Key Highlights:
- COTI, in collaboration with Soda Labs, achieves a historic milestone by successfully deploying garbled circuits on the blockchain. Marking a breakthrough in Web3 privacy and computation efficiency.
- Garbled circuits, introduced by COTI, promise on-chain privacy 1,000 times faster than existing encryption systems. Setting the stage for scalable and secure Web3 applications while maintaining the trustless nature of the environment.
- This groundbreaking achievement precedes the April launch of COTI V2. Showcasing the platform’s commitment to revolutionizing blockchain technology and ushering in a new era of privacy for users in the Web3 space.
In a groundbreaking development, COTI, a Web3 infrastructure development firm, has successfully demonstrated the deployment of garbled circuits on the blockchain. This achievement comes just before the anticipated launch of COTI V2, the privacy-centric Ethereum-based layer-2 network, scheduled for April.
Advancing Web3 Privacy with Garbled Circuits
Working in collaboration with its partner, Soda Labs, COTI has deployed garbled circuits. Introducing a mechanism that performs computations using a fraction of the processing power and memory traditionally required. Garbled circuits, a concept that existed theoretically for decades, have never before been implemented on the blockchain at this scale.
The Power of Garbled Circuits
Garbled circuits provide on-chain privacy with a computation speed up to 1,000 times faster than other encryption systems. Such as fully homomorphic encryption (FHE). This new encryption system creates a Web3 environment. Granting users access to on-chain immutability while ensuring complete privacy—a feat not achieved in a scalable way until now.
This specialized cryptographic method enables multiple parties to perform computations involving private information without revealing the input data to any other party. COTI asserts that garbled circuits surpass the Zero-Knowledge protocol and are vital for various Web3 use cases.
Advantages Over Existing Solutions
COTI emphasizes that garbled circuits can handle transactions impacting a private state shared among multiple parties. Making them superior to Zero-Knowledge-based solutions. Additionally, this system is immune to the single point of failure weaknesses identified in Trusted Execution Environment (TEE) solutions. The result is a privacy-protecting solution on-chain that is both scalable and more secure than alternative approaches.
COTI V2 Achieves a Historic Milestone
This accomplishment represents a historic milestone for COTI, marking the first successful deployment of garbled circuits on the blockchain. Despite the theoretical existence of this concept for decades, the high computational expenses associated with it have been a major impediment until now. The partnership with Soda Labs has proven instrumental in overcoming this hurdle. Ensuring completely private transactions and maintaining the trustless nature of the environment.
Shahaf Bar-Geffen, the CEO of COTI, expressed excitement about this achievement, stating, “We are very excited to announce the successful deployment of garbled circuits on the blockchain. This is a historic milestone and marks the beginning of scalable, efficient privacy for Web3 applications. Garbled circuits open up countless use cases that were not possible until now, and we look forward to seeing the industry flourish as a result.”
This demonstration of garbled circuits on the blockchain comes less than two weeks after COTI designed and implemented the Multi-Party Computation (MPC) protocol for its new layer-2 network. Adding to the momentum leading up to the COTI V2 launch.
Conclusion
COTI’s successful deployment of garbled circuits on the blockchain stands as a historic milestone. Therefore allowing it to enter a new era for Web3 privacy and computational efficiency. The collaboration with Soda Labs and the innovative encryption system not only accelerates on-chain computations but also ensures a level of privacy 1,000 times faster than existing methods.
With the imminent launch of COTI V2 in April, the industry can anticipate a scalable and secure Web3 environment, reflecting the platform’s commitment to overcoming computational barriers and providing users with unparalleled privacy in their transactions. This achievement marks a significant leap forward in the evolution of blockchain technology, setting the stage for a flourishing industry.
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