Tel Aviv, Israel, February 20th, 2024 – COTI, a leading Web3 company specializing in secure data transfer, has successfully demonstrated the deployment of garbled circuits on the blockchain. The breakthrough technology, developed in collaboration with Soda Labs, COTI’s research partner, offers on-chain privacy with computation speeds up to 1000 times faster than traditional encryption systems.
Garbled circuits, a form of Multi-Party Computation (MPC), allow a group of participants to collaborate on a specific computation without revealing their private information. While the technology has existed for years, its practical use on the blockchain has been limited due to high computational costs. However, COTI and Soda Labs have overcome this barrier by significantly reducing the processing power and memory requirements for garbled circuit computations.
By introducing garbled circuits on the blockchain, COTI aims to create a Web3 environment that combines on-chain immutability with complete privacy, a milestone achievement in scalability. Unlike ZK-based solutions, garbled circuits can handle transactions involving multiple parties sharing a private state, making it ideal for various Web3 use cases.
Privacy protection is crucial in the Web3 landscape, and garbled circuits offer a secure solution that is both scalable and resistant to single point of failure weaknesses. The COTI team plans to integrate this technology into their upcoming COTI V2 devnet, set to launch in April 2024.
COTI V2, an Ethereum Layer 2 solution, prioritizes privacy and leverages breakthroughs in cryptographic protocols to enable privacy across Web3 applications. With the introduction of garbled circuits, COTI opens up new possibilities for privacy wallets, decentralized exchanges, governance systems, and more.
Stay updated on the latest tech developments by joining the COTI community on WhatsApp and Telegram. For more information, please contact Efrat Bar Lev at [email protected].
Frequently Asked Questions (FAQ) – Garbled Circuits on the Blockchain
Q: What is the recent development from COTI related to garbled circuits on the blockchain?
A: COTI, in collaboration with Soda Labs, has successfully demonstrated the deployment of garbled circuits on the blockchain. This breakthrough technology offers on-chain privacy and computation speeds up to 1000 times faster than traditional encryption systems.
Q: What are garbled circuits?
A: Garbled circuits are a form of Multi-Party Computation (MPC) that allows multiple participants to collaborate on a computation without revealing their private information.
Q: Why has practical use of garbled circuits on the blockchain been limited?
A: The practical use of garbled circuits on the blockchain has been limited due to high computational costs. However, COTI and Soda Labs have significantly reduced the processing power and memory requirements for garbled circuit computations.
Q: How does the introduction of garbled circuits on the blockchain benefit Web3?
A: By introducing garbled circuits on the blockchain, COTI aims to create a Web3 environment that combines on-chain immutability with complete privacy. Unlike other solutions, garbled circuits can handle transactions involving multiple parties sharing a private state, making it ideal for various Web3 use cases.
Q: What is COTI V2 and how does it leverage garbled circuits?
A: COTI V2 is an Ethereum Layer 2 solution that prioritizes privacy. It leverages breakthroughs in cryptographic protocols and integrates garbled circuits, enabling privacy across Web3 applications. This opens up possibilities for privacy wallets, decentralized exchanges, governance systems, and more.
Q: When will COTI V2 devnet be launched?
A: The COTI V2 devnet is set to launch in April 2024.
Q: How can I stay updated on the latest tech developments from COTI?
A: You can join the COTI community on WhatsApp and Telegram to stay updated on the latest tech developments.
Definitions:
– Web3: Refers to the third generation of internet technology that aims to create a decentralized and user-centric internet infrastructure.
– Garbled circuits: A form of Multi-Party Computation (MPC) that allows participants to collaborate on a computation without revealing their private information.
– Multi-Party Computation (MPC): A cryptographic protocol that allows multiple parties to jointly perform a computation without exposing their individual inputs.
Suggested related links:
– COTI: Official website of COTI, the leading Web3 company specializing in secure data transfer.
– Soda Labs: Official website of Soda Labs, COTI’s research partner in the development of garbled circuits on the blockchain.
The source of the article is from the blog mgz.com.tw