As an analyst with years of experience in the blockchain industry, I find COTI’s testnet deployment to be a significant step towards the future of privacy-focused transactions. The potential of Garbled Circuits technology to deliver confidential transactions at scale is intriguing, especially considering its efficiency compared to zero-knowledge proofs.
COTI, a scalable EVM-based platform designed for confidential on-chain transactions, has unveiled the rollout of its test network. This long-awaited deployment offers developers an initial opportunity to tinker with COTI’s privacy functionalities and delve into the potential applications of Garbled Circuits technology.
To initiate the testnet and eventually the mainnet, COTI has obtained the backing of over a dozen ecosystem partners who will assist in offering infrastructure and resources for developers to better understand COTI’s functionalities. Among these partners are non-custodial wallet MyEtherWallet (MEW) and AnChain, an AI-driven blockchain specializing in enterprise and web3 security, which intends to leverage COTI’s L2 solutions.
According to COTI CEO Shahaf Bar-Geffen, the feedback we’ve received for our testnet launch has been incredibly impressive. In fact, projects and developers from multiple industries in the web3 world are flocking to our community to collaborate on creating a future with private blockchain technology.
Pioneering Privacy for the People
At the core of COTI’s layer-2 lies Garbled Circuits tech, which enables private transactions. This technology lets users verify the authenticity of data without revealing the actual data itself. In many aspects, it resembles zero-knowledge proofs. However, in terms of efficiency for scaling, particularly as shown in benchmarks provided by COTI upon releasing their testnet, Garbled Circuits outperforms significantly. The version of this technology employed by COTI, developed with assistance from Soda Labs researchers, employs a form of multi-party computation (MPC).
The diverse applications of decentralized apps (dapps) built on COTI are expected to span various sectors like healthcare, fintech, DeFi, high-frequency trading, perpetual contracts (perps), and decentralized identification. Among the beneficiaries of this technology is the consumer market, particularly patients, traders, or retail users, who can expect enhanced privacy protection. Additionally, enterprises stand to gain as they can conduct transactions on the blockchain while safeguarding sensitive corporate information such as account balances and trading strategies like stop losses in perps markets.
From Testnet to Mainnet
Although testnets are primarily designed for developers rather than regular users, the COTI community has the opportunity to learn about the benefits of the L2 (Layer 2) network. A testnet explorer and faucet enable users to monitor activity and obtain tokens that can be utilized for experimenting with L2 transactions and interacting with test decentralized applications (dApps). More advanced developers, on the other hand, can employ the SDK to start creating their own applications.
With widespread industry endorsement for its upcoming L2 solution, there’s a great deal of optimism that COTI will fulfill its commitment to offer scaled private payments and secure transactions. This could make confidential on-chain transactions commonplace while keeping network costs low. From areas like RWA to AI, the possibilities for this technology are vast. If COTI achieves its goal, it’s possible that on-chain privacy might become a standard rather than an exception in the future.
Even though the exact release date for the mainnet is still undecided, deploying the testnet brings COTI one step closer to making its dream of secure, private transactions a tangible reality.
Read More
Sorry. No data so far.
2024-09-17 15:09