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In a tweet, COTI announced that they have been selected to participate in the Central Bank of Israel Digital Currency (CBDC) project. This project, which involves 13 well-known companies such as Qedit, Paypal, 0xPay and Fireblocks, represents a big step forward for COTI’s privacy-focused infrastructure. COTI’s participation in this project highlights the importance of privacy and security in CBDC development. As the only blockchain network selected for this project, COTI puts its expertise at the forefront, focusing on architectural considerations and advanced features.
Privacy-focused Layer 2 (L2) blockchain uses advanced technologies such as garbled circuits to provide users with an unprecedented level of anonymity and privacy. This method not only improves the security of CBDC, but also reduces operational costs compared to existing privacy solutions by making it available on multiple devices.
The partnership with the Bank of Israel provides COTI with a unique opportunity to test and refine its CBDC solutions. As more central banks consider CBDCs, COTI is at the forefront, ready to meet the growing demand for reliable and scalable blockchain infrastructure. The company’s technology claims to transform the CBDC scene by providing privacy without anonymity. This ensures that organizations, businesses and individuals can conduct financial transactions secretly while complying with regulatory requirements.
Image: TechStory
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