See More

This Is the Reason Why COTI Price Doubled in a Week

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • COTI's price surged over 100% in the past week, following the introduction of a privacy-enhancing feature known as Garbled Circuits.
  • This advancement boasts significant speed and efficiency improvements over existing encryption methods and aligns with the roadmap.
  • However, caution is advised in trading the COTI token due to its current high volatility, with analysts urging a focus on longer timeframes.
  • promo

COTI has seen its value surge significantly during the past week thanks to the notable developments within its ecosystem.

Indeed, COTI experienced a remarkable surge of over 100%, climbing to a peak of $0.21 at the time of reporting.

Why COTI Price Doubled

This surge correlates with the recent unveiling of a privacy-enhancing feature on the COTI blockchain, Garbled Circuits. On February 20, the Foundation announced a breakthrough in blockchain encryption, addressing previous hurdles. COTI highlighted significant improvements, boasting computation speeds 1,000 times faster than conventional Fully Homomorphic Encryption (FHE) systems and a storage footprint 250 times smaller than alternative solutions.

Moreover, Garbled Circuits offer the advantage of handling transactions affecting private states shared among multiple parties, unlike Zero-Knowledge (ZK) solutions, while mitigating single-point-of-failure risks associated with Trusted Execution Environment (TEE) solutions.

According to the Foundation, Garbled Circuits have the speed and computational power to run efficiently on the blockchain, making it the perfect choice for the COTI V2 privacy-preserving solution.

“For the first time in history, garbled circuits have the speed and computational power to run efficiently on the blockchain, making it the perfect choice for the COTI V2 privacy-preserving solution,” the COTI Foundation wrote.

COTI’s demonstration of Garbled Circuits comes less than a fortnight after it implemented the Multi-Party Computation (MPC) protocol of its new layer-2 network. At the time, the firm said the MPC endpoints allow collaborative computation without sacrificing data privacy.

Further Volatility Incoming

The anticipation surrounding the forthcoming privacy and security upgrade has propelled COTI’s price upward. However, market observers have urged caution in trading the asset due to its current high volatility.

Respected trader Daan Crypto warned against short-term trading strategies amidst the current market fluctuations, urging a focus on higher timeframes. Similarly, Pentoshi, another notable figure, forecasted that the digital asset’s value could maintain the $0.18 and $0.20 price range.

COTI Price
COTI’s Technical Chat. Source: Daan Crypto

Meanwhile, several traders remain bullish about a god candle for COTI. According to them, these would propel the asset’s market capitalization into the top 50 crypto assets.

“COTI with the upcoming V2 is simply a matter of time before it enters in Top 50 or Top 25. The God Candles have been activated and $1 could just be around the corner. Fundamentals can’t be ignored,” Legend, a community node operator for Coti disclosed.

Top crypto projects in the US | April 2024
Harambe AI Harambe AI Explore →
Coinbase Coinbase Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Oluwapelumi-Adejumo.png
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
READ FULL BIO
Sponsored
Sponsored