Tel Aviv, Israel – COTI, the Layer 2 privacy blockchain, made waves today as the Bank of Israel concluded its Digital Shekel Challenge, hosting final presentations and awards at the Tel Aviv Stock Exchange. Competing alongside industry giants like PayPal and Fireblocks, COTI presented a decentralized marketplace concept for Real-World Assets (RWAs), powered by CBDCs.
As the only blockchain-based project to reach the challenge‘s final stages, COTI’s submission introduced a CBDC-driven platform where users could buy and sell RWAs directly, leveraging the Digital Shekel to simplify and secure transactions. Drawing inspiration from the BISs Icebreaker Project, COTI designed this marketplace around smart contracts, ensuring transactions could proceed without intermediaries—resulting in lower fees, reduced fraud, and minimized conversion costs.
COTIs proof of concept took the form of an event ticketing marketplace where buyers and sellers can transact in their local currency, mediated by the Digital Shekel. Though focused on ticketing, the concept could support a wide range of markets by harnessing CBDCs for smoother cross-border asset exchanges.
CBDCs on the Rise
CBDCs are increasingly capturing global interest, with three countries already implementing them, 44 in trial phases, and an additional 20 in active development. COTIs approach to CBDCs emphasizes a “privacy-by-design” ethos, balancing transparency with user privacy and financial freedom. This ensures that while transaction details remain protected, markets remain free and accessible.
COTIs privacy-enhancing blockchain utilizes Garbled Circuits, a unique cryptographic technology enabling secure, confidential transactions with low operating costs, even on mobile devices. This lightweight solution offers CBDCs an efficient way to safeguard user data, enhance security, and support a broader range of secure, privacy-focused applications.
Whats Next for COTI
Following its success at the Digital Shekel Challenge, COTI plans to develop additional CBDC applications, each with a focus on privacy preservation and enhanced digital commerce capabilities. For a closer look at COTIs marketplace demo, view the presentation here.
Explore COTI's latest innovations, from its robust MyEtherWallet integration to a strategic partnership with Hacken that bolsters security for users. Read more about this collaboration here. Plus, dive into COTI‘s commitment to privacy and security on Ethereum’s Layer-2 through its groundbreaking confidentiality layer designed to build trust across Web3. Discover the full story here.
About COTI
COTI is a leading Web3 confidentiality layer powered by Garbled Circuits, offering robust privacy solutions for blockchain applications. Designed for the next phase of digital innovation, COTIs technology unlocks applications across DeFi, AI, confidential transactions, and decentralized identity. For more information, visit COTI.io.