Israel-based blockchain development firm COTI has made a strategic move with the launch of an Ecosystem Growth Fund targeted at accelerating Ethereum privacy.
According to a published statement, the COTI Ecosystem Growth Fund was conceived as a tool to accelerate the development and adoption of COTI V2 while ensuring transaction confidentiality. The fund which is currently valued at approximately $25 million, comes with an allocation of 400 million COTI tokens.
In the long run, it would offer support to projects from developers who are interested in contributing to the growth and success of the COTI ecosystem by researching, developing, and building within COTI V2. As such, COTI is geared up to start inking strategic partnerships with interested parties. Soda Labs, a leading player in cryptographic Multi-Party Computation (MPC) is the first project to receive funding.
Precisely, Soda Labs will focus on leading research that is targeted at expanding practical applications for garbling protocols, to ensure a secure and scalable privacy network for COTI users. Dr. Avishay Yanai, one of the co-founders of Soda Labs, confirmed the company’s previous effort toward innovation in the garbling circuit protocol. Therefore, the alliance with COTI is a stepping stone towards reaching its goal.
The plan to advance into a Layer-2 network that encourages Ethereum privacy has been ongoing for many months but it was not until a few weeks ago that COTI commenced the gradual release of the upgrade. COTI’s CEO Shahaf Bar-Geffen stated that the Ethereum privacy-centered fund marks a monumental step for the firm.
“The creation of this fund by the COTI Foundation is integral in driving both the adoption of COTI V2 and the development of applications within the ecosystem,” Bar-Geffen added.
COTI looks forward to making more meaningful connections in the coming months that support its newly launched Ethereum privacy vision. One of COTI’s plans for the future is the addition of a developer’s grant program distributed amongst milestones. This will contribute significantly to the holistic growth strategy of the COTI V2 ecosystem. This strategic move from COTI is likely to improve Ethereum adoption and integration in the long run.
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