface itself is sleek and nice on the eyes. COSS currently offers Bitcoin (BTC) and Ethereum (ETH) trading pairs with over 30 popular cryptocurrencies, with more cryptos being added all the while. It has all the heavyweights to be sure, from privacy coins like Dash (DASH) to hot ERC20 tokens like OmiseGo (OMG).
For those looking for margin trading, you’ll have to look elsewhere, as COSS doesn’t offer margin trading functionalities. Moreover, there’s nothing in the exchange’s roadmap that suggests such functionalities are coming any time soon, if ever.
To get started trading on COSS you will need to make a deposit of a cryptocurrency as it does not currently offer Fiat payment options yet[2].
COSS Wallet
COSS’s cryptocurrency wallets come with the main security benefits that all traditional cryptocurrency exchanges offer. These benefits include two-factor authentication, back-end cold storage, and email confirmations.
Also, the COSS wallets allow you to trade between currencies without the waiting time users endure on decentralized exchanges like Changelly and Shapeshift. The exchange has fiat functionalities that allow withdrawing fiat instantly, much like Coinbase allows now.
Fees
We couldn’t find any mention of the trading fees on the COSS website. When playing around with their platform we saw 0.20% fee for cryptocurrency trading. This is competitive with the current state of the industry, as the average fees go as high as 0.25%.
COSS Coin
The COSS token generates an entire cryptocurrency portfolio to its holders derived from cryptocurrency transaction fees within the COSS platform. This process is called the COSS TOKEN-BASED FEE SPLIT ALLOCATION (FSA), in which transaction fees are split in half by the COSS DAO and distributed equally between COSS and COSS token holders. Through this process, 50% of all transaction fees generated by the platform are shared among COSS token holders.
The exchange ran its ICO in early August 2017. The COSS token itself is an Ethereum-based ERC20 token that generates dividends derived from COSS exchange fees to holders of the token. Your COSS can be held in any Ethereum wallet like MyEtherWallet, for example.
This kind of model has been extremely popular in the ecosystem as of late, as Binance’s and KuCoin’s dividend tokens have boomed in popularity over the past few weeks. So, not only have users gotten paid dividends for holding COSS, but the token price has also been steadily rising, increasing profits all around.
ICO
COSS was a 100% self-funded project that did not receive any external investments before its April 2017 beta launch. It remained privately funded during its first months in operation until the COSS token presale for early investors took place in July 2017. This step was essential for the future development of the project, its expansion, and the implementation of the new functions and features. A presale was followed by a token swap (ICO) for the COSS token providing opportunities to people who share the COSS vision and believe in the project’s potential. The token swap took place in August-September 2017. The name of the cryptocurrency, as well as its ticker, is COSS.
COSS Token-Based Fee Split Allocation (FSA)
The COSS token generates fee Split Allocations (FSA) in all cryptocurrencies traded on the platform. The amount of the split allocation received by the user is defined by a smart contract based on the amount of COSS tokens held. The fee split is allocated to COSS token holders’ dashboard on a weekly basis. Users can choose to distribute to their personal wallets at will or allow it to accumulate on the exchange. Funds are generated by the exchange through transaction fees.
COSS DAO
COSS DAO enables token holders to receive FSA from the COSS system on a weekly basis due to a smart contract governing the process. DAO represents a computer program run by a peer-to-peer network and administered by the code or the pre-programmed set of smart contracts.
COSS Token Price
COSS market capitalization on 6 JULY 2018: $14,260,364
COSS price on 6 JULY 2018: $0.120026
Technical Features
The full COSS system comprises multiple interconnected applications that are available to COSS account owners.
The COSS platform consists of three counterparts (applications): the core application, the wallet, and the exchange. The core application has account management tools, security features, and security settings. The wallet allows users to store, deposit, and withdraw multiple cryptocurrencies and fiat. The exchange has cryptocurrency and fiat trading features. Functions such as cryptocurrency, token and ICO listings, market cap rankings, promos, trading, and a newsfeed are also available on coss.io.
Architecture
Client communications on COSS are managed through NGINX application. The web proxy server communicates with front-end applications based on Angular2, VueJS, and NodeJS. The communication is carried out via the HTTP2 protocol and WebSockets.
