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Highlights
- COTI V2 Whitepaper has gone live
- COTI hopes to address confidentiality issues in Web3
- COTI is bringing new use cases to Ethereum L2
Ethereum-based Layer-2 (L2) protocol COTI has announced the launch of its V2 whitepaper which is focused on boosting confidentiality on the underlying network.
COTI Network To Live Up To Web3 Expectations
According to COTI, this newly launched whitepaper offers a guide to the fastest and lightest confidentiality L2 on Ethereum. The whitepaper showcases the revolutionary breakthrough that has been recorded in the blockchain encryption niche. It also describes the innovative implementation of decentralized sequencers.
Noteworthy, this is not the first time COTI is pushing for confidentiality on the Ethereum blockchain. At the beginning of 2024, the Israel-based blockchain development firm made a strategic move with the launch of an Ecosystem Growth Fund targeted at accelerating Ethereum privacy. This equally marked the beginning of the push to accelerate the development and adoption of COTI V2.
COTI V2 white paper is here!
Your guide to the fastest and lightest confidentiality L2 on @ethereum, this white paper describes the revolutionary breakthrough in blockchain encryption and our innovative implementation of decentralized sequencers 🧵
👉https://t.co/G3BapUUGCN1/12 pic.twitter.com/6pQG1qDBzu
— COTI Foundation (@COTInetwork) April 2, 2024
COTI regards confidentiality as a core human right. It is strongly believed that confidentiality was very crucial for the early adoption of Web2. This was a time when individuals enjoyed the privilege of private conversations, associations as well as transactions.
The protocol noted that with the coming of Web3.0 which focuses on data sharing and user empowerment, there are some paradoxical challenges linked to users’ privacy that the V2 upgrade hopes to address.
COTI V2 Engine To Boost Confidentiality
The Web3.0 ecosystem has been putting structures to effectively navigate the intricacies that exist between individual privacy and the inherent blockchain transparency. Unfortunately for Web3.0, its success lies in the capacity to boost confidentiality.
COTI V2 brings a new approach to optimizing performance without compromising on confidentiality.
The protocol achieves this dual function by engaging a unique combination of well-established privacy-preserving technologies, with the main ingredient being a Garbling Protocol. It is interesting to note that the upgraded Garbled circuits offer as much as 1000x faster computation and 250x smaller storage requirements compared to other solutions such as FHE. This is in addition to its 100x lower latency.
Another feature coming to COTI is gcEVM, an innovative extension of the Ethereum Virtual Machine (EVM) that is designed by Soda Labs. Its key function is to reinforce blockchain transactions with confidentiality and this translates to secured computations on encrypted data. In the long run, the protocol would be able to boast of data privacy and efficient functionality.
Despite this update, COTI token has kept its joined the broader market slump, dropping 6.2% in 24 hours to $0.1637.
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