On March 26, Web3 privacy protocol COTI announced the launch of its mainnet, introducing a new Layer 2 network aimed at providing Privacy-on-Demand for decentralized applications and institutional users.
Having spent over two years developing this mainnet, COTI now stands as a significant contender in the confidential blockchain infrastructure space.
In collaboration with Soda Labs, COTI’s Layer 2 employs Garbled Circuits, a cryptographic method that facilitates secure computations. This innovative technology promises speeds up to 3,000 times faster than current privacy solutions and is compatible with major blockchain networks.
“The advancement of Web3 cannot rely solely on transparency; it requires fast, adaptable, and compliant privacy solutions,” remarked Shahaf Bar-Geffen, CEO of COTI. “With the launch of COTI’s mainnet, we are establishing a new benchmark for confidential Web3, bringing Privacy-on-Demand across various chains.”
Addressing privacy and compliance issues
COTI’s Layer 2 tackles a vital challenge for enterprises and governmental bodies: the absence of compliant privacy infrastructure. As areas like real-world assets and on-chain identity continue to grow, the need to safeguard sensitive information and adhere to regulatory standards becomes increasingly crucial.
The platform is already gaining traction among key players in the ecosystem, including Bancor, Band Protocol, MyEtherWallet (MEW), and PriveX, with additional integrations forthcoming. COTI is also involved in national central bank digital currency initiatives, such as the Digital Shekel pilot in partnership with the Bank of Israel.
Incentives for the ecosystem and prospects for growth
To promote adoption, the COTI Foundation is distributing 100 $COTI tokens to qualifying users who add the new Layer 2 network to MetaMask. The mainnet launch also features a network explorer and bridge, enabling users to seamlessly transition from COTI V1 to V2.
COTI’s launch marks a vital evolution in incorporating privacy into blockchain—transforming it from an obstacle into a competitive advantage and establishing a foundation for secure and scalable Web3 infrastructure.