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Blockchain sector continues to witness significant developments, and crypto companies are making serious decisions regarding this field. Most recently, Cardano and Coti, a development company that runs projects on its own blockchain network, are preparing to offer an Ethereum Layer-2 to Web3 users as part of a planned update for the next year.
Strategic Move by Coti’s Team Toward Layer-2 Implementation
The strategic move tackled by Coti’s team involves transforming its flagship blockchain ecosystem, which utilizes Directed Acyclic Graph (DAG) technology, into an Ethereum Layer-2 supporting native dapp platforms. Coti’s Ethereum Layer-2 network will receive security support from the Ethereum ecosystem and will emphasize user privacy for dapp platforms. A Coti spokesperson stated the following regarding the issue:
“The change is that Coti’s previously proprietary DAG-based protocol infrastructure is becoming an EVM-compatible, privacy-focused Layer-2 on Ethereum.”
Development for Coti V2 is scheduled to be shared with developers in the second quarter of 2024, and following the success of this process, a test network is expected to be released for users. Upon successful completion of these processes, the main network is planned to be available to users by the end of 2024.
Remarkable Statements from Coti Team
For Coti V2, the team considers using cryptography to maintain transaction privacy. They will implement a method known as Garbled Circuits, which is an alternative to widely used privacy protection solutions based on zero-knowledge techniques.
The Coti team manages Djed, a decentralized stablecoin developed in collaboration with the network’s primary development company Input Output and operating on the Cardano ecosystem. They also manage Ada Pay, a payment service on the same network. While sharing important details about the process, the team also confirmed that they will continue to work on Cardano-based projects. The team provided the following statement regarding the matter:
“Our work with Cardano is ongoing. We have a project there called Djed, and this project will continue to stay on Cardano.”
