COTI Launches $25M Ecosystem Growth Fund to Accelerate Privacy on Ethereum
Tel-Aviv, Israel, January 18th, 2024, Chainwire
In a strategic move, blockchain development firm COTI has transformed its structure, pivoting from Directed Acyclic Graph (DAG) technology to embrace Ethereum Layer 2. This shift positions COTI as a leader in scalable privacy within the Ethereum ecosystem.
Central to COTI’s commitment to privacy is the innovative Garbling Circuits technology, a breakthrough in cryptographic protocols. This technology allows COTI V2 to offer a faster, lighter, and more secure privacy solution, providing a ground for diverse applications including privacy-preserving wallets, decentralized exchanges (DEXs), Private AI training, governance, and beyond.
The COTI Foundation has announced that it will allocate a substantial amount of $25 million via its ecosystem fund, to drive the development of privacy-focused initiatives. First to be granted this funding is Soda Labs, a promising player in cryptographic Multi-Party Computation (MPC), whose breakthrough technology and partnership with COTI are central to COTI’s infrastructure. Soda Labs will spearhead research efforts to expand practical applications for garbling protocols and other cutting-edge Multi-Party Computation (MPC) protocols, ensuring a secure and scalable privacy network for COTI users.
Avishay Yanai of Soda Labs said: “We have long championed the innovation behind garbled circuits in secure MPC, and with this vote of confidence from the COTI Foundation, we can continue building the privacy tools needed for the next generation of web3.”
This strategic partnership coincides with COTI’s transition to Ethereum Layer 2, reinforcing its commitment to privacy. The combined efforts aim to create an end-to-end application, ensuring confidential transactions for clients of all sizes while adhering to regulatory requirements.
Ecosystem Growth Fund for Holistic Development
While the first funding targets garbling protocols, the COTI Foundation has launched the Ecosystem Growth Fund, earmarking 400 million COTI tokens, valued at $25 million, to support projects focused on fostering the growth and success of the COTI ecosystem. This fund encompasses developers, partners, and grants programs, fostering a holistic growth strategy for the COTI V2 ecosystem.
Shahaf Bar-Geffen, CEO of COTI said “The COTI Ecosystem Growth Fund represents a monumental step forward in COTI’s evolution to a privacy-centric Ethereum L2. The creation of this fund is integral in driving both the adoption of COTI V2 and the development of applications within the ecosystem”.
Anticipating a 2024 Q2 release of the COTI V2 Developer Network and subsequent mainnet launch, the comprehensive approach to privacy, scalability, and ecosystem development positions COTI as a leader in the Web3 space.
About COTI
COTI V2 is a Privacy-Centric Ethereum Layer 2 that utilizes revolutionary technology to facilitate privacy across Web3 applications. Following a breakthrough in the cryptographic protocol known as “Garbled Circuits,” COTI introduces a faster and lighter privacy solution that can be operated on any device, opening up a whole new world of use cases, including privacy-preserving wallets, DEXs, Private AI training, governance, and more.
Learn more: Website – Twitter – Telegram – GitHub – Discord
About Soda Labs
Led by Dr. Avishay Yanai and Dr. Meital Levy, Soda Labs is an Israeli-based team specializing in cryptographic MPC protocols. With a focus on garbled circuits, Soda Labs transforms advanced cryptographic technologies into products that enable privacy and enhance security.