Hassan Maishera
Blockchain development firm COTI announced on Tuesday, February 20th, that its garbled circuits breakthrough has passed initial development.
In a press release shared with Cryptowisser, the COTI team added that this is the first time garbled circuits have been successfully deployed on the blockchain. Their deployment brings on-chain privacy with a computation speed up to 1000 times faster than other encryption systems like FHE.
The launch also promises a Web3 environment that can enjoy on-chain immutability while maintaining complete privacy, which has never been accomplished in a scalable way.
COTI explained that garbled circuit technology is a form of Multi-Party Computation (MPC), where specialized cryptographic methods allow a group of parties to collaborate, performing a specific computation that requires their private information. However, it achieves this without disclosing the input information to any other party.
COTI partnered with Soda Labs to launch a solution that performs garbled circuit computations using a fraction of the processing power and memory normally required.
While commenting on this latest development, Shahaf Bar-Geffen, CEO of COTI, said,
“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.”
COTI’s Solution Solves a Specific Problem
Garbled protocols were developed to solve The Millionaires problem created by Andrew Yao. The MPC process is designed to protect the privacy of each participant’s data throughout the process.
The process involves the multiple participants who contribute their portion of encrypted data into an MPC “black box. The black box proceeds to process the inputs and calculate a desired result, which is then shared with each participant. The unique ability of MPC is that it can carry out this task without revealing any confidential data.
The technology has gained massive adoption within the Web3 ecosystem thanks to how important privacy is to those within the space. MPC can also carry out transactions that affect a private state shared among multiple parties, making it superior to ZK-based solutions.
Furthermore, this solution doesn’t suffer from single-point-of-failure weaknesses that are predominant in TEE solutions. The COTI team intends to roll out the garbled circuits solution as they prepare to launch the COTI V2 devnet in April 2024.
COTI V2 is a Privacy-Centric Ethereum Layer 2 that utilizes revolutionary technology to facilitate privacy across Web3 applications. Following a breakthrough in the cryptographic protocol known as "Garbled Circuits," COTI introduces a faster and lighter privacy solution that can be operated on any device, opening up a whole new world of use cases, including privacy wallets, DEXs, governance, and more.
