COTI Foundation shares insights into its white paper

COTI Foundation has published a COTI V2 white paper. The focus is primarily on two aspects: blockchain encryption and decentralized sequencers. The COTI Foundation hopes that this will serve as a guide for the community in developing the lightest and quickest confidentiality layer 2 on Ethereum.

The first emphasis has been on leveraging the Garbling Protocol’s potential. It will strengthen the transparency portion of the ecosystem without affecting its performance. It has been defined as a novel approach that is set to venture out via implementation as part of a unique combination of privacy-preserving technologies.

COTI has prioritized confidentiality because of the fundamental principle that privacy is a human right, irrespective of the sector it belongs to. Users of COTI can continue to enjoy private transactions and associations as the Foundation navigates its way around the paradoxical challenge. This pertains to maintaining a balance between blockchain transparency and individual privacy.

Confidentiality has previously posed a challenge when users were in the early stages of the adoption of Web2. Web3 comes with nothing different, hence pushing the existing players to stay on track with the agenda of maintaining privacy with sufficient transparency required for blockchain ideology.

Garbled circuits have been chosen for two reasons. One is to fuel up computation speed by a factor of 1,000. Second, to slash storage requirements by up to 250 times. The latter aspect helps COTI take the lead ahead of solutions like FHE. Also, Garbled Circuits commits to bringing down latency by a hundred times as compared to other solutions that are on the market.

Privacy is further strengthened by utilizing the best elements of gcEVM – an extension of EVM that Soda Labs has designed to blend confidentiality and blockchain transactions.

gcEVM unlocks the potential of Ethereum for sectors that demand high-security standards and high confidentiality. The focus is on extending customized data protection via new data types and authentic memory and storage mechanisms.

Next in line are Decentralized Sequencers. Their ideal objective is to address the inherent limitations of centralized sequencers. These appear in the form of single points of failure and censorship risks. A manner in which decentralized sequencers achieve the said objective is by distributing the sequencing function across multiple participants. Simply put, it does not rely on a single point and instead chooses to spread the sequencing function. This helps it mitigate the risk of single points of failure.

Decentralized Sequencers are backed by a modified PBFT algorithm. These add to transparency and security and mark a step forward in the direction of attaining a blockchain ecosystem that is more democratic, fair, efficient, and robust. It also helps COTI distinguish itself from other players in the market.

The development comes days after the COTI V2 airdrop was announced. It gives the community members a chance to own a share of the $8 million pool via the campaign, which aims to explore new directions and grow as a platform.

Moving forward, COTI intends to have previously inconceivable use cases to accelerate the broader adoption of Web3. The upcoming key update is expected to be about the Developer Network of COTI.