{"id":66857,"date":"2023-12-13T12:04:59","date_gmt":"2023-12-13T16:04:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66857"},"modified":"2023-12-13T12:05:02","modified_gmt":"2023-12-13T16:05:02","slug":"coti-sets-to-upgrade-to-ethereum-privacy-centric-layer-2-in-2024","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coti-sets-to-upgrade-to-ethereum-privacy-centric-layer-2-in-2024\/","title":{"rendered":"Coti sets to Upgrade to Ethereum Privacy-centric Layer 2 in 2024"},"content":{"rendered":"\n

Coti, an enterprise-grade blockchain through a transition in 2024, will evolve into a layer-2 protocol<\/a> on Ethereum that prioritizes privacy and scalability.<\/p>\n\n\n\n

\"Coti
Coti Sets to Upgrade to Ethereum Privacy-centric Layer 2 in 2024<\/figcaption><\/figure>\n\n\n\n

Cointelegraph has obtained an announcement detailing the transition of Coti from a stand-alone protocol to an Ethereum layer 2 to extend the ecosystem's access to its privacy functionalities. <\/p>\n\n\n\n

By utilizing a cryptographic technique<\/a> known as garbled circuits, Coti v2 enables the processing of transactions while preventing the disclosure of sensitive data and information.<\/p>\n\n\n\n

Garbling protocols, which originate from the domain of multi-party computation (MPC), facilitate the collaborative calculation of a function by two or more entities while maintaining the confidentiality of their inputs and intermediate variables.<\/p>\n\n\n\n

Since its inception in the 1980s, the method has evolved into a crucial component of privacy-preserving technologies. The principal benefit of the technology is that it protects the confidentiality of individual inputs while permitting multi-party computation.<\/p>\n\n\n\n

Garbling protocols are advantageous when including sensitive data in a computation is necessary without disclosing the data itself. The CEO of Coti, Shahaf Bar-Geffen\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, describes how the protocol safeguards against the disclosure of sensitive information to competitors, collaborators, and clients conducting business on its chain:<\/p>\n\n\n\n

\n

\u201cSensitive data transmitted as public information on a blockchain is a bug, not a feature. This isn\u2019t tolerated in legacy business systems, so why should it be tolerated on-chain?\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

According to Bar-Geffen, garbling protocols provide a distinctive methodology within the framework of Coti v2 as they facilitate the execution of smart contracts and transactions while ensuring the confidentiality of the information among the participants:<\/p>\n\n\n\n

\n

\u201cThis level of privacy is particularly important in decentralized finance applications where transaction confidentiality can be as critical as transaction integrity.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

According to the CEO, Coti's primary objective is to enable enterprise functions to operate in complete secrecy on a blockchain network<\/a>. According to him, alternative platforms prioritizing anonymity as a method of safeguarding privacy cross the line into regulatory scrutiny and may not consistently serve as a compliant foundation for the broader ecosystem.<\/p>\n\n\n\n

Coti intends its protocol to accommodate use cases in finance and healthcare that demand sophisticated privacy provisions. Enterprise-oriented, its present protocol enables the administration of blockchain-based products such as wallets, custom-branded tokens, website integrations, and fiat on- and off-ramps.<\/p>\n\n\n\n

The developer network release of Coti v2 is planned for the second quarter of 2024. At this time, Coti offers layer-1 digital infrastructure services for Web3 applicat<\/a>ions. This consists of wallet, token, and payment module utilities. There is $31 million worth of value locks on its current layer-1 protocol.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coti, an enterprise-grade blockchain through a transition in 2024, will evolve into a layer-2 protocol on Ethereum that prioritizes privacy and scalability. Cointelegraph has obtained an announcement detailing the transition of Coti from a stand-alone protocol to an Ethereum layer 2 to extend the ecosystem’s access to its privacy functionalities. By utilizing a cryptographic technique […]<\/p>\n","protected":false},"author":12,"featured_media":66860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[5555,4667,17565,13045],"class_list":["post-66857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-ethereum-3","tag-coti","tag-enterprise-blockchain","tag-layer-2-networks"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-44.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66857"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66860"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}