Enterprise-grade digital fintech platform COTI has completed the integration of a new protocol for its privacy-centric Ethereum-based layer-2 network.
According to an official announcement, the design and implementation of the Multi-Party Computation (MPC) protocol of COTI V2 is the first of the development milestones to be reached this year.
COTI Achieves First Milestone For L2 Protocol
MPC enables parties to collectively perform a computation on their private inputs using cryptographic protocols without disclosing them to each other. COTI designed the protocol to protect the confidentiality of participants’ data throughout the computation phase.
An MPC transaction involves parties contributing encrypted data to a designated black box, which processes the inputs to produce a result shared among the participants. This technique maintains privacy integrity even among third-party scrutiny.
COTI refers to each MPC participant as an MPC endpoint, and they will be incorporated into an Extended-Ethereum Virtual Machine (EVM) execution module, which is the interaction between the EVM execution module and the collaboration of various MPC Endpoints.
“The integration of MPC endpoints into the Extended-EVM architecture signifies a notable advancement in blockchain technology, offering enhanced security and privacy for complex computations. Such architectural innovations are pivotal as they lay the groundwork for developing more sophisticated, privacy-preserving blockchain applications, thereby expanding the potential use cases of Ethereum and similar blockchain platforms,” COTI said.
COTI Surges 81% in a Week
Following the submission of the workload to the MPC module, the participants will collectively generate a cryptographic primitive called Garbled Circuit. As CryptoPotato reported in December, COTI claims Garbled Circuits is more efficient than the Zero-Knowledge protocol used by other L2 networks on Ethereum in implementing robust privacy protection.
These Garbled Circuits are deleted after each execution to ensure forward and backward secrecy on the protocol.
“This architecture not only fortifies the system against potential security breaches but also establishes a protocol where privacy is inherently built into the computational process,” COTI explained.
On the journey to launching a regulatory complaint COTI V2, COTI has designed and implemented the MPC protocol and demonstrated the input and output of secret data by users via encryption and decryption.
Meanwhile, COTI’s native token, COTI, has witnessed a significant surge recently. Data from CoinMarketCap shows the token has risen by more than 81% in the past week and is trading at $0.10 at press time.
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