COSS Token Summary and Comparison

COSS and CFT are the 2 tokens native to the COSS ecosystem, both with very different functions. Recently, CELT has opened for trading, but this is an unofficial COSS token, created by the community.

COSS Token Comparison


FEATURES

COMPARE Token FEATURES

Token Creator

Primary Function

Max. Token Supply

Official COSS Token

Passive Income

Fee Reduction

Monthly Burn

ATH

View Token Analytics

Where to purchase

COSS

Earn Fee split allocation

COSS Exchange

Receive a share of 50% of fees taken by COSS exchange

200,000,000

0

$3.04

COSS.io

CFT

25% fee reduction

COSS Exchange

Used to pay fees, earning a 25% discount

240,000,000

1,000,000

$0.10

COSS.io

CELT

fund liquidity

Community Developers

Funds liquidity bot and earn passive income

10,000,000

0

$0.17

N/A

COSS.io

COSS Token (COSS)

What is COSS used for?

The COSS token’s only role is to earn holders a share of 50% of trading fees.

When someone uses the COSS exchange to trade a coin or token, the exchange charges a small fee. 50% of this fee is set aside to be paid to COSS holders, this is known as the fee split allowance (FSA).

The fees are distributed on a weekly basis (soon to be daily – Monday to Friday) in the same tokens that fees were collected in. This means the FSA is paid out in a variety of coins.

The FSA is held in a separate wallet from your exchange wallets. To retrieve your FSA, you must distribute each token individually at a cost of 0.001 ETH.

The more COSS tokens you hold, the larger your FSA will be.

COSS Token FAQs

Where can I buy COSS tokens?

For your safety, COSS tokens should only be purchased on the COSS.io exchange.

Why are there two COSS tokens?

The ERC-20 COSS token was upgraded to an ERC-223 token. Some old ERC-20 token still remain available but are now worthless.

How much can I earn from holding COSS?

The FSA varies week-by-week depending on the exchange’s volume. For a good estimate of how much your FSA could be worth, see coss-fsa.com

What coins do I receive in my FSA?

As CFT provides a generous 25% discount on trading fees, most fees are paid with CFT. This means a large percent of fees are received in CFT, which you can easily distribute and sell on COSS.io. All non-ERC tokens are converted ETH when entering the FSA.

Do I have to hold COSS tokens on the exchange to receive FSA?

No, COSS can be held in a private wallet and still receive the FSA. You will need to set up a fee split allocation identifier if you want to hold your coins in a private wallet and still receive the FSA.

What is the COSS token smart contract?

The new ERC223 COSS-token address is 0x9e96604445ec19ffed9a5e8dd7b50a29c899a10c

Are there any coins that do what COSS does?

A similar, well known coin is KuCoin Shares (KCS). However, holding KuCoin Shares only generates more KCS. Also, the fee split on KuCoin declines over time. On COSS, the fee split will always be 50%.

COSS Fee Token (CFT)

What is CFT used for?

CFT is used to pay trading fees on COSS.io. It can be bought directly on the COSS exchange for market price across 5 trading pairs.

Fees are paid in CFT with a 25% discount, when enabled in your COSS settings. This means a 0.1 ETH fee would only cost the equivalent of 0.075 ETH in CFT. CFT is consumed to pay the fees and 50% is paid back to COSS token holders in the FSA.

CFT is similar in function to Binance Coin (BNB). However, the 25% fee reduction is permanent with CFT, unlike BNB where the discount eventually reduces to 0%.

Other Benefits of Holding CFT

There are also some additional utilities planned for holding CFT. The first has already been implemented. Holding a predefined amount of CFT will earn you airdrops. Tokens and coins can hold promotions to airdrop their tokens to CFT holders meeting a minimum qualifying balance.

It has also been mentioned CFT could be used to vote for things such as community listings. This has not yet been implemented, but is planned at some point for the future. Many other features are also on the drawing board.

See here for a list of CFT FAQs.

COSS Exchange Liquidity Token (CELT)

What is CELT used for?

CELT is used to fund a community driven liquidity bot. Providing liquidity requires a lot of funding. The CELT token is being used to generate funding for the bot.

The CELT token is currently available through an IEO on the COSS exchange. Although this is a token heavily affiliated with COSS, it is not an official offering from the COSS exchange. CELT is completely by the community, for the community.

