COTI Plans Privacy-Focused Ethereum Layer-2 Solution Through V2 Upgrade – Bullish for Price?

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BeInCrypto

COTI announced its plans for a V2 upgrade, establishing itself as a privacy-focused Ethereum layer-2 solution. But how will it stay immune from the regulatory hurdles faced by privacy-focused blockchains?

Lately, the Ethereum layer-2 narrative has been one of the favorites of the crypto community. The market has been flooded with layer-2 solutions such as established ones like Polygon, Arbitrum, and Optimism, and some new entrants like Blast. 

Now, COTI is set to concentrate on scaling the Ethereum blockchain, prioritizing privacy as a key focus.

COTI Announces Devnet Release of V2 in Q2 2024

According to a press release shared with BeInCrypto, the Web3 digital infrastructure project – COTI has scheduled the devnet release of its V2 in the second quarter of 2024. Shortly after the devnet launch, it plans a testnet and, eventually, the mainnet launch.

The main purpose of COTI’s V2 upgrade is to enhance privacy in the Web3 ecosystem. 

Indeed, transparency is one of the main pillars of the blockchain. However, COTI believes that certain sensitive information, such as the value of transactions, votes, and other data, should be protected.

Earlier, the platforms facilitating anonymity in crypto transactions, such as Tornado Cash, faced regulatory crackdowns. However, COTI wants to maintain compliance, so it would only allow sensitive information to remain private.

The platform plans to do it through a cryptographic technology – Garbled Circuits. COTI claims that Garbled Circuits are ten times more efficient than zero-knowledge technology.

Read more: Anonymity vs. Pseudonymity: Understanding the Key Differences.

Shahaf Bar-Geffen, the CEO of COTI said:

“Sensitive data transmitted as public information on a blockchain is a bug, not a feature. This isn’t tolerated in legacy business systems, so why should it be tolerated on-chain? 

COTI V2 will solve for this, preventing sensitive data from being broadcast to competitors, partners, and clients. In doing so, it will allow businesses to capitalize on blockchain’s many strengths and to access Web3 in a purpose-built environment that’s optimized for speed, scalability, and performance.”

COTI Price Analysis: Breakout From Long-Term Resistance

The COTI price has increased since October, when it had fallen to a new yearly low of $0.036. The increase has been swift, and the price broke out from the descending resistance trend line at the start of November. 

At the breakout, the trend line had been in place for 730 days. 

The upward movement preceded a bullish divergence in the weekly Relative Strength Index (RSI). 

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

A bullish divergence occurs when a momentum increase accompanies a price decrease. It often leads to significant upward movements, as was the case with COTI. The price also broke out from the $0.055 horizontal support area during the increase.

As a result, if the increase continues, the altcoin can increase by another 90% and reach the next resistance at $0.120.

COTI/USDT Weekly Chart. Source: TradingView

Despite this bullish COTI price prediction, a weekly close below the $0.055 support will invalidate the breakout. The COTI price can fall by 35% to the descending resistance trend line at $0.039 in that case.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

Do you have anything to say about the COTI V2 upgrade or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms | December 2023

CoinDCX Explore → Kraken Explore → KuCoin Explore → BYDFi Explore → MEXC Explore → Explore more

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