Coti token surges 40% due to Coti 2.0’s Ethereum privacy-focused L2 advancements.
Posted: February 9, 2024 9:29 AM Updated: February 9, 2024 9:29 AM
briefly
Coti’s token price has risen more than 40% in the last 24 hours, with trading activity exceeding $50 million.
Coti’s token price has risen more than 40% in the last 24 hours, with trading activity exceeding $50 million. Recent technology milestones bring Coti 2.0’s privacy-focused L2 closer to Ethereum’s L2. Successful design and integration of COTI V2’s Multi-Party Computation (MPC) protocol.
COTI is the native cryptocurrency of Internet Currency (Coti), an open-source payment infrastructure project that provides a payment system and stablecoin.
Coti’s transition to Ethereum’s privacy-focused layer 2 (L2) solution is a significant change for the ecosystem. This upgrade aims to strengthen the privacy of Ethereum blockchain users. The Coti team has been working on this development for several months.
It is important to note that this strategic upgrade marks a change for Coti that aims to enhance user privacy within the ecosystem while operating on Ethereum’s broader network.
A key component of this transition is the successful integration of the Multi-Party Computation (MPC) protocol into Coti V2. This protocol revolutionizes data processing by allowing multiple parties to collaborate on computations without revealing personal information to each other. Coti’s move toward implementing the MPC protocol enhances the privacy and security of users engaging in complex computations on the platform.
But what exactly will this integration affect? MPC is a field of cryptography in which parties collaborate to make computations without disclosing their private inputs. Confidentiality is ensured by processing encrypted data in a designated ‘black box’ and distributing the results without violating privacy. This eliminates the need for mutual trust between parties and provides a secure framework for computation while maintaining data confidentiality.
Additionally, the integration of Coti’s MPC endpoints into the Extended-EVM architecture is central to this milestone. This architectural framework represents a significant leap forward in blockchain technology and seamlessly combines enhanced security and privacy for decentralized applications (DApps).
Integrating MPC endpoints into the Extended-EVM architecture advances blockchain technology and increases the level of security and privacy for complex computations. These architectural improvements are critical to laying the foundation for creating advanced, privacy-focused blockchain applications. This development strengthens Ethereum and similar blockchain platforms and expands the range of potential use cases.
Coti’s solid foundation for future development
In the early stages of the project, significant progress has been made on various aspects of multi-party computing (MPC). First, we took great care to design robust algorithms underpinning the MPC protocol to ensure reliability and efficiency. This theoretical basis is translated into practical implementations to demonstrate the feasibility of the protocol in real-world scenarios.
The key to this milestone is users’ successful management of sensitive data within the MPC framework. This includes the selection and application of encryption schemes to protect data confidentiality, as well as the ability to securely onboard encrypted data and seamless integration with MPC endpoints. The system also allows for controlled data sharing, distributing it to all participants or specific users as required for computation.
Another important achievement is the integration of special operations such as encryption and decryption of values using distributed key structures. These distributed keys, distributed across multiple nodes, improve the overall security posture of the MPC system by ensuring that no single entity has complete access.
Through careful use of encrypted data, distorted circuits, and secure MPC implementations, Coti ensures that computations are executed in a secure manner while protecting user privacy. This innovative approach not only sets Coti apart, but also lays the foundation for future advancements in blockchain technology.
These ongoing developments promise to advance security, privacy, and functionality, moving Coti toward its vision of a privacy-centric blockchain ecosystem on Ethereum.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.
more articles
Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.