Extraction
Today we are introducing a groundbreaking roadmap to establish ourselves as the first privacy-focused Ethereum Layer 2. Robust privacy protections are missing from Ethereum today, preventing the development of countless valuable use cases. While transparency is a critical feature of blockchain, failure to protect information that should be private is detrimental to users and Web3's potential growth as an industry. Just as HTTP has evolved into HTTPS, so should blockchains.
COTI V2 will bring this opportunity to the Ethereum ecosystem.
Using cutting-edge technologies, COTI V2 will provide lightning-fast, scalable L2 privacy while leveraging the security and liquidity of Ethereum.
At the heart of COTI's advanced privacy protection is a cryptographic technology known as Garbled Circuits, which will allow users to process transactions without revealing their sensitive information, such as the value they transfer, vote or other sensitive data. The COTI research breakthrough will make the COTI infrastructure ten times faster and lighter than existing ZK solutions. This opens up countless use cases including finance, healthcare, social media and more.
COTI has a comprehensive plan for 2024, with major releases every quarter on both technical and business aspects. The COTI V2 roadmap, scheduled for Devnet release in Q2 2024, includes subsequent testnet and mainnet launches, marking a transformative era for blockchain business adoption. Armed with a customer base and products, a strategic approach, an experienced team, and a commitment to filling critical privacy gaps, COTI V2 is poised to reshape the Web3 landscape.
Introduction
Each generation of blockchain solves a limitation from the last one, while creating a completely new paradigm for the builders of the next one. When Bitcoin was launched in 2009, it demonstrated how an economy could be built without a central authority by addressing decentralization. Soon after, Ethereum introduced the second generation of blockchain with smart contracts addressing programmability. The third generation has set its sights on scaling, and as L2 becomes the dominant solution, the industry is now focused on the next challenge: privacy.
While many have made progress, privacy and transaction confidentiality remain largely unresolved on public blockchains.
As Vitalik Buterin stated: “One of the biggest problems in the Ethereum ecosystem is privacy. By default, everything that goes on the public blockchain is public.”
COTI has long understood the privacy concerns surrounding its payments. Consumers and merchants generally do not want their payment history to be publicly available. But privacy goes far beyond just payments. An increasing number of Web3 use cases revolve around managing sensitive data, from financial information to private medical records and beyond. With the growing power and influence of AI and machine learning, this information must be protected just as it is on Web2. Simply put, just as HTTP has evolved into HTTPS, so have blockchains.
Current privacy solutions typically operate outside of the Ethereum ecosystem, limiting their potential adoption. These solutions are also very limited; in particular, they do not address use cases where a transaction involves the personal information of multiple users, as detailed below.
But what if we could offer a scalable solution that can be consistent on Ethereum and has an innovative privacy and confidentiality solution? A place where productivity meets privacy.
COTI V2 will do just that. We are migrating everything that runs in the current COTI ecosystem and migrating it to the most advanced, privacy-focused Web3 infrastructure available today.