Holding the CELT token will earn you a small passive income, as the profits earned by the CELT liquidity bot are distributed in a profit share allocation (PSA) to all holders of the token.

The PSA is distributed through a smart contract, and therefore your tokens must be held in a private wallet. 95% of the profits are distributed to CELT holders.

COSS Fee Token (CFT) Introduction

COSS Fee Token (CFT) was introduced to the COSS exchange at the very end of 2018. In short, the CFT token enables you to get 25% off trading fees on COSS.io.

In Summary:

  • CFT gives 25% discount on fees
  • CFT is consumed to pay for fees
  • Value of CFT determined by market price on exchange
  • Half of CFT used for fees returned to COSS holders in FSA
  • Incentives for holding CFT such as voting and airdrops
  • Monthly burn of 1M CFT

How Does CFT Work

During its initial release, the CFT token could only be bought through an IEO (initial exchange offering) on COSS.io, where the price was fixed at $0.10. A few months later, public trading opened up and you can now buy CFT like any other token on the exchange for the market price.

Once you purchase CFT it goes to your CFT wallet. It will not be used to pay for fees unless you enable it in your settings page.

Once this setting is enabled, your fees will now be paid for in CFT instead of the currency you are trading. This will give you 25% off all trading fees paid with CFT.

Fee Example Without CFT

PairPriceAmountTotal CostFees
COSS/ETH0.000460002,5001.15000000 ETH1.000 COSS

A total of 2,500 COSS were purchased for the price of 1.15 ETH, with a fee of 1 COSS.

Fee Example With CFT

PairPriceAmountTotal CostFees
COSS/ETH0.000460002,5001.15000000 ETH0.750 CFT

The same amount of COSS was purchased for 1.15 ETH, but the fee was 0.75 CFT instead of 1 COSS. In this example, 1 COSS = 1 CFT, but note that the price of CFT is variable. As you can see, by using CFT, you make a saving of 25% on fees.

How Much CFT is Used for Fees?

Because CFT is used to pay for the fees, it needs a value. This value is determined by the open market pairs. An average price across all the CFT pairs is calculated, pairs with higher volume have more impact on the average price.

Current CFT trading pairs are COSS/ETH/BTC/USD/USDT.

If the CFT price across all these pairs is equal to $0.10, then the value of CFT when used for fees is $0.10

If the CFT/COSS had $10,000 volume @ $0.10 but CFT/USDT had $100 volume @ $0.01, the price used is still going to be close to $0.10. This is due to the higher volume on the CFT/COSS pair.

The current price below is how much CFT is worth when using it to pay for fees. Divide 1 by the dollar value below, and that is how many CFT are consumed per $1 of fees.

CFT and the Fee Split Allowance

The COSS exchange model splits 50% of all fees generated between COSS token holders. The fees are distributed in whatever coins they were collected in. Non-ERC coins are converted to ETH. This means, your FSA comes in a range of ERC tokens and ETH.

Because there is strong incentive to use CFT to pay fees because of the 25% discount, a large amount of CFT (~90%+) is currently received in the FSA.

Benefits of Receiving CFT in the FSA

Before CFT was introduced, a wide selection of tokens were generated from holding COSS and paid into your FSA wallet. However, due to the large variety of coins received, if you didn’t have a large amount of COSS tokens, you accumulated a lot of dust that was not worth distributing from your FSA wallet to your main wallet. Remember, distributing costs 0.001 ETH per token.

COSS holders now receive most of the FSA in CFT, which makes distributing their FSA more efficient for small holders.

The CFT markets should be more liquid than some of the altcoins received in the FSA, again making it easier to sell. In theory, there should always be a demand for CFT as it provides an instant 25% off fees.

Another benefit of receiving CFT in the FSA is it means most COSS holders can trade for free. As long as you hold COSS, you will always receive a steady stream of CFT to trade with, making those trade essentially free for you as you only paid 0.001 ETH to distribute them.

How Many CFT are Distributed in the Fee Split?

50% of CFT used for paying fees is given back to COSS token holders every week. The amount of CFT needed to pay a fee is calculated on a per trade basis and depends on the current market price of CFT.

Tables below assume 90% of fees paid with CFT and 50% of CFT is given to FSA.

