COTI is a layer 1 blockchain ecosystem that aims to revolutionize payments, providing faster transactions with lower fees using a unique consensus algorithm called Proof of Trust. The native token, COTI, operates on three different mainnets and is used to pay transaction fees, as well as earn rewards by staking in the COTI Treasury.
Koinly makes it easy to do your COTI crypto taxes. Here's how.
It's easy to connect Koinly and COTI, all you need is your public address. Your instructions might vary a little depending on the COTI wallet you're using, but generally speaking, it'll be as simple as this...
Remember, if you're using multiple wallets to interact with COTI, you'll need to connect each of these wallets to Koinly in order to calculate your transaction history correctly.
If you're having any issues connecting COTI and Koinly, we're here to help:
Sign up free to calculate your COTI taxes today!
Wherever you live, chances are your COTI transactions will be taxed. Generally speaking, any gain from selling, trading, or spending COTI will be subject to Capital Gains Tax, while earning COTI - for example, through staking rewards - will be subject to Income Tax. But crypto tax varies depending on where you live, so make sure to learn about the crypto tax rules in your country.
The easiest way to get a COTI tax report is to use a COTI tax calculator like Koinly. All you need to do with Koinly is connect automatically using your public address and Koinly will import your COTI transaction history, identify your taxable transactions and calculate your gains, losses, and income. After Koinly has finished its calculations, it'll generate a crypto tax report, ready to help you file.
This very much depends on the COTI wallet you're using. Some COTI wallets may allow you to export a CSV file of your transaction history for accounting and tax purposes, while others may not. But you can always use a crypto tax calculator like Koinly to export your COTI transaction history automatically using your public address.
COTI’s Proof of Trust consensus mechanism is rather unique. It’s a combination of Trustchain (a DAG-based data structure) and Proof of Work. In the PoT system, validators are selected based on their trust score, which is calculated by their historical behaviour and payment statistics. The higher the trust score, the faster the transaction and the lower the fees.
COTI has a maximum supply of 2,000,000,000. Roughly 60% of the maximum supply is currently circulating at the time of writing.