JAKARTA – COTI, a Web3 infrastructure development company, has successfully implemented research circuit technology on the blockchain for the first time. This technology will be part of the Ethereum-based COTI V2 network and focuses on privacy.
Garbled circuits is a cryptographic method that allows computing involving personal information without disclosing it to other parties. This technology offers a much higher speed and efficiency than other encryption systems, such as full homomorphic encryption (FHE) or zero-knowledge proof (ZKP).
COTI developed a feature called Garbled circuits in collaboration with Soda Labs, a company engaged in multi-party computing (MPC). Both created a mechanism that only needed a small portion of processing and memory power to carry out secure and measurable computing.
With garbled circuits, COTI V2 can provide an ideal Web3 environment, where users can enjoy their on-chain discrepancies while maintaining complete privacy. This is very important for various Web3 applications, such as wallets, DEX, AI, governance, and others.
“We are very proud to be able to announce the implementation of Garbled circuits on the blockchain. This is a historic achievement that opens new opportunities for privacy on Web3. Garbled circuits have many advantages over other solutions, such as ZKP or TEE, which are more vulnerable to attacks or failures. We hope this technology can provide benefits to the industry and crypto community,” said Shahaf Bar-Geffen, CEO of COTI.
COTI is one of the most innovative and rapidly growing crypto projects in the world. COTI has an original token called COTI, which is currently trading around US$0.15 (IDR 2,347.60) per coin, with a market capitalization of around US$115 million (IDR 1.8 trillion). COTI has a daily transaction volume of around US$10 million (IDR 156.5 billion), and has been integrated with various platforms and services, such as Binance, KuCoin, Travala, and Simplex.
Soda Labs is a COTI strategic partner focused on MPC research and development. Soda Labs has contributed to many COTI projects, such as COTI Pay, COTI Universal Payment System, and COTI V2. Soda Labs also has a native token called SODA, which is currently trading around 0.02 US dollars (Rp 312.60) per coin, with a market capitalization of around 2 million US dollars (Rp 31.3 billion).
The implementation of Garbled circuits on the blockchain is the second milestone for COTI V2, after previously COTI succeeded in designing and implementing the MPC protocol on their new layer-2 network.
COTI V2 is scheduled to launch in April 2024, and is expected to increase scalability, interoperability, and privacy for COTI and Ethereum users.
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