Privacy Layer 2 COTI Joins the Enterprise Ethereum Alliance
COTI has officially become a member of the Enterprise Ethereum Alliance (EEA), elevating its position as a significant contributor within the expansive Ethereum network. The EEA serves as a neutral, nonprofit advocate for Ethereum, uniting businesses, developers, and community members committed to promoting decentralized technology.
With an impressive membership list that includes giants like Microsoft, EY, JPMorgan Chase, Accenture, and the Ethereum Foundation itself, the EEA has been instrumental in steering enterprise-level Ethereum adoption since its founding in 2017. COTI is thrilled to join these influential entities, working towards its goal of delivering privacy solutions to businesses across various industries.
COTI Joins the Ranks
COTI’s move to join the EEA aligns with its primary mission of bolstering privacy for web3 applications. Specifically, COTI provides an EVM Layer 2 solution that employs Garbled Circuits to offer on-demand privacy on major blockchains. While the transparency of public ledgers is a cornerstone of blockchain technology, it can present issues when sensitive or proprietary information needs secure handling.
By enabling users to safeguard transaction details and reduce vulnerabilities like front-running and Miner Extractable Value (MEV) exploits, COTI’s strategy addresses a persistent issue in DeFi. It has long been acknowledged that institutions venturing into blockchain technology are wary of having their financial data, including account balances and trading positions, fully exposed on the blockchain.
How the EEA Supports Ethereum Initiatives
The EEA offers a platform for sharing knowledge, driving tech development, and coordinating efforts to define best practices. COTI’s team will have the chance to participate in working groups and events where technical experts and leaders with strong Ethereum connections gather. This environment allows COTI to impart its privacy solution expertise while learning from the broader Ethereum community.
COTI CEO Shahaf Bar-Geffen highlighted the value of these collaborative opportunities, pointing out that joining the EEA would allow the project to contribute more significantly to Ethereum’s future. He remarked: “Joining the EEA is a crucial milestone for COTI, providing a unique platform to exchange ideas and collaborate with some of the brightest minds in the Ethereum ecosystem. We’re eager to learn from others and share our expertise in return, aiming to bridge the gap between innovation and real-world application."
By engaging in discussions that influence everything from interoperability standards to user experience advancements, COTI can ensure that its privacy technology is in harmony with the overarching objectives of decentralized protocols.
The Growing Need for Privacy
Privacy has gained renewed attention recently, spurred by increasing enterprise adoption and the rise of artificial intelligence in web3, along with the opportunities and challenges it introduces. Vitalik Buterin recently emphasized the pressing need to tackle privacy in wallet technologies, echoing a growing consensus that solutions must balance transparency to maintain trust with privacy to secure sensitive data.
COTI seeks to achieve this balance by offering on-demand privacy to shield crucial user information as needed. This kind of flexible privacy mechanism is becoming increasingly vital as industries like finance, supply chain, and healthcare explore blockchain integrations. These fields must comply with strict data protection regulations, highlighting the need for robust privacy features that do not undermine the benefits of decentralized networks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
