Coti Deploys Layer-2 Solution on Ethereum

A project on the Cardano ecosystem, Coti, recently announced plans to deploy Layer-2 solution on Ethereum next year.

Coti Deploys Layer 2 Solution On Ethereum_65b9727d38ab8.webp

Coti develops Layer-2 solution on Ethereum

On December 13, 2023, COTI Foundation officially announced that it will launch Coti V2 next year. This move represents a transition from the current Directed Acyclic Graph (DAG) model to Ethereum’s Layer-2 mechanism. It is known that Coti’s new solution aims to ensure information security for users, while taking advantage of the security of Ethereum.

Coti V2 devnet development plan will take place in the second quarter of 2024, followed by testnet and mainnet expected to be deployed at the end of next year.

Coti V2 will apply encryption technology to ensure data security for transactions, and this solution is known as Garbled Circuits, another mechanism to replace the current popular Zero-Knowledge technology.

Coti operates Djed, a decentralized stablecoin solution on Cardano, and works closely with Input Output, the strategic development arm of the network. Another Coti product is Ada Pay, a payment solution on the same network.

Related: Cardano Founder Denies Endorsing Memecoin and NFT Advertisements

Notably, the Coti team confirmed that the project still maintains links with Cardano:

“Coti’s developments on Cardano continue. We are continuing to develop Djed and are committed to keeping it alive on Cardano.”

Chart COTI on Tradingview

COTI token price has had positive developments after the announcement of layer-2 development on Ethereum from Coti.

coti deploys layer 2 solution on ethereum 65b9727d3bb7c

4h chart of the COTI/USDT pair on Binance at 02:20 AM on December 14, 2023

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