COTI Unveils Its Testnet Backed by a Diverse Ecosystem, Including MEW and AnChain
In Brief
COTI has officially rolled out its testnet, receiving support from multiple partners within the ecosystem, such as MyEtherWallet and AnChain.
Confidential Layer 2 solution COTI COTI has introduced its testnet, with robust backing from numerous ecosystem partners. Among them are leading cryptocurrency wallets, MyEtherWallet (MEW) and cybersecurity firm AnChain which are supporting COTI’s scalable Ethereum Virtual Machine (EVM) network, crafted to provide budget-friendly privacy options for Web3 applications.
In addition, COTI has formed alliances across various sectors within the blockchain environment, encompassing decentralized finance (DeFi), artificial intelligence (AI), security and compliance, non-fungible tokens (NFTs), and real-world assets (RWA).
COTI’s CEO Shahaf Bar-Geffen remarked on the overwhelming interest in their testnet launch, stating, 'The enthusiasm from projects and developers across different areas of Web3 has been remarkable, as they join our initiative to create a private blockchain future.'
COTI’s Testnet Provides Developers with an Explorer and Faucet for Experimental Purposes
The initiation of COTI’s testnet opens the door for developers to delve into its unique features and groundbreaking technology utilizing Garbled Circuits (GC). Collaboratively designed with Soda Labs, COTI’s GC implementation guarantees secure processing of functions on private inputs without revealing those inputs. The launch comes with benchmarking results demonstrating that their solution outperforms existing privacy technologies in terms of speed and efficiency.
With the advent of this testnet, developers are equipped with a toolset, variety of tools including a testnet explorer and faucet, facilitating hands-on experiments with COTI’s innovative technology. The accompanying software development kit (SDK) streamlines the integration of COTI's features into various applications.
Simultaneously, the capability to conduct confidential transactions at scale while delivering cost-efficient, secure multi-party computation (MPC) presents exciting prospects for blockchain applications that have faced limitations due to costs. By leveraging advanced encryption technologies, COTI COTI seeks to pioneer developments in sectors like confidential DeFi, quantum-resistant privacy, and safeguarding data sovereignty.
Employing the sophisticated cryptographic protocol GC, and with the support of Ethereum, COTI provides an advanced, compliant framework for data protection on public blockchains. This solution is tailored to accommodate a wide range of applications, including confidential transactions, artificial intelligence, decentralized finance, and decentralized identities, among others.
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