COTI Unveils Roadmap to Become First Privacy-Centric Ethereum L2
In Brief
COTI V2 will establish bleeding edge technology to ensure lightning fast, scalable privacy on L2 while utilizing the protection of Ethereum security.
Tel-Aviv, Israel – COTI, known for their strong array of Web3 payment tools, has unveiled plans to significantly expand their capabilities. COTI V2, as it’s called, will establish bleeding edge technology to ensure lightning fast, scalable privacy on L2 while utilizing the protection of Ethereum security. Robust privacy protection is missing from Ethereum today, preventing countless valuable use cases from being developed. COTI V2 will unlock this opportunity for the Ethereum ecosystem.
Web3 has long struggled with the lack of privacy and confidentiality, at all layers of the public blockchain. The current state of blockchain leaves far too many openings for malicious actors. This needs to change, and only strong privacy-centric architecture can ensure protection for the Web3 user community and dApps operating today. While transparency is a critical feature of blockchain, the inability to protect the information that should be private is harmful to users and to the potential growth of Web3 as an industry. Just as HTTP evolved to HTTPS, so must blockchains.
To solve this, COTI V2 will establish itself as an Ethereum-compatible L2. Instead of building up a standalone L1 chain, COTI is partnering with the Ethereum ecosystem in order to maximize the pre-existing liquidity and security of the chain, while focusing its innovation on those areas that are woefully lacking from Web3.
The first challenge that COTI will resolve is the ability to conduct business on the blockchain in complete privacy. While some platforms have focused on anonymity as a way to create privacy, this creates major regulation issues and is not effective for growing a healthy, compliant ecosystem. Instead, COTI V2 will develop cryptography that will allow users to process transactions without exposing their sensitive information like the value they transmit, vote or other sensitive data . By doing so, there are countless new use cases unlocked in the fields of finance, healthcare, social media, and more. Creating this necessary and advanced privacy protection will create an immediate surge in Web3 development.
To create this privacy while ensuring fast speeds and scalability, COTI V2 will use a specialized cryptographic technology known as Garbled Circuits. This method has extraordinary potential, performing ten times more efficiently than ZK (Zero-Knowledge) solutions, the current state of the art.
COTI CEO Shahaf Bar-Geffen said: “Sensitive data transmitted as public information on a blockchain is a bug, not a feature. This isn’t tolerated in legacy business systems, so why should it be tolerated on-chain? COTI V2 will solve for this, preventing sensitive data from being broadcast to competitors, partners, and clients. In doing so, it will allow businesses to capitalize on blockchain’s many strengths and to access Web3 in a purpose-built environment that’s optimized for speed, scalability, and performance.”
COTI’s roadmap toward a scalable, privacy-centric platform is well equipped from the start. The specific skill sets and technical expertise of the current COTI team, along with the decision to build as an L2 on Ethereum, gives the team everything they need to fill these major gaps in the Web3 industry. The development and success of COTI V2 will be closely watched by many in the industry, especially those ready to take full advantage of privacy-critical use cases in Web3.
The devnet release of COTI V2 is scheduled for Q2 2024, followed shortly thereafter by a testnet and then the mainnet launch of COTI V2, marking a new era for blockchain business adoption.
About COTI
COTI provides the digital infrastructure for Web3 applications. This includes tooling for wallets, tokens, and payment modules. As a scalable L2, COTI V2 adds a privacy layer to on-chain products and services, providing a foundation for Web3 innovation to flourish. With a large global community, extensive partner network, and decades of developer experience, COTI has the resources to help businesses master Web3.
Learn more: https://www.coti.io/
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
