Economy Explained

The Currency of Cogito is asset and cash backed

The bank of Cogito is accessed via MYDC and the currency is called the Cog. The Cog is a digital currency which is designed to be used on a day to day basis via the MYDC mobile application. Whether you are buying a coffee, selling a car, getting your carpet cleaned or buying a property, the Cog is a practical and safe way to manage your finances.

The Cog is unique in the digital currency space in that it is tied in value to the euro; this enables us to know the value and stability of our digital currency any given time.

The main reasons we elected to tie to the euro are:

It is a currency used by several countries, so economic risk is limited in comparison to the USD, for example.
This minimises the political risk compared to being tied to a currency from a single currency.
It is accepted and understood globally and best positioned to be a true global currency.

The Cog is easy to use. Any person with digital citizenship or business registered in the Principality of Cogito Network can accept Cogito Cog as payment. The transaction is set up on your MyDC app, using your smart phone and transacts smartphone to smartphone, or net account to net account, or any variation of those.

Transactions authenticate instantly by use of PIN and our ALDS technology.

Your transaction is conducted in your local value and MyDC automatically converts the Cog value based on exchange rate for the day.

Unlike virtual coins which many people have become aware of, Cog is not a limited offer. MyDC issues the currency as required and based on a very solid set of rules and procedures. This means that Cogito has the ability to help people and businesses by offering interest free credit facilities, buying debt and restructuring finances.

The Cogito economy works simply off a zero base account system. If someone in the economy is in credit by Cog 100, then others in the economy will be in debit by a total of Cog 100.

The risk is that someone owes Cog and their business fails. In order for Cogito to ensure we maintain the integrity of the global network we have a few key systems in place.

Firstly before credit is offered we do carry out a set of checks, KYC and AML procedures, so we know who we are dealing with.

Secondly from every transaction conducted we take a percentage of the fees charged and accumulate that in a debt reserve fund. The plan is to have this process and fund audited and reported back to you, the members of Cogito Network.