Can privacy be scalable? $COTI just proved it is.
@COTInetwork mainnet preparations see 725% surge in smart contract deployments & 247% spike in transactions volume
A 🧵 thread about its latest developments, join me.
— ▫️— A quick refresher on COTI
COTI is an enterprise-grade privacy-centric Layer 2 on Ethereum, using a privacy tech that's fast, secure & can run on any device.
— ▫️— COTI remix & Mainnet progress
COTI is making progress on its Mainnet launch, focusing on:
• infrastructure improvements
• developer tools
#️⃣ Recent network metrics show:
• smart contract deployments increased by 725%
• Python SDK downloads went up by 153%
• coti-contracts adoption increased by 20%
• Kapa AI chatbot usage grew by 31%
• transaction volume rose by 247%
Security audits with @hackenclub are in progress, covering smart contracts and protocol code.
Disaster recovery procedures have been implemented to ensure uptime and reliability.
COTI Remix plugin:
• is being updated to support testnet
• it allows devs to test privacy features
— ▫️— COTI’s web3 privacy ambassador program
COTI has launched an Ambassador Program to expand its ecosystem and support its Mainnet launch.
💡The program includes 3 roles:
1. pioneers: focused on basic community engagement
2. accelerators: responsible for business development & ecosystem growth
3. leaders: handling strategic-level contributions
Participants can advance by meeting documented performance criteria and providing measurable contributions.
Requirements include:
• blockchain knowledge
• business development skills
• involvement in web3 communities
The benefits:
• token grants
• performance bonuses
• professional development opportunities
— ▫️— Cross-chain privacy w/ Axelar
A recent COTI Developer Session highlighted using Axelar for cross-chain privacy.
Key features included:
• deploying SC for privacy-preserving data validation
• using Axelar’s Gateway Contracts
• encrypting data to ensure privacy during transmission & processing
The session demonstrated how COTI’s Privacy-on-Demand feature works in compliance with global regulations like GDPR & MiCA.
Devs can manage permissions & protect user data across blockchain networks.
💡 Axelar is a blockchain that simplifies the challenges of interoperability making it a valuable tool for devs creating cross-chain solutions.
— ▫️— Other packed updates
1. SDK improvements + refresh docs
2. COTI answered to Willow quantum computing chip
• COTI’s Garbled Circuits-based solution resists quantum computing
👉 https://t.co/DVjZtGw432
3. COTI CEO speaks about how Privacy-on-Demand and selective disclosure can meet the rising demand for on-chain privacy.
👉 https://t.co/R7sDSggOky
4. @hackenclub speaks about MPC and puts COTI into the light
👉 https://t.co/oQ1whzZ1BJ
5. Both @CarbonDeFixyz and the Arb Fast Lane will be deployed on the highly anticipated @COTInetwork V2
👉 https://t.co/TkxcAJnFEe
And that's a wrap!
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A few thoughts: Sometimes it takes change to realize you need to hold your hands up and accept you were wrong. Here's the deal ⬇️⬇️
After thorough thought, my opinion is that COTI V2 turned a 'speculative investment' into a 'great investment'
At inception back in March 2017, the crypto industry was struggling to scale, was pretty slow and costly as hell. COTI Network made the right decision at this point in time; build a proprietary DAG-based layer 1 optimized for payments that resolves the major issues (speed, scalability, cost) that plagued the industry.
In time, Layer 2s resolved scalability, throughput became fast and cost effective. Not being in Ethereum, Solana, Cardano, and instead being your own Layer 1 actually isolated you from the rest of the industry. It deprived you of liquidity and you were deemed unattractive to developers (programming languages like Solidity became the standard).
The success of COTI became entirely, solely dependent on the Business Development arm to source enterprises and sell the PPN solution. Without this there would be no demand for the token, with the exception of treasury APY.
We were floating out in the abyss, isolated from the industry, connected by a single thread - a partnership with Cardano to operate DJED.
COTI V2 - The Strategic Move
COTI will now immerse itself in the Ethereum ecosystem. A budding environment with >3000 Dapps and $30bn in TVL.
COTI will be EVM compatible; that means smart contracts will be built in Solidity and executed by the Ethereum Virtual Machine. Among other things COTI now has:
Interoperability ✔
Access To Deep Liquidity ✔
Developers ✔
Security ✔
To accelerate development and usage on the network COTI have also launched the COTI foundation. This arms the foundation with deep pockets, giving them the ability to lure new projects to COTIs new Layer 2.
And then the big play, PRIVACY!
COTI Network will launch a privacy network 10x faster and lighter than existing ZK solutions. This enables users and businesses to transact with confidentiality. It means private transactions on Dexes, private information sharing, private payments processing and all at speed.
Future use cases will extend to AI and more also.
So what does all this mean for my COTI?
It means there will be new demand for the COTI token, and ultimately this is what drives price.
COTI will be the gas token to supply Dapps and transactions on the network, a network that will grow quickly given its privacy centric approach.
Demand for the token will also increase as PPN grows, more businesses will adopt the PPN proposition where it enables private transactions.
All in all, I'm grateful to the COTI team for their foresight and hard work. Between the COTI foundation, privacy features and PPN I'm super confident the project will thrive!