This innovation boosts blockchain privacy and security, enhancing the safety of transactions and communications.
With its implementation in COTI V2’s core, Garbled Circuits represent a significant leap forward in privacy-preserving solutions.
Revolutionizing Blockchain Privacy with Garbled Circuits
But what does this all mean in simple terms? Let’s break it down. Firstly, the breakthrough achieved by COTI with Garbled Circuits brings about some impressive benefits:
- Computations are made 1000 times faster than with Fully Homomorphic Encryption systems (FHE).
- There’s a 100-fold reduction in latency compared to current privacy solutions.
- Storage requirements are 250 times smaller than FHE.
Since our exciting demonstration of Garbled Circuits on the blockchain for the first time, major media publishers have covered the news.
Check out some of the most noteworthy coverage: https://t.co/BNzTtn4TrG$COTI @ethereum #COTIV2 #Privacy #GC pic.twitter.com/xBIqVSxyqa
— COTI Foundation (@COTInetwork) February 22, 2024
These improvements mean that blockchain operations can be performed more quickly, efficiently, and with far less data storage needed. All while maintaining a high level of privacy and security.
So, how do Garbled Circuits work to preserve privacy? Imagine two rich people who want to see who’s richer without showing their wealth. So, Garbled Circuits is a special program that can figure this out without revealing actual amounts.
More About Garbled Circuits
This process effectively “decrypts” the circuit but only in a way that produces an output answering their question: who is richer? The beauty of this process is that neither party sees the other’s financial information, yet they can still determine who has greater wealth.
@VitalikButerin spoke about Garbling Circuits (https://t.co/60vI1fmQNV) and now we demonstrate it on the blockchain for the first time ever!
đź”— Watch the Demo: https://t.co/9dINbi6IBP
[3/8]— COTI Foundation (@COTInetwork) February 20, 2024
This breakthrough by COTI highlights the potential of Garbled Circuits to enhance privacy and security on the blockchain. By enabling complex computations and comparisons to be made without exposing private information, Garbled Circuits open up new possibilities for secure, private transactions and interactions on the blockchain.
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