Israeli blockchain development firm COTI has made a strategic move with the launch of an ecosystem growth fund aimed at accelerating Ethereum privacy.
COTI updates to level 2
According to a published statement, the COTI Ecosystem Growth Fund was designed as a tool to accelerate the development and adoption of COTI V2 while ensuring transaction confidentiality. The fund, currently valued at approximately $25 million, includes an endowment of 400 million COTI tokens.
In the long term, it would support projects from developers interested in contributing to the growth and success of the COTI ecosystem by researching, developing and building within COTI V2. Therefore, COTI is ready to begin forging strategic partnerships with stakeholders. Soda Labs, a major player in the field of Multi-Party Computation (MPC) cryptography, is the first project to receive funding.
Specifically, Soda Labs will focus on leading research aimed at expanding practical applications for garbling protocols, to ensure a secure and scalable privacy network for COTI users. Dr. Avishay Yanai, one of the co-founders of Soda Labs, confirmed the company’s previous effort towards innovation in the confusion circuit protocol. The alliance with COTI therefore constitutes a springboard towards achieving its objective.
COTI aims to accelerate Ethereum privacy
The plan to move to a Layer-2 network that encourages Ethereum privacy has been underway for many months, but it was only a few weeks ago that COTI began the gradual release of the upgrade. COTI CEO Shahaf Bar-Geffen said the Ethereum privacy-focused fund marks a huge step for the company.
“The COTI Foundation’s creation of this fund is critical to driving both COTI V2 adoption and application development within the ecosystem,” Bar-Geffen added.
COTI looks forward to making more meaningful connections in the coming months that support its newly launched Ethereum privacy vision. One of COTI’s plans for the future is to add a developer grant program spread across milestones. This will significantly contribute to the holistic growth strategy of the COTI V2 ecosystem. This strategic move by COTI is likely to improve Ethereum adoption and integration long-term.