New crypto POS system speeds up transactions, eliminates miners
Ormeus Cash (OMC) and COTI launched a ‘trustless’ point of sale (POS) system. The new system will allow merchants across the globe to accept cryptocurrency as payment for their products.
The POS system uses COTI’s protocol. According to their press release,
“This protocol uses a directed acyclic graph-based ledger, built from transactions connected through time and using trust-based algorithms. The trust algorithm bases its conclusions and actions on historical behavior data and objective information about the participants.”
The Trustchain Algorithm works by validating and confirming crypto transactions faster than other traditional methods. As new transactions occur, the chain grows, “resulting in an innovative, consensus-machine learning algorithm.”
The traditional and current POS blockchain systems often face slow transaction times because they are reliant on miners to confirm the aforementioned transactions. Miners confirming these transactions come at a cost: high fees for crypto transactions. The Trustchain Algorithm uses learned data to validate and confirm information and data, thus eliminating the use of miners.
According to Ormerus’ press release,
“Consumers also receive many benefits from choosing to pay with cryptocurrency at a merchant who uses the OMC POS. Additional buyer-seller protection, instant payment, and simple peer to peer payments make giving away personal information completely unnecessary.”