DayTotal Exchange Fees ($)CFT Price ($)CFT to FSA
Mon20,0000.1090,000
Tues20,000 0.1090,000
Wed20,0000.08112,500
Thur20,0000.08112,500
Fri30,0000.08168,750
Sat10,0000.0590,000
Sun10,0000.0590,000
Total130,000753,750

In the example above, you can see that when the price of CFT fluctuates, more (or less) CFT is accumulated in the FSA. 750,000 CFT would be distributed to COSS holders and the rest returned to the exchange, removing it from supply for the time being.

DayTotal Exchange Fees ($)CFT Price ($)CFT to FSA
Mon20,0000.05180,000
Tues20,000 0.05180,000
Wed20,0000.03300,000
Thur20,0000.03300,000
Fri30,0000.03450,000
Sat10,0000.03150,000
Sun10,0000.03150,000
Total130,0001,710,000

If the price of CFT continues to decline, look at how the amount needed for fees rises. To maintain the same exchange volume with a declining CFT price as in this example meant 3.42M CFT were needed to pay fees. (1,710,000 x 2), but only 753,750 were distributed in the FSA the week before. The 2,666,250 CFT deficit would need to be purchased on the exchange or used from users holdings. This buying pressure would push the price of CFT up.

Incentives for Holding CFT

There is value in holding CFT as well as using it for fees. Previously, holders of 5,000 and 10,000 CFT have been rewarded with Substratum and Bitwatt airdrops.

The CFT must be in your account wallet (i.e. not FSA wallet) to receive the airdrops. There are more planned, although the amount of CFT you will need to hold is very likely to change.

Also mentioned was the possibility for using CFT to vote for things such as community listings. This has not yet been implemented, but is planned at some point for the future. Many other features are also on the drawing board.

You could also hold CFT just for the speculation on its price rising. The price of CFT is likely to rise, as long as COSS maintains a working exchange. This is due to the fact that 50% of circulating CFT is returned to the exchange via the fee split every week and the economics of the token imply upwards price trend.

As the price decreases more CFT is required for fees and people use their holdings faster, needing to buy more. Yes, people also receive more CFT in their FSA, but only 50% of what was circulating last week, so demand exceeds supply.

About the CFT Token

Token Details

  • Maximum supply: 240,000,000 CFT
  • For sale: 120,000,000 CFT
  • For CAP (COSS Affiliate Program) = 20,000,000 CFT
  • For promos/airdrops = 10,000,000 CFT
  • For cross platform partnerships: 30,000,000 CFT
  • Reserve pool/burn/bonuses: 60,000,000 CFT
  • Token contract on Etherscan

Token Price at IEO

  • 20,000,000 CFT @ $0.10
  • 15,000,000 CFT @ $0.12
  • 15,000,000 CFT @ $0.14
  • 10,000,000 CFT @ $0.16
  • 10,000,000 CFT @ $0.18
  • 10,000,000 CFT @ $0.20
  • 10,000,000 CFT @ $0.22
  • 10,000,000 CFT @ $0.24
  • 20,000,000 CFT – Private sale ($0.08)

The 20,000,000 CFT @ $0.10 did not sell out, so the remaining CFT was put on the market across a larger spread in smaller 100,000 amounts e.g. 100,000 @ $0.101, 100,000 @ $0.102. The remaining CFT left from the private sale has been committed to be burned.

Token Burn

A monthly burn of 1,000,000 CFT takes place at the start of every month and will continue for 10 years until the circulating supply is down to 120,000,000.

CFT can be burned using function 4 of the smart contract. This can be access through Etherscan and connecting with Metamask, doing so will burn the coins from your ethereum wallet and reduce the circulating supply.

COSS Token Introduction

Mockup of a COSS coin

COSS.io is a Singapore based cryptocurrency exchange. Whilst it shares most of its features such as token pair exchanging, digital wallets, fiat deposits and withdrawals, IEO listings and trading promotions, there is one feature in particular that sets COSS apart.

COSS offers a means of passive income by sharing 50% of all fees generated with its users. This is known as the fee split allocation (FSA) and is currently distributed every week. The 50% split is generated from the fees paid by traders for every trade made on the exchange, with future revenue streams to be included in the fee split too.

