COTI Announces Launch Of Devnet And Secret Features For Transactions

JAKARTA - As an Ethereum-based Layer 2 network that emphasizes privacy, COTI recently announced the launch of Devnet, a network of developers that has an important role in the Web3 ecosystem. This launch marks the first use of garbled circuits in blockchain development. Garbled circuits are cryptographic techniques that allow the preservation of privacy in multi-party computing environments (MPC).

Devnet COTI V2 introduces a unique layer that is confidential in the DApp ecosystem, which allows Web3 developers to explore various previously limited utilities due to concerns about privacy. Some of the basic functions of blockchain that COTI V2 will facilitate include data sharing, verification, and multi-party computing (MPC), all while maintaining user data privacy.

This development network allows fast experiments with COTI V2 smart contracts compatible with EVM and uses Solidity programming language. In addition, Devnet also supports other important tools for DApp development, including Python SDK, NodeJS SDK, rover for on-chain analytics, server access, faultet to cover gas costs for on-chain activity, and extensive documentation.

COTI's Grant Accelerator Program

The announcement of the launch of the Devnet COTI is in line with the launch of a new grant program called the ABC Growth Fund. COTI has allocated 400 million $COTI tokens for this initiative to encourage innovation in the privacy-focused Layer 2 ecosystem.

According to an official press release, the ABC Growth Fund is aimed at (A)mbassadors, (B)uilders, and coverators who want to take advantage of real-world privacy solutions to expand the reach and appeal of blockchain solutions. COTI CEO Shahaf Bar-Geffen welcomed Devnet's launch and invited innovators around the world to participate in the ecosystem through this grant program:

"With our Builders program, we invite teams around the world to participate in the COTI V2 development network and share what you're building. We have an amazing year ahead to build new things, create new partners, and develop COTI networks."

"We have had an amazing year ahead to build new things, create new partners, and develop the COTI network," Bar-Geffen said.

To date, the launch of the Builders program is ongoing; interested developers can submit proof of a smart contract (smart contract) concept that focuses on privacy to qualify for grants between US$1,000 (around Rp. 15.9 million) and US$100,000 (around Rp. 1.59 billion). This initiative was prepared in four levels based on the impact of graded on the Layer 2 ecosystem of COTI V2 confidentiality.