- COTI Network releases V2 whitepaper for Ethereum, strengthening confidentiality.
- The V2 whitepaper reveals innovative features including Garbling Protocol and gcEVM for secure transactions.
- Despite these major developments, the COTI token fell 7%.
COTI Network, Ethereum’s leading Layer-2 extension protocol, has released its highly anticipated V2 whitepaper, which aims to revolutionize confidentiality within the Web3 ecosystem.
This move highlights COTI’s commitment to addressing privacy concerns and driving innovation in blockchain technology.
Strengthening the confidentiality of Ethereum
The released V2 whitepaper represents a significant step forward in strengthening the confidentiality of the Ethereum blockchain. Introducing groundbreaking features designed to optimize performance while protecting user privacy.
One of the key innovations highlighted in the white paper is the implementation of the Garbling protocol, which offers significant improvements in computation speed, storage efficiency, and latency compared to existing solutions. This protocol is poised to revolutionize blockchain cryptography by offering up to 1000x faster computations and 250x smaller storage requirements.
COTI also introduces gcEVM, an innovative extension to the Ethereum Virtual Machine (EVM) developed by Soda Labs. This extension enhances the confidentiality of blockchain transactions, ensuring secure computation of encrypted data. By integrating gcEVM, COTI aims to maintain data privacy while maintaining efficient functioning within the Ethereum ecosystem.
Addressing privacy issues in Web3
COTI’s focus on confidentiality comes at a critical juncture for Web3, where data sharing and user empowerment are key topics. As the Web3.0 ecosystem evolves, finding a balance between privacy and blockchain transparency becomes increasingly complex.
The release of the V2 White Paper highlights COTI’s commitment to addressing these issues head-on. By prioritizing confidentiality as a core human right, COTI aims to equip the Web3 ecosystem with the tools it needs to protect user privacy while fostering innovation and adoption.
COTI token price reaction
Despite the breakthroughs outlined in the V2 whitepaper, the COTI token has experienced a 7% decline in value amid widespread market volatility and is currently trading at $0.1643.