Secure

COTI

April

when

Alice

Tel Aviv, Israel, February 20th, 2024, Chainwire 
<h3 id="coti-a-web3-leader-in-secure-data-transfer-announces-their-first-successful-demonstration-of-garbled-circuits-on-the-blockchain-as-demonstrated-by-soda-labs-coti-s-research-partner">COTI, A Web3 Leader in Secure Data Transfer, announces their first successful demonstration of garbled circuits on the blockchain as demonstrated by Soda Labs, COTI's research partner.</h3>
The blockchain development firm <a href="https://coti.io/" rel="noopener noreferrer nofollow" target="_blank">COTI</a> announced today that its garbled circuits breakthrough has passed initial development.&nbsp; This is the first time garbled circuits have been successfully deployed on the blockchain, bringing on-chain privacy with a computation speed up to 1000 times faster than other encryption systems like&nbsp; FHE, &nbsp; The launch of garbled circuits on the blockchain promises a Web3 environment that can enjoy on-chain immutability while maintaining complete privacy, which has never been accomplished in a scalable way.
Garbled circuit technology is a form of Multi-Party Computation (MPC), where specialized cryptographic methods allow a group of parties to collaborate, performing a specific computation that requires their private information, but does so without disclosing the input information to any other party.&nbsp; The technology has existed for decades, but was merely theoretical until recently due to the heavy computational expenses required.&nbsp;&nbsp;
This barrier is compounded when placed on the blockchain, as it was never intended to handle computationally expensive processes.&nbsp; However, COTI and its partner Soda Labs have collaborated to create a breakthrough that performs garbled circuit computations using a fraction of the processing power and memory normally required.&nbsp; The result is a way to ensure on-chain, completely private transactions that maintain the benefit of a trustless environment.
Superior Technology to Solve a Specific Problem
Garbled protocols were invented to solve a very particular problem: The Millionaires problem created by Andrew Yao. This is a thought experiment where two millionaires, Alice and Bob, want to decide who is richer without disclosing their actual net worth.&nbsp;
The MPC process is designed to protect the privacy of each participant’s data throughout the process.&nbsp; This involves the multiple participants who contribute their portion of encrypted data into an MPC “black box.”&nbsp; This then processes the inputs and calculates a desired result, which is then shared with the participants.&nbsp; What is especially noteworthy is that MPC can do all this without compromising any confidential data.&nbsp;&nbsp;
This privacy is absolutely critical for many different Web3 use cases.&nbsp; Furthermore, it can handle transactions that affect a private state shared among multiple parties, making it superior to ZK-based solutions.&nbsp; It is also immune to single point of failure weaknesses that have been revealed in TEE solutions.&nbsp; The result is a privacy-protecting solution on-chain that is both scalable and more secure than alternative solutions.&nbsp;&nbsp;
The COTI team looks forward to rolling out their garbled circuits solution as they launch the COTI V2 devnet in April 2024.
About COTI
COTI V2 is a Privacy-Centric Ethereum Layer 2 that utilizes revolutionary technology to facilitate privacy across Web3 applications. Following a breakthrough in the cryptographic protocol known as "Garbled Circuits," COTI introduces a faster and lighter privacy solution that can be operated on any device, opening up a whole new world of use cases, including privacy wallets, DEXs, governance, and more.
Learn more:&nbsp;
<ul>
 <li>Website: <a href="https://coti.io" rel="noopener noreferrer nofollow" target="_blank">https://coti.io</a></li>
 <li>Twitter: <a href="https://twitter.com/COTInetwork" rel="noopener noreferrer nofollow" target="_blank">https://twitter.com/COTInetwork</a></li>
 <li>Telegram: <a href="https://t.me/COTInetwork" rel="noopener noreferrer nofollow" target="_blank">https://t.me/COTInetwork</a></li>
 <li>GitHub: <a href="https://github.com/coti-io" rel="noopener noreferrer nofollow" target="_blank">https://github.com/coti-io</a></li>
 <li>Discord: <a href="https://discord.gg/9tq6CP6XrT" rel="noopener noreferrer nofollow" target="_blank">https://discord.gg/9tq6CP6XrT</a></li>
</ul>
 
 
<h5>Contact</h5>Efrat Bar Lev efrat@coti.io 
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COTI Unveils New Blockchain Encryption Paradigm With Garbled Circuits (20 Feb)

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