Coti to Introduce Ethereum Layer 2 in Upgrade
Coti, a blockchain developer, has announced plans to launch an Ethereum Layer 2 as part of its upcoming upgrade. The move will see Coti’s flagship blockchain, which currently utilizes Directed Acyclic Graph (DAG) technology, evolve into an Ethereum Layer 2 that supports native decentralized applications (dapps). The new network will prioritize user privacy while drawing security from the Ethereum mainnet.
A spokesperson for Coti explained that the infrastructure will transition from a proprietary DAG-based protocol to an EVM-compatible, privacy-centric Layer 2 on Ethereum. The development network is scheduled for Q2 2024, followed by a testnet and the mainnet launch later in the year. Coti V2 will utilize Garbled Circuits cryptography to preserve transaction privacy, offering an alternative to existing zero-knowledge techniques.
Coti’s Presence on Cardano
In addition to its work on Ethereum, Coti has a strong presence on Cardano. The company operates Djed, a decentralized stablecoin developed in collaboration with Input Output, Cardano’s primary development firm. Coti also runs Ada Pay, a payment service on the Cardano network. Despite the expansion into Ethereum Layer 2, Coti confirmed that it will continue working on Cardano-based projects like Djed.
Hot Take: Coti Expands Capabilities with Ethereum Layer 2 Upgrade
Coti’s decision to introduce an Ethereum Layer 2 as part of its upgrade showcases the company’s commitment to expanding its capabilities and reaching a wider user base. By leveraging the security and popularity of the Ethereum mainnet, Coti aims to provide a privacy-centric platform for dapps while maintaining interoperability with Cardano through projects like Djed. This strategic move positions Coti as a versatile blockchain developer that can cater to different ecosystems and offer innovative solutions for decentralized finance.
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