The Service Layer manages the SSO (Single-Sign-On), 2FA (2-Factor-Authentication), the messaging system (email service), user profiles, merchant profiles, wallets, and the exchange. This layer communicates with a back office web application (through HTTP2 and WebSockets), the wallets (through Remote Procedure Calls), and the exchange engine (via TCP and a Message Bus).
The exchange engine is powered by Node.js. The back-office management applications are built using the Bootstrap framework and Node.js. The communication layer between Geth and the front-end application is implemented using Node.js, which uses an event-driven, non-blocking I/O model allowing it to manage communications between the users and the COSS system. The Node.js application communicates with Geth through IPC (Inter-process Communication), memory/pipe-based communication between processes on the same machine. The Node.js application shares the same server with Geth.
Team
Rune Evensen, CEO and Founder Rune Evensen is a business and start-up consultant, entrepreneur, and public speaker, who founded and co-founded multiple internet companies throughout his career. Rune’s expertise lies in the field of strategic marketing, sales, business development, incorporation, and licensing.
Mong Suan Yee, Engineering Director Dr. Mong Suan Yee is a Southampton University graduate, Ph.D. in Electronics, and an inventor with numerous patents, co-author of a wireless communication book, and a founder of Insight Software Pte. Ltd. (Malaysia), a product development and consultancy firm for wireless and software projects launched in 2012. Dr. Mong is also an experienced research scientist, development engineer, and team leader in wireless research laboratories, semiconductor companies, and consultancy firms including Toshiba Research Laboratory, Qualcomm, Motorola, TTPCom, Aeroflex, Sequans, and Cambridge Consultants. She is a co-developer of IEEE 802.11n standardization and wireless chipset for GSM, UMTS, and LTE, and participant in LTE e-node B system testing and validation in Europe, USA, and China during the LTE roll-out. Mong joined COSS in early 2018 as an engineering director. She is the core of the devs team, optimizing its work and ensuring that the system is secure to sustain the evolving platform.
Gary Koh, Head of Operations Gary Koh has a background in customer relationship management (CRM), business development, sales, negotiation, CRM System Integration. He is a blockchain and cryptocurrency advocate, crypto miner, and PC hardware geek. His role at COSS is to manage the day to day operations, e.g., token listing. He also oversees the community relations and customer service.
Praveena Prabha, Head of Compliance Praveena Prabha is a compliance expert based in Singapore with a background in regulatory compliance, KYC, KYB, AML, CDD, and team management. Before joining COSS, she worked at American Express, OCBC, Fairfax Business Media, and KPMG. At COSS, Praveena establishes compliance frameworks, primarily the COSS Compliance Program, and conducts and resolves gap analysis on new regulations. She is the primary liaison with the Monetary Authority of Singapore (MAS) for licensing matters, undertakes suitability and risk assessment of vendors for integration of compliance systems, and provides compliance guidance to senior management and other support functions. She also oversees due diligence for high-risk accounts and files STR(s) with the relevant authorities.
Desmond Sieuw, Head of Finance Desmond manages accounting, bookkeeping, payrolls, and reports. He is a financial professional with 10+ years of expertise and specialization in full sets of accounts, financial and management reporting, data analysis, human resource experience in payroll, HR administration, staff permit application.
Milestones
2016
- January 2016 – Rune Evensen conceptualized COSS model
- May 2016 – Idea Validation – MIT (Scored 100/100).
The idea of COSS, a Crypto One-Stop Solution platform started to take shape during the work on the MIT Fintech course modules taken by Rune. In the beginning, the concept seemed rather too obvious, however having done the necessary research, Rune realized that no one had attempted to create an integrated one-stop solution platform for cryptocurrencies before, or at least wasn’t successful in bringing it to life. Feedback, encouragement, and support from the course participants convinced Rune to move on with the COSS development.
- June 2016 – Whitepaper v. 1.0: The first detailed COSS outline on paper
- August 2016 – Team Consolidation and Dev. Start
- November 2016 – C.O.S.S. Pte. Ltd. Incorporation. COSS is registered in Singapore as a company
- December 2016 – Dev. Server Environment Created
2017
- April 1, 2017 – Beta Launch – COSS is live.
