Confidential Layer 2 solution COTI announced the launch of its testnet, supported by a dozen ecosystem partners. Among these partners are cryptocurrency wallet MyEtherWallet (MEW) and cybersecurity firm AnChain, both of which are backing COTI’s scalable Ethereum Virtual Machine (EVM) network that is designed to offer cost-effective privacy solutions for Web3 applications.
Additionally, COTI has secured partnerships across various blockchain sectors, including projects in decentralized finance (DeFi), artificial intelligence (AI), security and compliance, non-fungible tokens (NFTs), and real-world assets (RWA).
“The response to our testnet launch has been astounding, with projects and developers from various sectors across Web3 joining our community to build a private blockchain future,” said COTI Chief Executive Officer Shahaf Bar-Geffen in a written statement.
COTI’s Testnet Offers Developers Explorer And Faucet For Experimentation
The launch of COTI’s testnet allows developers to explore the network’s features and new technology based on Garbled Circuits (GC). Developed in partnership with Soda Labs, COTI’s implementation of GC enables secure computation of functions over private inputs without disclosing those inputs. Alongside the testnet launch, COTI has released benchmarking results indicating that its solution is faster and more efficient than existing privacy technologies.
The testnet launch provides developers with a variety of tools, including a testnet explorer and faucet to support experimentation with COTI’s technology. Additionally, the testnet software development kit (SDK) facilitates the seamless integration of COTI features into applications.
Meanwhile, the capacity to handle confidential transactions on a large scale and provide cost-effective, secure multi-party computation (MPC) will open up new opportunities for blockchain applications that were previously limited by cost constraints. By introducing advanced encryption technologies, COTI aims to drive innovation in areas such as confidential DeFi, quantum-resistant privacy, and confidential data sovereignty.
Utilizing the advanced cryptographic protocol GC and backed by Ethereum, COTI offers a highly sophisticated and compliant solution for data protection on public blockchains. It is designed to support a range of use cases, including confidential transactions, AI, DeFi, and decentralized identification, among others.
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