There has been a lot of various podcasts and articles being written about COTI V2 and the privacy it now offers blockchains. Next week there will be even more awareness created as COTI is a guest key note speaker for L2 tokens at the Ethereum Community Conference in Brussels 8th-11th July. This no doubt will delve into the privacy aspects explaining how important this is.
Over the last few days I have been catching up with all the news around COTI from various sources and thought it would be great to share as I know some of you have invested in COTI.
DevNet is currently happening with the COTI Foundation busy with over 200 smart contracts. There are in total around 88 projects with 52 currently being assessed for their grant applications. That process started today with the first one expected to be approved next week.
What has been interesting to hear is 3 of the projects blew the team away with who the developers represented. They said normally you would have to knock on many doors to get a look in with these people and now they are coming directly to you. Obviously these names would remain confidential for now, but the other projects will definitely be shared as they start to take shape. My guess is they are either institutions or government organsations so they would be a very big client. Any real crypto value is generated through transactions and not speculation like we see with 99% of crypto. Until something has been proven and becomes adopted in the real world crypto offers no real value except hope that one day your investment has genuine use cases that others want to use.
There are 14 categories that COTI V2 is being worked on and kind of gives you an idea of how big privacy is going to be.
Analytics
AI
Data oracles
CBDCs/stablecoins
Liquidity
Marketing
Interoperability
Defi/Trading
Legal and Management
Payments
NFTs/Memes
One of the developers mentioned payments as in salaries of employees working for the various crypto projects/companies. Up till now all employees have been paid in FIAT and not crypto mainly down to the fact they need to keep how much each employee gets paid confidential and now with encryption through Garbled Circuits this can now happen.
They also mentioned health with so many steps in real life use cases having to avoid blockchain use due to confidentiality and privacy. What this now offers was never available before and the entire system has to be redone using the blockchains. This developer running the COTI development program was ex Chainlink Labs Product Lead Developer.
I think what we are going to find out over the coming months when TestNet goes live in Q3 (ready waiting) that the use cases are everywhere and privacy has been holding crypto back. We all want to see the use of blockchains with the number of transactions increasing with full adoption taking place and technology being developed will allow this to happen. Systems which replace what is currently being used need to be developed which will happen very quickly. These are a priority and those that get in first tend to end up leading the way.
From what I am seeing and next week at the Ethereum Conference is that COTI could easily be the leading ETH L2 token for what it offers through use cases. That dollar value will only be realised once it is being used and why I have such high hopes on this because it is going to happen.