The small-cap altcoin is soaring 40% as it upgrades to the privacy-focused Ethereum (ETH) Layer 2 (L2) blockchain.
In a recent article, the development team at decentralized payments platform Coti (COTI) revealed that they had successfully upgraded the project to become a privacy-centric layer 2 (L2) for the second-largest digital asset by market capitalization.
“Upgrading COTI to Ethereum’s privacy-centric L2 represents the most ambitious pivot the ecosystem has ever seen…
After months of development, we are pleased to announce that we have achieved an important milestone: the successful design and integration of the COTI V2 Multi-Party Computation (MPC) protocol.
Multi-Party Computation (MPC) is an innovative branch of cryptography that uses cryptographic protocols to allow a group of parties to jointly perform computations without disclosing their private inputs to each other.
“This process is inherently designed to protect the data confidentiality of each participant throughout the computational steps.”
With the update, COTI saw the price of the cryptocurrency asset rise from $0.0597 on February 5 to a high of $0.1067 on February 9, a gain of over 78%. COTI has since stabilized and, at the time of writing, is trading at $0.0999, up about 40% in the last 24 hours.
According to the COTI website, the protocol’s mainnet is expected to launch during the fourth quarter of 2024.
The upgrade was first announced in December. At that time, the COTI Foundation said The point is that updates will be much faster and lighter than zero-knowledge (ZK) solutions, which prove knowledge of specific data without revealing the information.
“In the largest upgrade of our infrastructure to date, we are deploying Ethereum L2 and using new technologies that are 10 times faster and lighter than ZK solutions.”
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