COTI price today, COTI to USD live price, marketcap and chart | CoinMarketCap (2024)

COTI V2 introduces a sophisticated cryptographic framework centered around garbled circuits and multiparty computation (MPC), offering a new standard for on-chain privacy as an EVM-compatible Layer 2. In terms of comparison to other techniques, garbled circuits are about 1000x faster and less expensive in terms of computation, 250X better in terms of latency and 100X lighter in storage. This framework not only enhances the Ethereum ecosystem’s scalability and security but also opens up new possibilities for decentralized applications (dApps) by enabling confidential transactions and data management.

COTI has a strong community of more than 300k followers across multiple social channels, a diverse network of business development partners, and lucrative grants and developer funding schemes to support its unique solution.

Amidst various encryption schemes, our solution aspires to align with industry standards right from the start, rather than introducing a proprietary, untested encryption scheme or waiting for a lengthy standardisation process. COTI employs encryption schemes already widely adopted by the world’s most secure systems, including those managed by governments and large banks. This approach involves standardised symmetric-key schemes for encryption (e.g., AES-CTR) and standardised asymmetric-key schemes for key distribution (e.g., RSA), enhancing adoption by eliminating the need for additional, unverified security assumptions. Contrary to other MPC methods, garbled-circuit-based solutions facilitate an efficient integration of these encryption schemes within a circuit that can be securely evaluated in a distributed manner. In order to preserve security in the course of the execution, the network and the users maintain multiple keys as described in our whitepaper: https://coti.io/files/cotiv2whitepaper.pdf

The evolution of blockchain technology has ushered in the need for scalable and secure layer 2 solutions. COTI V2 aims to be at the forefront of this evolution by introducing a decentralized sequencer model. This model is inspired by shared sequencer frameworks, which have shown promise in enhancing network security and reducing centralization risks.

A sequencer in a blockchain network is responsible for ordering transactions before they are finalized on the blockchain. Centralized sequencers, while efficient, pose risks including single points of failure and potential censorship. Decentralizing the sequencer function distributes these responsibilities across multiple participants, thereby enhancing security, redundancy, and resistance to censorship.