In an electrifying turn of events in the crypto market, the price of COTI (COTI) token has skyrocketed by 55.12%, now trading at $0.1052. The 24-hour trading volume of COTI has also seen an unprecedented increase of 776.68%, reaching $94,173,153, with its market capitalization growing by 54.68% to $159,079,028.
This surge comes on the heels of the successful integration of the Multi-Party Computation (MPC) protocol into COTI’s technology stack, marking a significant leap towards COTI 2.0—a privacy-centric Layer 2 solution on
. This achievement signifies a critical milestone in the development of COTI V2, reflecting the project’s ambitious goal to transition into a privacy-focused Layer 2 on Ethereum.
Innovations in Architecture
According to the official announcement, this development milestone underscores the dedication and advanced progress of the COTI team towards meeting the stringent deadlines set for COTI V2’s development roadmap. The MPC protocol represents a groundbreaking advancement in the field of cryptography. It enables multiple parties to jointly compute a function over their private inputs without revealing them to one another, thereby preserving the confidentiality of the data.
We are pleased to announce the first development milestone achieved for COTI V2, and share details on the successful design and integration of the Multi-Party Computation (MPC) protocol of COTI V2.
Learn more: https://t.co/TALsqkHCAw$COTI #COTIV2 #MPC #GC pic.twitter.com/EikkuCz4pc
— COTI Foundation (@COTInetwork) February 8, 2024
The MPC protocol is particularly beneficial in scenarios requiring collective computation of sensitive data that cannot be shared openly due to privacy or regulatory constraints. The integration of MPC technology introduces the concept of “MPC endpoints,” which will be incorporated into an Extended-EVM (Ethereum Virtual Machine) execution module.
This innovative approach allows for a dual-state system, combining the public state of the EVM with a private state managed by the MPC protocol. The result is an enhanced capability for developing sophisticated, privacy-preserving blockchain applications that can cater to a broader range of use cases on Ethereum and similar platforms. The implementation of the MPC protocol involves a complex architecture, delineated into three main components: cryptographic key material, encrypted data pool, and pseudo-contracts.
This structure enables users to submit encrypted data securely, which can then be processed without revealing the underlying information. The analysis of an MPC endpoint reveals how cryptographic keys and encrypted data are managed and utilized in computation, emphasizing the protocol’s ability to maintain privacy and security throughout the process.
Garbling Protocol and Future Milestones
The development of the MPC protocol also introduces the Garbling Protocol, a method for securely executing computations (or pseudo-contracts) through the generation of a Garbled Circuit. This technique ensures that each computation is performed in isolation, enhancing the system’s security by preventing the reuse of the computational blueprint.
The successful design and integration of the MPC protocol mark just the beginning of COTI’s journey towards developing a more private and efficient blockchain ecosystem. As the project progresses, the COTI team is committed to achieving further milestones and continuing to innovate in the realm of blockchain technology. This recent success not only showcases COTI’s potential to enhance privacy and security in blockchain transactions but also reinforces its position as a leader in the development of next-generation blockchain solutions.
