Low-Cap Altcoin Surges More Than 40% in 24 Hours Amid Efforts To Pivot to a Privacy-Centric Ethereum Layer-2

A small-cap altcoin is surging 40% as it upgrades to a privacy-focused Ethereum (ETH) layer-2 (L2) blockchain.

In a recent article, the development team behind the decentralized payments platform Coti (COTI) says that it has successfully upgraded the project to become a privacy-centric layer-2 (L2) for the second-largest digital asset by market cap.

“Upgrading COTI to a privacy-centric 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 pivotal milestone: the successful design and integration of the Multi-Party Computation (MPC) protocol of COTI V2…

Multi-Party Computation (MPC) is a revolutionary field in cryptography, where cryptographic protocols enable a group of parties to collaboratively perform a computation on their private inputs without disclosing them to each other.

This process is inherently designed to protect the confidentiality of each participant’s data throughout the computation phase.”

News of the update sent COTI flying, as the crypto asset went from a price of $0.0597 on February 5th to a peak of $0.1067 on February 9th, a gain of over 78%. COTI has since stabilized and is trading for $0.0999 at time of writing, up about 40% during the last 24 hours.

According to COTI’s website, the protocol’s mainnet is slated to launch sometime during the fourth quarter of 2024.

The upgrade was initially announced in December. At the time, the 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 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.”

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