The COSS platform saw the light of day for the first time with a fully operational cryptocurrency exchange, newsfeed, market ranking, e-wallet, coin listing, proof-of-development and the first set of merchant services
- May 2017
Partnerships with the International Chamber of Commerce and Industry of Romania (CCIR) and the Chamber of Commerce and Industry Romania – Israel (CCIRI) signed
- June 2017
Strategic Partnerships and MOUs with Eva Energy, CardBlue, Coinfirm, CoinPip, and Satoshi Citadel Industries June 8, 2017 – BlockCon – Disruptive Innovation Conference (Romania, Bucharest) – Hosted by COSS and CCIR. An event dedicated to the blockchain, cryptocurrencies, smart contracts, financial technologies, IT, innovations, and business where Crypto-One-Stop-Solution was presented in Europe for the first time since its official launch
- July 2017
July 10-13, 2017 – COSS Token FIRE SWAP (Pre-ICO)
- August 2017 – COSS GO APP release, COSS received the highest score in ICO Rating’s history.
August 8, 2017 – COSS Token Swap (ICO) The start of the Token Swap (ICO) campaign for initial token distribution and offering
- September 2017
September 6, 2017 – end of Token Swap (ICO): 8,230.446 ETH gathered September 7, 2017- 10,000 registered trading accounts September 10-12, 2017 – Community voting to decide the future of the unsold tokens September 14, 2017 – Results of the voting announced and the new COSS token allocation plan implemented September 20, 2017 – Release and trading of the COSS tokens
- October 2017 – The 1st round of the Token-Based Fee Split Allocation. Listing KIN, ENJ, LINK, VEN, HGT, SUB
Distribution of the Bounty program rewards Surpassing 500,000 trading volume on the Exchange Enterprise Ethereum Alliance (EEA) membership 20,000 trading accounts
- November 2017
Aditus ICO listing REQ, PRIX, OMG, WTS, H2O token listing Token Listing policy update
- December 2017
Listing ICON (ICX) tokens, Gatcoin ICO, Somidax (SMDX) and Datum (DAT) Trading Promos, LaLaWorld pre-ICO New UI testing Onboarding Compliance Team 2,000,000 trading volume on the exchange 40,000 trading accounts exceeding the original target of 25,000 trading accounts for the year 2017
2018 Q1
- New Exchange UI launched
- Onboarding frontend & backend devs, and UI/UX engineer in Singapore
- Mandatory 2FA
- COSS Token upgrade – ERC223 standard
- Implementation of the new ticketing system for customer support
Q2
- Deployment of the new exchange architecture and improvement of features
- Implementation of new and improved KYC/AML/CTF procedures, e.g. automatic screening for blacklisted and politically exposed people, Interpol, known terrorists, and so on.
- FIAT deposits and withdrawals from/to credit cards; trading fiat against BTC, ETH, and COSS
- Mandatory KYC including facial recognition and ID validation, screening of incoming cryptocurrency transactions, wallet screening indicating the dark-web red-flagged wallets
Q3
- Implementation and testing of COSS 2.0
- COSS insta-buy function
Q4
- Launch of COSS 2.0
- COSSPAY pilot implementation
- Scale to 500,000-1,000,000 users (goal)
Development
The long-term goal of COSS is to boost the mass adoption of cryptocurrency and become a one-stop shop for all things crypto. For this reason, the company follows a multi-layered development strategy that covers the implementation and release of new features quarterly. That includes the deployment of various features like merchant listing, merchant gateway/POS-system, and legal compliance procedures.
COSS 2.0
The next stage of COSS.io is the development of COSS 2.0, a sophisticated and advanced cryptocurrency platform with the following features:
- 1.5M TPS engine with built-in TPS scaling
- dynamic withdrawal fees
- network congestion scale
- quick-buy function
- basket trading
- crypto-dust conversion
- public and private APIs
- institutional accounts
- training platform for crypto-trading
- COSS-based pairs
- portfolios and watchlists
- iOS and Android mobile apps with trading and portfolio functions
- full customization of ICO listing and promo features
- listing NEO/GAS, Ripple, Stellar, Cardano, and other top-pairs
- automatic creation of annual reports and custom reports
- wallet system upgrade
See Also on BitcoinWiki
External links
References
- ↑ https://coss.io/documents/coss-whitepaper-v3.pdf – COSS White Paper
- ↑ https://blockonomi.com/coss-review/ Blockonomi – COSS.IO Review