At the start of June we saw the COTI V2 Developer Network kick off which is being funded by the COTI Foundation which has a bounty of over $100 million. We know that there was roughly 18 projects looking for funding which over time we will be kept informed of what is being developed.
Over the last two weeks we have been formed about 2 COTI partnerships involving PORTA Finance and LAVA Networks.
Porta Finance offers an enhanced crypto trading wallet and having now partnered with COTI will be adding garbled circuit technology to their wallets. Security along with privacy is of paramount importance for crypto becoming mainstream.
In 2022 there was a reported 81 million crypto wallets worldwide and late last year that number was over 221 million. This represents nearly a 300% growth and we are still considered early. Porta are developing account abstraction smart wallets which will not only be secure, but offer many other functions. They aim to offer stop loss, take profit as well as offering limit orders over and above the farming options like yield and token swaps.
Having privacy as a feature built into a wallet will now offer confidential transactions whilst still being able to be verified. Balances can now be hidden protecting users from targeted hacks. The data generated will be stored on chain and not with third parties. This all all about making privacy a standard feature in Web 3 applications which will ultimately aid crypto adoption.
The second partnership is with LAVA Networks which is all about blockchain interoperability with regard to ease of use and development. LAVA will use RPC's sending requests to the correct servers which will ultimately speed up the process for developers. This will cut down on the time and costs of developing Apps making any COTI development more attractive especially with developers specifically looking to add privacy features to their Apps.
What we are seeing is just the beginning of more and more partnerships with privacy going to be that important moving forward. Businesses have been holding back when it came to embracing blockchain technology and rightly so because up until now it was way too transparent for their liking. This makes sense why real use case crypto adoption was not taking place and why I firmly believe COTI in many ways has found the formula for this to now happen. Definitely exciting times ahead not only for COTI, but crypto in general as this privacy technology can be incorporated everywhere.