Popular Altcoin Project Coti Prepares to Launch Layer 2 Network: Here are the Details!

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• As part of the planned upgrade for the coming year, Coti is gearing up to introduce the Ethereum Layer 2.
• Coti’s Ethereum Layer 2 network will emphasize user privacy for dapps while drawing confidence from the Ethereum mainnet.
• The development network (devnet) for Coti V2 is scheduled for the second quarter of 2024, with a testnet and the expected mainnet launch set for the end of the year.

Coti, a development firm running projects on Cardano and the blockchain network, has announced the launch of its Layer 2 network in 2024.

Coti to Launch Layer 2 Network in 2024

Coti, a development firm running projects on Cardano and the blockchain network, is preparing to introduce the Ethereum Layer 2 as part of the planned upgrade for the coming year. The strategic move involves the pioneering blockchain using Directed Acyclic Graph (DAG) technology, evolving into an Ethereum Layer 2 that supports native dapps.

Coti’s Ethereum Layer 2 network will emphasize user privacy for dapps while drawing confidence from the Ethereum mainnet. A spokesperson for Coti stated, ‘The change is that Coti’s infrastructure was previously a private DAG-based protocol and is now becoming an EVM-compatible, privacy-focused Layer 2 on Ethereum.’

The development network (devnet) for Coti V2 is scheduled for the second quarter of 2024, with a testnet and the expected mainnet launch set for the end of the year. Coti V2 will use encryption to protect transaction privacy, implementing a method called Garbled Circuits as an alternative to privacy protection solutions based on commonly used zero-knowledge techniques.

Coti’s Work on Cardano

Coti collaborates with Input Output, the main development firm of the network, to operate Djed, a decentralized stablecoin on Cardano. They also manage Ada Pay, a payment service operating on the same network. The Coti team confirmed that they will continue to work on projects on Cardano: ‘Coti’s collaboration with Cardano is ongoing. We have a project on Cardano called Djed, and it will continue to stay on Cardano.’