COTI Successfully Demonstrates Garbled Circuits on Blockchain Ahead of Layer-2 Network Launch

According to CryptoPotato, Web3 infrastructure development firm COTI has announced the successful demonstration of garbled circuits on the blockchain. This comes ahead of the company's privacy-centric Ethereum-based layer-2 network, COTI V2, which is set to launch in April. In collaboration with partner Soda Labs, COTI deployed the garbled circuits, creating a mechanism that performs computations using a fraction of the required processing power and memory. Garbled circuits offer on-chain privacy with a computation speed up to 1,000 times faster than other encryption systems like fully homomorphic encryption (FHE). The deployment of this new encryption system creates a Web3 environment, allowing users access to on-chain immutability while maintaining complete privacy. The encryption system uses specialized cryptographic methods to enable multiple parties to perform a computation requiring private information without disclosing the input information to any other party. COTI claims that garbled circuits are superior to the Zero-Knowledge protocol and are critical for many Web3 use cases. This latest milestone marks the first time garbled circuits have been successfully deployed on the blockchain, although the concept has existed theoretically for decades. Heavy computational expenses have been a major barrier to the system's deployment on the blockchain; however, partnering with Soda Labs created a breakthrough that resulted in ensuring completely private transactions while maintaining the benefit of a trustless environment. COTI CEO Shahaf Bar-Geffen commented, 'We are very excited to announce the successful deployment of garbled circuits on the blockchain. This is a historic milestone and marks the beginning of scalable, efficient privacy for Web3 applications. Garbled circuits open up countless use cases that were not possible until now, and we look forward to seeing the industry flourish as a result.'