Coti Develops Layer-2 Solution on Ethereum
Coti, a project within the Cardano ecosystem, recently announced plans to deploy a Layer-2 network on Ethereum in the coming year.
Coti Develops Layer-2 Solution on Ethereum
This move signifies a shift from Coti's current Directed Acyclic Graph (DAG) blockchain model to Ethereum's Layer-2 mechanism.
Introducing COTI V2: a Privacy-Centric Ethereum L2
— COTI Foundation (@COTInetwork) December 13, 2023
In the biggest upgrade of our infrastructure to date, we're building an Ethereum L2 and using a new technology that’s 10x faster + lighter than ZK solutions.
Details on how to get involved at the end of the thread👇
🧵
[1/13] pic.twitter.com/jqYYYKKsxD
The new Coti solution aims to ensure user data security while leveraging Ethereum's robust security features.
The development roadmap for Coti V2 includes the launch of the devnet in Q2 2024, followed by testnet and mainnet deployments expected by the end of next year.
Coti V2 will employ cryptographic technology to safeguard transaction data. This solution, known as Garbled Circuits, presents an alternative to the widely-used Zero-Knowledge technology.
Coti operates as the Djed entity (a decentralized stablecoin solution on Cardano) in collaboration with Input Output (a strategic development arm of the network). Another Coti product is Ada Pay (a payment solution on the same network).
It's worth noting that Coti's team confirmed their ongoing commitment to Cardano:
"Coti's developments on Cardano will continue. We remain committed to developing Djed and sustaining our presence on Cardano."
The price of the COTI token responded positively following Coti's announcement of the Layer-2 development on Ethereum.
1-hour chart of COTI/USDT pair on Binance as of 07:50 AM on December 14, 2023
