Coinspeaker
Crypto Confidentiality Network COTI Launches Layer-2 Testnet with Strong Industry Backing
Cryptocurrency confidentiality protocol COTI has officially launched its developer network on the testnet, attracting support from various projects across the industry, including the artificial intelligence (AI) and decentralized finance (DeFi) ecosystems.
According to a press release shared with Coinspeaker, notable partners such as MyEtherWallet (MEW), L2BEAT, Soda Labs, and Poolz Finance have pledged their backing for the testnet. These partners are also expected to support the mainnet launch, scheduled for 2025.
Privacy-Centric Network Powered by Garbled Circuits
COTI’s privacy-centric network is built on the Ethereum blockchain and leverages its smart contract functionality to establish its own native Layer-2 (L2). This network, powered by the breakthrough cryptographic protocol Garbled Circuits, aims to provide developers with a secure environment to build decentralized applications (dApps) while safeguarding sensitive data.
Initially introduced in May 2024 on Devnet, COTI’s platform launch was accompanied by a privacy-centric growth fund to incentivize developers. This initiative provides financial support, resources, and toolkits to assist developers in creating dApps on the platform.
COTI Unlocks Third Roadmap Phase
Nearly four months after its Devnet launch, COTI’s L2 network has now entered the third phase of its roadmap with the release of the testnet. According to Shahaf Bar-Geffen, CEO of COTI, the response from developers has been overwhelmingly positive.
“The response to our testnet launch has been astounding, with projects and developers from various sectors across web3 joining our community to build a private blockchain future,” said Bar-Geffen.
In the testnet phase, developers will be able to explore the platform’s innovative privacy features and underlying technology, which is based on Garbled Circuits. According to COTI, the technology was developed in collaboration with Soda Labs to allow third-parties to jointly compute functions over private inputs without exposing those inputs.
A Testnet SDK Supporting Developers
As part of its move to encourage developers building on the network, COTI has rolled out a range of tools, including a testnet explorer and a faucet to facilitate experimentation on the scalable L2 protocol.
Additionally, the network added a testnet SDK which provides developers the opportunity to easily incorporate COTI’s innovative features into their applications.
Meanwhile, apart from the testnet launch, COTI said it has released a “benchmarking results” to validate its privacy claims of being faster and more lightweight compared to existing privacy solutions.
“To accompany the launch of its testnet, COTI has published benchmarking results that support its claim to be significantly faster and lighter than incumbent privacy solutions,” the company stated.
Crypto Confidentiality Network COTI Launches Layer-2 Testnet with Strong Industry Backing
