Yesterday Shahaf Bar-Geffen from COI was featured on he Crypto Town Hall show revealing some updates of what has been happening with COTI. As an investor you need to pay attention with what is going on so these types of updates are like gold dust.
Background why COTI is important for crypto.
Just some quick back ground is that where the internet is right now the internet is dominated by a few global giants like Google and Facebook as perfect examples. They are becoming even more powerful due to the data they are controlling and receiving and if this doesn't change it will just become more of the same in the future. This is a major threat to our privacy due to regular hackings of various sites. My pension fund was hacked 6 months ago and companies should be responsible for how they store this. I think we see these type of hacks as a regular occurrence with Ticketmaster being hacked recently.
Going forward on Web 3 you cannot store confidential data on a blockchain and everyone needs to understand what type of information they would like out their in the public domain. You would not want your bank details for everyone to see. The same applies to businesses who would like to keep their business secrets to themselves. Health records, legal records etc are just some examples that you would expect to remain private and rightly so.
There are only 2 solutions right now with one being Fully Homomorphic Encryption (FHE) and the other Garbled Circuits (COTI V2). Garbled Circuits is faster and lighter as in less storage and therefore is far cheaper. This makes this technology much more realistic due to what it offers in scalability. COTI V2 is 250 x faster than FHE using way less resources (computers and data storage).
Now you kind of know what this is now and why this is such a big deal for crypto in general. There were a number of important bits of information that was revealed regarding the new COTI V2 privacy token launching on Ethereum. Shahaf mentioned the COTI V2 token is on target to launch later this year in Q4. We kind of new this already, but this was also reassuring to hear.
TestNet which is very very close will launch with the 50 partners that are developing projects using the privacy technology known as Garbled Circuits. Some names will be under a category instead of the real names as not everyone would want to reveal their true identity at these early stages.
Some of the clients they are working with are banks and Governments who are obviously interested in the privacy aspects COTI V2 offers. Real world use cases with institutions is only going to happen if they have confidentiality and this is their number one priority. COTI has received a lot of requests regarding CBDC transactions and how these can be made confidential without revealing the amounts being transferred.
Those who have the misconception that this would violate regulation are wrong as your rights for privacy are protected by law. Your private data is not revealed, but your address is revealed. This is not anonymous transactions which would be in breach of regulation so this is two different things entirely and why this is so big. The Garbled Circuits is what is going to get the institutions using the blockchains and how mass adoption will move forward.