- COTI announces a V2 upgrade for Q2 2024 to become a privacy-centric Ethereum layer-2 solution, utilizing Garbled Circuits technology.
- The upgrade aims to balance privacy with regulatory compliance, potentially impacting COTI’s market value positively.
A Leap Towards Privacy-First Ethereum Layer-2 with COTI’s V2 Upgrade
In an exciting development for the crypto world, COTI, a Web3 digital infrastructure project, has announced plans for a significant V2 upgrade. This upgrade, slated for a devnet release in the second quarter of 2024, positions COTI as a pioneering Ethereum layer-2 solution with a strong emphasis on privacy. The initiative is part of a broader movement within the crypto community, which has seen a surge in layer-2 solutions like Polygon, Arbitrum, and Optimism, as well as newer entrants like Blast.
COTI’s V2 upgrade is primarily focused on enhancing privacy within the Web3 ecosystem. Recognizing the importance of transparency in blockchain, COTI also acknowledges the need to protect certain sensitive information, such as transaction values and votes. This stance is particularly significant in light of the regulatory challenges faced by other privacy-focused platforms in the crypto space.
Balancing Privacy with Regulatory Compliance
To achieve this delicate balance between privacy and compliance, COTI plans to leverage a cryptographic technology known as Garbled Circuits. This technology is touted to be ten times more efficient than the widely-known zero-knowledge technology. Garbled Circuits will enable the platform to keep sensitive data private, aligning with regulatory requirements while maintaining blockchain’s core strengths.
Shahaf Bar-Geffen, CEO of COTI, emphasizes the importance of this privacy feature, comparing it to legacy business systems where sensitive data protection is standard. COTI V2 aims to create an environment optimized for speed, scalability, and performance, allowing businesses to fully harness blockchain’s capabilities in a Web3-optimized setting.
COTI Price Prospects Amidst the Upgrade
The announcement of COTI’s V2 upgrade coincides with a notable increase in its market value. Since October, the COTI price has seen a significant uptrend, breaking out from a long-term descending resistance trend line and surpassing the $0.055 horizontal support area. This price movement was accompanied by a bullish divergence in the weekly Relative Strength Index (RSI), a momentum indicator used by traders to gauge market conditions.
If this upward trend continues, COTI could potentially surge by another 90%, reaching resistance at $0.120. However, a weekly close below the $0.055 support could invalidate this bullish scenario, leading to a possible 35% decline to the descending resistance trend line.
This exciting phase in COTI’s journey represents a pivotal moment not only for the platform but also for the broader Ethereum layer-2 landscape. As COTI prepares for its V2 upgrade, the crypto community eagerly anticipates the potential impact on privacy enhancement and market dynamics.