COTI Sets Up $25 Million Ecosystem Fund to Support Development on Ethereum
COTI, the blockchain development firm, has undergone a structural transformation, shifting its focus from Directed Acyclic Graph (DAG) technology to Ethereum Layer 2. The COTI Foundation announced that it will use its ecosystem fund to distribute a considerable sum of $25 million towards the advancement of privacy-focused projects.
At the heart of COTI’s dedication to privacy is the ground-breaking cryptographic protocol technology known as Garbling Circuits. Thanks to this technology, COTI V2 is able to provide a privacy solution that is faster, lighter, and more secure. Furthermore, this paves the way for a wide range of applications, such as privacy-preserving wallets, private AI training, governance, and DEXs.
With the establishment of the Ecosystem Growth Fund, the COTI Foundation has set aside 400, million COTI tokens, with a market value of $25 million, to fund initiatives that aim to improve and expand the COTI ecosystem. To promote a comprehensive plan for the expansion of the COTI V2 ecosystem, this fund brings together grant programmes, partners, and developers.
Soda Labs, a pioneer in cryptographic Multi-Party Computation (MPC) whose innovative technology and collaboration with COTI form the backbone of COTI’s infrastructure, is the first recipient of financing from the ecosystem fund. Soda Labs will lead the charge in developing more realistic uses for garbling protocols and other advanced Multi-Party Computation (MPC) protocols, guaranteeing that COTI users will have access to a private, scalable network.
The ecosystem fund is an essential step in promoting the use of COTI V2 and the growth of ecosystem. With its all-encompassing strategy for privacy, scalability, and ecosystem development, COTI is poised to become a frontrunner in the Web3 arena. The COTI V2 Developer Network will be released in 2024, and the mainnet will follow thereafter.