The COTI Foundation has announced an Ecosystem Growth Fund with a hefty contribution of 400 million COTI tokens. The fund, with an estimated value of $25 million, will provide financial assistance to initiatives that promote the development and effectiveness of the COTI ecosystem.
COTI has long endeavored to develop a privacy-focused version of Ethereum L2. In addition to other elements, this entails the formation of the COTI Foundation, which is a fundamental component of its objectives and aims to transition the existing framework to a new solution.
The COTI Ecosystem Fund, which was established to promote the adoption and development of COTI V2, intends to conduct research in collaboration with entrepreneurs and developers. In addition, the development of services within the novel ecosystem will be undertaken.
Shahaf Bar-Geffen, the chief executive officer of COTI, asserts that the COTI Ecosystem Fund represents a favorable progression towards COTI’s evolution into a privacy-focused Ethereum L2. The allocated funds will be utilized for the development of applications within the ecosystem and the acceptability of COTI V2. They are committed to developing additional business connections.
Soda Labs, a frontrunner in the field of cryptographic Multi-Party Computation (MPC), is the first beneficiary of the investment. Soda Labs will lead the charge in researching new uses for garbling protocols, making sure that COTI users have access to a private network that can grow with them.
Dr. Avishay Yanai and Dr. Meital Levy, both prominent figures in the cryptographic MPC protocol domain, founded Soda Labs.
As per Dr. Avishay Yanai, their focus has been on twisted circuits within secure MPC for a considerable period of time. They intend to continue developing the privacy tools necessary for the subsequent iteration of Web3, with the assistance of the COTI Foundation.
As a result of the funding, COTI transitioned to Ethereum L2, reaffirming its commitment to privacy through the use of twisted circuits. The group’s primary objective is to complete the development of an application that verifies confidential transactions for consumers and ensures adherence to all established regulations.
COTI intends to disclose additional activities and the establishment of supplementary associations in the coming months. In addition, they plan to implement a developer grant program.