Crypto Confidentiality Network COTI Launches Layer-2 Testnet with Strong Industry Backing
Cryptocurrency confidentiality protocol COTI has made a significant stride in its development by officially launching its developer network on the testnet. This move has garnered support from various projects across the industry, including the artificial intelligence (AI) and decentralized finance (DeFi) ecosystems. Partners such as MyEtherWallet (MEW), L2BEAT, Soda Labs, and Poolz Finance have all pledged their backing for the testnet, with plans to support the mainnet launch scheduled for 2025.
COTI’s privacy-centric network is built on the Ethereum blockchain and utilizes its smart contract functionality to establish its own native Layer-2 (L2). This network, powered by the innovative cryptographic protocol Garbled Circuits, aims to provide developers with a secure environment to build decentralized applications (dApps) while safeguarding sensitive data.
The platform was initially introduced in May 2024 on Devnet, accompanied by a privacy-centric growth fund to incentivize developers. This initiative offers financial support, resources, and toolkits to assist developers in creating dApps on the platform.
After nearly four months since its Devnet launch, COTI’s L2 network has now entered the third phase of its roadmap with the release of the testnet. CEO Shahaf Bar-Geffen expressed excitement over the positive response from developers, stating, “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.”
During the testnet phase, developers will have the opportunity to explore the platform’s innovative privacy features and underlying technology based on Garbled Circuits. This technology, developed in collaboration with Soda Labs, allows third-parties to jointly compute functions over private inputs without exposing those inputs.
To support developers building on the network, COTI has rolled out a range of tools, including a testnet explorer and a faucet to facilitate experimentation on the scalable L2 protocol. Additionally, the network has introduced a testnet SDK, enabling developers to easily incorporate COTI’s innovative features into their applications.
In addition to the testnet launch, COTI has released benchmarking results to validate its privacy claims of being faster and more lightweight compared to existing privacy solutions. The company stated, “To accompany the launch of its testnet, COTI has published benchmarking results that support its claim to be significantly faster and lighter than incumbent privacy solutions.”
Overall, the launch of COTI’s Layer-2 testnet with strong industry backing signifies a significant step forward in the development of a privacy-centric network that aims to revolutionize the way developers build decentralized applications while ensuring the security and confidentiality of sensitive data.