A small-cap altcoin, COTI, has seen a significant surge in value, rising over 40% in the past 24 hours. This surge is attributed to the project’s recent upgrade to a privacy-centric Ethereum layer-2 (L2) blockchain.
The development team behind COTI, a decentralized payments platform, announced the successful upgrade of the project to become a privacy-centric L2 for Ethereum. This upgrade represents a major shift for COTI and is expected to enhance the platform’s security and scalability.
Multi-Party Computation (MPC)
The upgrade introduces Multi-Party Computation (MPC), a revolutionary field in cryptography. MPC allows multiple parties to collaboratively perform computations on their private inputs without disclosing them to each other. This process ensures the confidentiality of each participant’s data throughout the computation phase.
COTI’s Price Surge
The news of the upgrade sent COTI’s price soaring, with the crypto asset rising from $0.0597 on February 5th to a peak of $0.1067 on February 9th, a gain of over 78%. COTI has since stabilized and is currently trading at around $0.0999, still up about 40% over the past day.
According to COTI’s website, the protocol’s mainnet is expected to launch sometime during the fourth quarter of 2024. The upgrade was initially announced in December, with the COTI Foundation stating that the update would be faster and lighter compared to zero-knowledge (ZK) solutions.
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