{"id":26576,"date":"2023-12-13T15:54:29","date_gmt":"2023-12-13T15:54:29","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/enterprise-blockchain-coti-set-to-become-ethereum-privacy-centric-layer-2-in-2024\/"},"modified":"2023-12-13T15:54:30","modified_gmt":"2023-12-13T15:54:30","slug":"enterprise-blockchain-coti-set-to-become-ethereum-privacy-centric-layer-2-in-2024","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/enterprise-blockchain-coti-set-to-become-ethereum-privacy-centric-layer-2-in-2024\/","title":{"rendered":"Enterprise blockchain Coti set to become Ethereum privacy-centric layer 2 in 2024"},"content":{"rendered":"<p><\/p>\n<div data-v-d192bf52=\"\">\n<p>Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024.<\/p>\n<p>An announcement shared with Cointelegraph outlines how Coti will shift from a standalone protocol to an Ethereum layer 2 to bring its privacy features to the broader ecosystem.\u00a0Coti v2\u2019s features a cryptographic approach called garbled circuits, which allows transactions to be processed without exposing sensitive information and data.<\/p>\n<p>Drawing from the field of multi-party computation (MPC), garbling protocols enable two or more parties to jointly compute a function while keeping both their inputs and intermediate variables private.<\/p>\n<p><strong><em>Related:<\/em><\/strong> <strong><em>Near taps Nym for metadata privacy, encryption services<\/em><\/strong><\/p>\n<p>The technique was initially introduced in the 1980s and has become an essential function in privacy-preserving technologies. The technology\u2019s primary advantage is preserving individual input privacy while allowing for multi-party computation.<\/p>\n<p>Garbling protocols are useful in situations that require confidential data to be included in a computation without revealing the information itself.\u00a0Coti CEO Shahaf Bar-Geffen explains how the protocol prevents sensitive data from being broadcast to competitors, partners and clients transacting on its chain:<\/p>\n<blockquote data-ct-non-breakable=\"true\"><p>\u201cSensitive data transmitted as public information on a blockchain is a bug, not a feature. This isn\u2019t tolerated in legacy business systems, so why should it be tolerated on-chain?\u201d<\/p><\/blockquote>\n<p data-ct-non-breakable=\"true\">Bar-Geffen added that garbling protocols offer a unique approach in the context of Coti v2 by enabling transactions and smart contract executions where the details remain private between the involved parties:<\/p>\n<blockquote data-ct-non-breakable=\"true\"><p>\u201cThis level of privacy is particularly important in decentralized finance applications where transaction confidentiality can be as critical as transaction integrity.\u201d<\/p><\/blockquote>\n<p data-ct-non-breakable=\"true\">The CEO said that Coti will primarily focus on powering enterprise functions on a blockchain network in complete privacy. He claims that other platforms that focus on anonymity as a means to provide privacy tread the line in terms of regulatory oversight and are not necessarily effective at providing a compliant base for the wider ecosystem.<\/p>\n<p><strong><em>Related:<\/em><\/strong> <strong><em>Polygon 2.0: 2024 to see unified ZK-powered L2 chains<\/em><\/strong><\/p>\n<p>Coti envisions its protocol catering to use cases requiring advanced privacy provisions in finance and healthcare. Its current protocol is aimed at enterprises and allows for managing blockchain-based products like custom-branded tokens, wallets, website integrations, and fiat on and off-ramps.<\/p>\n<p>Coti v2 is scheduled for a developer net release in the second quarter of 2024. Coti currently provides digital infrastructure for Web3 applications at a layer-1 level. This includes tools for wallets, tokens and payment modules. Its current layer-1 protocol has $31 million in total value locked.<\/p>\n<p><strong><em>Magazine:<\/em><\/strong> <strong><em>Beyond crypto: Zero-knowledge proofs show potential from voting to finance<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024. An announcement shared with Cointelegraph outlines how Coti will shift from a standalone protocol to an Ethereum layer 2 to bring its privacy features to the broader ecosystem.\u00a0Coti v2\u2019s features a cryptographic approach called garbled circuits, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-26576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Enterprise blockchain Coti set to become Ethereum privacy-centric layer 2 in 2024 | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/enterprise-blockchain-coti-set-to-become-ethereum-privacy-centric-layer-2-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise blockchain Coti set to become Ethereum privacy-centric layer 2 in 2024 | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024. 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