Web3 digital infrastructure provider COTI announced plans to launch a Layer 2 chain on the ethereum network that will focus on adding a layer of privacy to its products and services.
According to a statement seen by cryptopotatoThe new protocol, COTI V2, will use a cryptographic technology called Garbled Circuits to improve privacy while ensuring high speed and scalability.
COTI introduces L2 privacy network
COTI claims that Garbled Circuits is ten times more efficient than the Zero-Knowledge protocol, a method used by several Layer 2 blockchains on the ethereum network. The new COTI protocol will utilize ethereum's pre-existing liquidity and security while implementing strong privacy protection for the ecosystem.
The launch of the new COTI protocol is driven by the lack of privacy and confidentiality at all layers of the public blockchain. The digital infrastructure provider believes that the current state of the blockchain ecosystem offers malicious actors enough room to operate and that only a robust privacy-focused architecture can protect the Web3 community.
In addition to ensuring privacy protection, COTI aims to focus on developing areas that are “sadly missing” on Web3. The protocol's first challenge would be to resolve the ability of users to use blockchain with complete privacy. COTI V2 will implement cryptography, allowing users to execute transactions without exposing their payment histories, wallet values/addresses, or other sensitive information.
Develop a complaints ecosystem
COTI believes that focusing on anonymity to create privacy creates regulatory problems, which is ineffective in developing a complaints ecosystem. The new protocol will ensure transparency while protecting information that could harm users and the growth of web3.
Shahaf Bar-Geffen, CEO of COTI, said: “Sensitive data transmitted as public information on a blockchain is a bug, not a feature. This is not tolerated in legacy enterprise systems, so why should it be tolerated on-chain? COTI V2 will solve this problem, preventing sensitive data from being transmitted to competitors, partners and customers.”
The digital infrastructure company has scheduled the launch of COTI V2 devnet for the second quarter of 2024, after which the launch of testnet and mainnet will follow. The company hopes the launch will unlock countless new use cases in the industry and, in turn, trigger an immediate surge in web3 development.
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