The 50% split of fees is offered for the lifetime of the exchange and will never be changed. It is an autonomous process written in to a script known as the DAO.

To receive a share of the 50% fee split, you must hold COSS tokens, an ERC223 token available on coss.io.

50% of All Fees Shared with COSS Holders

To run through an example of how the fees are shared, here is a hypothetical scenario. The exchange generates $1,000,000 worth of fees in a week. $500,000 (50%) is immediately set aside for all COSS holders.

This $500,000 is divided equally per COSS token. If the circulating supply was 500,000 COSS then each COSS token would earn its holder $1. If you held 10 COSS, you would be entitled to $10.

To get some more realistic evaluations of what your COSS tokens would generate for you, take a look at COSS-FSA.com. With nearly 120,000,000 COSS tokens in circulation, at the current volume of the exchange (~$10,000,000) and average fee (0.04%), you could expect to earn $2-3 per 10,000 each week.

COSS Tokens and Exchange Volume

Because the only function of the COSS token is to determine the share of FSA that you receive, its value is closely linked to the volume and thus the value of fees generated by the COSS.io exchange. Although of course, natural speculation can have an effect on the price of the token as well.

In general, the better the exchange is performing, the higher you should expect the price of the token to be.

As the exchange generates more volume, a greater revenue is taken in fees. This is split and sent directly to COSS holders. Basically, the more volume the exchange makes, the more your FSA is worth.

About the Fee Split Allocation (FSA)

The FSA is controlled by the autonomous DAO (computer program) and currently distributes the fees to COSS holders weekly. There are plans to increase this to a daily distribution in the future.

Alongside your normal cryptocurrency wallets, you have your FSA wallet. This is where all the FSA distributions go.

Due to Singapore monetary regulations, to prevent the COSS token being listed as a security, you will need to pay a nominal fee of 0.001 ETH ETH 2.85% to distribute your tokens to your main wallet where they can then be sold or transferred. This small fee needs to be paid for each token type.

Any non-ERC tokens e.g. Bitcoin, Ripple, Litecoin etc. will be converted to Ethereum and added to your FSA wallet.

Know Your Customer (KYC) Guide for COSS

KYC - Cryptocurrency One Stop Solution - coss.io

Know your customer (KYC) is a way for an exchange (or company) to verify your personal identity. For cryptocurrency exchanges this is important, as it allows them to assess the potential risks of you as a customer. It is also required to comply with regulations such as anti-money laundering.

One of COSS’s traits as an exchange is to comply with regulations as much as is possible and this is what helps set COSS apart from other exchanges.

Completing KYC is also important for you as it gives you a new level of access to the exchange. By completing KYC, you will be able to trade in fiat currencies such as USD, GBP and EUR. You can also enjoy a higher daily withdrawal limit, from 2 BTC to 100 BTC.

What You Will Need to Complete COSS KYC

To ensure that you can complete your KYC application, here’s what you are going to need:

  • A mobile phone (will need to receive a verification code)
  • Passport or government issued ID
  • Proof of address (bank statement or utility bill preferred)
  • A camera to take a selfie with – your personal ID and a piece of paper with COSS.io, the date and your name written on it

Filling Out the KYC Form

The first step of the know your customer process is to verify your phone number. Your phone number is needed for security reasons, such as support being able to contact you in case of issues with your account.

You will receive a text message from COSS with your four-digit verification code that you will need to enter before being able to move on to the next step.

The second step of the KYC process involves filling out your personal details using the form on coss.io, which looks like the image below.

The residential address details you enter in to this form must match the address details on the documents that you submit.

The next page is where you will upload your documents. For the government ID, you can also submit a passport, which is preferred. Whichever document you upload must have:

  • Name
  • Nationality
  • Date of Birth

Suitable Documents for Proof of Address

The guidance directly from COSS for documents accepted are listed below in order of preference:

  • Bank Statements issued within 3 months of application
  • Utility bills issued within 3 months of application
  • A tax assessment issued within the year
  • Tenancy contracts issued within the year with the legal name of the customer, a residential address, a date of issue, and lastly, your signature alongside the landlord’s signature
  • Government Correspondence
  • Confirmation Letter written in English from Employer confirming your name and address printed on the company letterhead

Handwritten documents will not be accepted, but screenshots/PDFs of official documents will be. Most bank accounts offer monthly statements in PDF format that would be suitable for your proof of residency.

