Web3 infrastructure provider COTI has unveiled plans to address the pervasive issue of privacy and confidentiality gaps across public blockchain layers by launching a dedicated layer-2 chain on the Ethereum network. This initiative aims to significantly enhance privacy features within its services and products.
Enhancing Privacy with COTI V2 Protocol
COTI’s upcoming protocol, COTI V2, aims to utilize Garbled Circuits, a cryptographic technology, to enhance privacy while preserving high speed and scalability. This cryptographic innovation claims to offer ten times more efficiency than the Zero-Knowledge protocol used by multiple layer-2 blockchains on Ethereum.
COTI aims to capitalize on Ethereum’s existing security and liquidity while integrating robust privacy measures into its ecosystem. Recognizing the deficiencies in blockchain privacy across the board, the company asserts that bolstering privacy architecture is crucial to safeguarding the Web3 community against potential threats posed by malicious actors.
Resolving Privacy Concerns in Web3
One primary focus of COTI V2 is addressing the lack of user privacy inherent in the blockchain. Through cryptographic implementations, the protocol intends to empower users to conduct transactions without exposing sensitive details such as payment histories, wallet values, or addresses.
While emphasizing the importance of privacy, COTI highlights the necessity of maintaining a transparent yet secure ecosystem. The new protocol is designed to prioritize transparency while safeguarding critical user information. This is crucial for fostering a compliant Web3 environment, instead of solely relying on anonymity.
COTI’s Roadmap for Development
CEO Shahaf Bar-Geffen asserts that broadcasting sensitive data on a public blockchain is a flaw rather than a feature. The company plans to release the COTI V2 devnet in the second quarter of 2024, paving the way for subsequent testnet and mainnet launches. Anticipating numerous new industry use cases, COTI expects the protocol’s rollout to catalyze rapid development within the web3 space.