COTI has seen its value surge significantly during the past week thanks to the notable developments within its ecosystem.
Indeed, COTI experienced a remarkable surge of over 100%, climbing to a peak of $0.21 at the time of reporting.
Why COTI Price Doubled
This surge correlates with the recent unveiling of a privacy-enhancing feature on the COTI blockchain, Garbled Circuits. On February 20, the Foundation announced a breakthrough in blockchain encryption, addressing previous hurdles. COTI highlighted significant improvements, boasting computation speeds 1,000 times faster than conventional Fully Homomorphic Encryption (FHE) systems and a storage footprint 250 times smaller than alternative solutions.
Moreover, Garbled Circuits offer the advantage of handling transactions affecting private states shared among multiple parties, unlike Zero-Knowledge (ZK) solutions, while mitigating single-point-of-failure risks associated with Trusted Execution Environment (TEE) solutions.
According to the Foundation, Garbled Circuits have the speed and computational power to run efficiently on the blockchain, making it the perfect choice for the COTI V2 privacy-preserving solution.
“For the first time in history, garbled circuits have the speed and computational power to run efficiently on the blockchain, making it the perfect choice for the COTI V2 privacy-preserving solution,” the COTI Foundation wrote.
COTI’s demonstration of Garbled Circuits comes less than a fortnight after it implemented the Multi-Party Computation (MPC) protocol of its new layer-2 network. At the time, the firm said the MPC endpoints allow collaborative computation without sacrificing data privacy.
Further Volatility Incoming
The anticipation surrounding the forthcoming privacy and security upgrade has propelled COTI’s price upward. However, market observers have urged caution in trading the asset due to its current high volatility.
Respected trader Daan Crypto warned against short-term trading strategies amidst the current market fluctuations, urging a focus on higher timeframes. Similarly, Pentoshi, another notable figure, forecasted that the digital asset’s value could maintain the $0.18 and $0.20 price range.
Meanwhile, several traders remain bullish about a god candle for COTI. According to them, these would propel the asset’s market capitalization into the top 50 crypto assets.
“COTI with the upcoming V2 is simply a matter of time before it enters in Top 50 or Top 25. The God Candles have been activated and $1 could just be around the corner. Fundamentals can’t be ignored,” Legend, a community node operator for Coti disclosed.
Disclaimer
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Source: https://beincrypto.com/coti-price-doubled-in-seven-days/