A small-cap altcoin rises 40% as it upgrades to a privacy-focused Ethereum (ETH) layer-2 (L2) blockchain.
In a recent one articlethe development team behind decentralized payments platform Coti (COTI) says it has successfully upgraded the project to a privacy-focused layer-2 (L2) for the second-largest digital asset by market capitalization.
“Upgrading COTI to a privacy-focused L2 on Ethereum represents the most ambitious pivot the ecosystem has seen to date…
After months of development, we are pleased to announce the achievement of a critical milestone: the successful design and integration of COTI V2’s Multi-Party Computation (MPC) protocol…
Multi-Party Computation (MPC) is a revolutionary field in cryptography, where cryptographic protocols allow a group of parties to jointly perform a computation on their private input without revealing it to each other.
This process is inherently designed to protect the confidentiality of each participant’s data throughout the entire calculation phase.”
News of the update caused COTI to take off, as the crypto asset rose from a price of $0.0597 on February 5 to a peak of $0.1067 on February 9, a gain of over 78%. COTI has since stabilized and is trading at $0.0999 at the time of writing, up about 40% over the last 24 hours.
According to the COTI website, the main network of the protocol is planned will launch sometime in the fourth quarter of 2024.
The upgrade was initial announced in December. At the time COTI Foundation said that the update would be much faster and lighter compared to zero-knowledge (ZK) solutions, which prove knowledge about a specific piece of data without revealing the information.
“In the largest upgrade to our infrastructure yet, we are building an Ethereum L2 and using a new technology that is 10x faster and lighter than ZK solutions.”
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Generated image: Midjourney