Web3 infrastructure development firm COTI announced the successful demonstration of garbled circuits on the blockchain ahead of its privacy-centric Ethereum-based layer-2 network COTI V2 launch in April.
According to a press release sent to CryptoPotato, COTI deployed the Garbled Circuits in collaboration with its partner Soda Labs, creating a mechanism that performs the computations using a fraction of the required processing power and memory.
COTI Demonstrates Garbled Circuits on Blockchain
Garbled circuits bring on-chain privacy with a computation speed up to 1,000 times faster than other encryption systems like fully homomorphic encryption (FHE). The digital fintech platform said deploying the new encryption system creates a Web3 environment, allowing users access to on-chain immutability while maintaining complete privacy. This feat has never been accomplished in a scalable way.
The new encryption system uses specialized cryptographic methods to allow multiple parties to perform a computation requiring private information without disclosing the input information to any other party. COTI claims garbled circuits are superior to the Zero-Knowledge protocol and are critical for many Web3 use cases.
“Furthermore, it can handle transactions that affect a private state shared among multiple parties, making it superior to ZK-based solutions. It is also immune to single point of failure weaknesses that have been revealed in TEE solutions. The result is a privacy-protecting solution on-chain that is both scalable and more secure than alternative solutions,” the firms stated.
Second Milestone for COTI V2
COTI says the latest milestone is 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, maintaining the benefit of a trustless environment.
“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,” commented COTI CEO Shahaf Bar-Geffen.
COTI’s demonstration of garbled circuits on the blockchain comes less than two weeks after the firm designed and implemented the Multi-Party Computation (MPC) protocol of its new layer-2 network.
— Reports /TrainViral/