With a dozen ecosystem partners in place, confidential Layer 2 COTI launched its testnet. Among the partners supporting COTIs scalable EVM network, which intends to provide web3 users with reasonably priced privacy solutions, are MyEtherWallet (MEW) and AnChain.
Partnerships from a wide range of blockchain sectors, including those focused on DeFi, AI, Security and Compliance, NFTs, and Real World Assets, have been drawn to COTI‘s privacy chain. The wide range of ecosystem partners who have backed COTI’s testnet and mainnet launch highlight the importance of privacy in the evolution of blockchain technology.
With the launch of COTI‘s testnet, developers may now explore the capabilities and cutting-edge Garbled Circuits-based technologies of the network. COTI’s implementation of Garbled Circuits, developed in partnership with Soda Labs, allows parties to collaboratively calculate functions over private inputs without disclosing those inputs. COTI published benchmarking findings to go along with the introduction of its testnet, proving its claim to be far lighter and quicker than existing privacy solutions.
COTI CEO Shahaf Bar-Geffen said:
“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.”
Kosala Hemachandra, CEO and Founder of MyEtherWallet, commented:
“We are excited to collaborate to provide COTI with user-friendly products that are open source and privacy-centric.”
With the testnet launch, developers may now experiment with COTIs technology using a variety of tools, such as a testnet explorer and faucet, to build upon the scalable L2. Support for the Testnet SDK allows developers to easily include COTI features into apps.
Blockchain applications that were previously unattainable or inaccessible owing to financial constraints will provide new opportunities because of the capacity to process confidential transactions at scale and provide inexpensive and secure MPC. COTI will spur innovation in areas such as quantum-resistant privacy, confidential data sovereignty, and DeFi by developing novel encryption capabilities.