COTI to Launch COTI V2, to Enable Building on Ethereum With Unparalleled Privacy
COTI, the provider of digital infrastructure for building Web3 applications, has announced its plans to introduce COTI V2, an Ethereum L2 chain built for advanced technology. According to COTI, this chain will guarantee scalable privacy on L2 with lightning-fast speeds, all while leveraging Ethereum security.
COTI is well-known for its robust suite of Web3 payment solutions, and with COTI V2, it presents a scalable L2. Specifically, it brings an extra privacy layer to Ethereum’s on-chain products and services laying the groundwork for Web3 innovation to thrive. The COTI V2 devnet is set to be ready in Q2 2024, with a testnet and mainnet launch following soon after. This will likely usher in a new age for blockchain corporate adoption.
Privacy, scalability and efficiency
Ethereum currently lacks robust privacy protection, which hinders the development of numerous useful use cases. This opportunity will be unlocked for the Ethereum ecosystem by COTI V2. Despite blockchain’s inherent immutability, users and the Web3 industry stand to lose out if sensitive data cannot be securely stored and sent.
One of the primary issues that COTI seeks to address is the lack of privacy while using the blockchain for business interactions. By building within the Ethereum ecosystem, COTI is able to make the most of the chain’s current liquidity and security features. The beauty of it all that it does this without having to develop its own L1 chain. This has freed it up to focus on innovating in areas where Web3 is currently deficient.
Platforms that prioritise anonymity over privacy have run into trouble with regulators and this is a hindrance to fostering an ecosystem where users can freely interact. As an alternative, COTI V2 will work on encryption that will make it possible for users to conduct transactions securely, regardless of the amount of sensitive data they transmit, vote, or otherwise deal with.
Using a specialised cryptographic technology called Garbled Circuits, COTI V2 will provide this privacy while guaranteeing high speeds and scalability. This approach shows tremendous promise. For instance, COTI says it outperforms the state-of-the-art ZK (Zero-Knowledge) methods by a factor of 10.