COTI's Latest Crypto Updates Unveiled

Other than ADA, perhaps Cardano’s flagship token was COTI. At least it was. What about now?

COTI has some huge new upgrades going on and due to its token, COTI is up 335% in the last 30 days. But is Cardano being left behind for bigger markets with more liquidity? Let’s see what’s new with COTI and will this pump continue?

COTI Recap

We’ve covered COTI before although it’s been a while in this video. COTI stands for Currency of the Internet. So being about currencies, payments, and stablecoins is not exactly a big surprise. COTI is an app chain. It’s built with fintech and payments in mind. That’s why they have not just DJED but the infrastructure for anyone to build out a payment solution.

You absolutely will see more of this in the future. COTI is built with enterprises (esp Web 2 ones) in mind so they can easily move into Web3 and accept payments online or offline, on-chain or by credit card. By whatever means customers want.

We are seeing the huge effect of financial appchains now with Sei and Injective just to name two. That said, one of COTI’s signature projects, the DJED stablecoin, has not done very much. Yes, it is maintaining its peg to the US Dollar ok but on VERY low volumes. There’s only $4 million circulating and volume below $75,000 in the last 24 hours.

That means there just isn’t much interest in it. And we know 2 things:

  1. Stablecoins can get huge: See USDT and USDC as examples. DAI too. AND
  2. Cardano’s community is big and loyal: So you would think they would be buying and holding a lot of it to support the project.

Yet, that’s not happening. But it’s not all or even mostly bad news for COTI. The Cardano ecosystem has been struggling a little bit recently. And COTI does not seem immune to that in general. Again, see DJED adoption. But something else is going on too.

The $COTI token is doing awesome. After spending most of the last year between 5c and 10c, in recent weeks, there’s been a huge spike up to 24c. A more than 2x in less than a week. We’re going to talk about why that is in a second.

Privacy

Before we get into the big innovation, one of the reasons why COTI is getting lots of interest is privacy. The COTI team is smart. They know that online digital payments through crypto are the answer. It’s the best use case for the industry so far (other than Bitcoin).

But the team also knows, just like you and I do, that every transaction is public on the ledger. On-chain. As big and loyal as the Cardano community is, COTI knows that to grow, they need more than what Cardano’s community alone offers. So they’ve developed a private ETH L2 solution. It’s EVM-compatible and scalable, and you can issue smart contracts on it. Again, great for payments.

They are using an MPC technology. That’s multi-party computation. When 2 or more parties get part of the data to compute it’s broken into pieces so no one server, node, or other source, has all the data together. Secret Network and Aleph Zero are among the protocols that use MPC. MPC is also common in multi-signature wallets for added security, too.

COTI believes that this privacy piece is the last piece of the puzzle to reach huge adoption now that every transaction you make will no longer be public. Do you have a favorite privacy project? Let us know in the comments below.

Garbled Circuits

The name of the cryptographic privacy tech COTI is using is garbled circuits. The COTI team is saying garbled circuits are 10x faster and make the chain 10x lighter than any ZK (zero knowledge) based privacy solution.

That’s a pretty bold claim. All of this is part of COTI v2. V2 is everything in V1 along with the ETH layer 2 solution and privacy. As COTI CEO Shahaf Ben-Geffen says in the video you are watching here in the background, enterprises that are processing billions of dollars in payments don’t want their competitors to see what, who, and how much they are transacting.

Remember, this brings us back to what I said earlier. COTI is a financial appchain. All about payments. And COTI knows it can’t get payment platforms like Mastercard on board if Visa, American Express, and any other payment network can see exactly what they are doing.

Enterprises can’t join in without at least some level of privacy. I have to keep it 100 here. Although you know  I do, always. I’d love to explain more about what makes garbled circuits different. How this version of MPC is better, lighter, and faster but just as secure as other forms of MPC.

But I don’t know why. Thankfully, those of you interested in this technology will see a new whitepaper come out soon. It covers all the v2 upgrades including explaining garbled circuits in detail.

Then lastly, what about Cardano? Is COTI abandoning it? The partnerships with Cardano are continuing. DJED is compatible with Cardano. The COTI team says work on Cardano will continue and it will grow. But it’s a pretty stinging admission from Shahaf in the video saying we have to build for enterprises and we have to do it as an L2 on Ethereum because that’s where the liquidity is.

I mean he’s right. But that has to sting for the Cardano community. Do you hold COTI or any Cardano ecosystem tokens? Let us know in the comments.

Coins

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by COTI. Copyright Altcoin Buzz Pte Ltd.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.