Any documents other than bank statements or utility bills must be translated into English. You can censor private information (such as bank balances) if you prefer as long as COSS is able to verify your full name, address and date of issue.

Uploading Your Photo and Proof

The final step of the process is to upload an image of yourself with your proof of identity and some information to prove that the photo has been uploaded for the purposes of COSS KYC verification.

Example of a suitable photo

Above is an example of the type of photo you should upload. It needs to be a good quality photo against a white or off-white background that clearly shows your face. You will also need to be holding your proof of identity with the image and information visible. As well as this, you should write your name, today’s date and COSS.io on a piece of paper and hold this behind your ID, but so it is still visible.

Once you have a photo that you are happy with, press submit. This will send your whole application to the KYC department. They will review your application and notify you if you have been successful or not.

The KYC Review Process

The KYC process is variable in how long it takes, but is usually completed within a few hours. Do not be surprised if it takes up to a couple of days, as it depends on the volume of applications being received.

If you fail your application, the KYC team will reply to you with details on what aspects of the application were not suitable. You should correct the issues and resubmit your application.

Once successful, you will be able to receive the full benefits of trading on coss.io!

Start Trading and Register an Account

Registration page - Cryptocurrency One Stop Solution - coss.io

To trade on COSS, you will need to register an account. Registering an account is easy and will allow you to trade cryptocurrencies for other cryptocurrencies and withdraw the equivalent of up to 2 BTC BTC 0.08% a day.

If you’re happy to follow along with COSS’s instructions, click the button below to get started with a free 50 COSS and 25 CFT bonus!

Step-by-step Guide for Registering an Account

Registration page - Cryptocurrency One Stop Solution - coss.io
The registration screen for a personal COSS trading account

Entering Your Details

Enter the details COSS asks for on the registration page. Your display name may be shown publicly during trading promotions (top volume traders and other winners are listed by display name).

Remember when creating a password to use one that has not been used before. This is an important practice for all passwords, but is extremely important for cryptocurrency exchanges.

Completing the CAPTCHA

Before submitting, make sure to check the consent box. By doing so, you agree to the company’s terms and data policy. Clicking ‘Register’ will bring up the CAPTCHA, which is similar to the one used on Binance.

In case you are unfamiliar with this kind of authentication, you need to align the white COSS token piece with the dark circle. You can drag the white piece directly, or use the slider beneath.

Email Verification

You will receive an email from noreply@coss.io asking you to verify your email. Click the link in the email to complete the verification process.

If you do not receive the email right away, check your spam or junk folders. You may need to move the email to your inbox to be able to follow the link.

If you are still unable to find your email, there may be a delay in the sending process. Allow an hour or so for it to come through before clicking ‘resend activation email’

Once you have verified your email, you will be able to log in with the email address and password you used to sign up.

COSS exchange 2FA two factor authentication page

Two Factor Authentication (2FA)

2FA is mandatory on the COSS exchange. On your first sign in, you will be asked to set it up via the Google Authenticator app.

Step 1 – Download the authenticator app [iTunes] [Google Play]

Step 2 – Scan the QR code using the app. First, open the Google Authenticator app and click the ‘+’ button to scan a new QR code. Point this at the QR code on the screen and you will get a new entry in your authenticator app.

Step 3 – Backup your key! In the event of you losing your phone, it breaking or getting stolen etc. you will not be able to restore your 2FA without your backup key. Your authentication codes are not stored in the cloud and transferred to your new phone, the only way to re-add them is through the backup key. Support may be able to reset it for you in the event that you lose both the backup and your authentication codes.

Step 4 – Finish setup by logging in with your account password and the code shown for COSS.io on your authenticator app.

Ready to Begin!

Your account is now active and you can start using it straight away. See below for some things you might want to look at next. Or if you haven’t already, click register an account to get registered on COSS.

COSS Account Checklist

  • Complete the ‘Know Your Customer’ (KYC) process to increase your withdrawal limit and unlock fiat trading
  • Make your first cryptocurrency deposit
  • Make your first fiat deposit
  • Make your first trade on the exchange
  • Edit your personal settings and preferences
  • Understanding your first fee split allocation (FSA)
  • Create a new API for use with bots
  • Participate in a trading promotion