Key Takeaways
COTI on May 19 launched its Privacy Portal, a tool for converting seven crypto assets into private tokens using its Garbled Circuits technology. The launch aims to make on-chain privacy accessible to a broader user base beyond developers, potentially increasing confidential transactions on the network.
"The COTI Privacy Portal is LIVE," the COTI Foundation said in a post on X, confirming the tool supports assets including USDT, wBTC, and wADA. The portal integrates with MetaMask through a Snap extension, allowing users to manage encrypted balances directly within their wallets.
The platform supports COTI, Wrapped Ether (wETH), Wrapped BTC (wBTC), Tether USD (USDT), Bridged USDC (USDC.e), Wrapped ADA (wADA), and gCOTI. Fees for converting public tokens to private ones are the greater of 10 COTI or 0.05 percent of the transaction value, with a maximum cap of 3,000 COTI. Reverting the tokens to their public form costs 3 COTI or 0.025 percent, with a 1,500 COTI cap.
The launch makes on-chain privacy accessible to non-technical users, removing the previous need to interact directly with smart contracts. This could broaden the adoption of private transactions on the COTI network and increase the utility for its native token, which is used for all fees. The system is non-custodial and operates entirely on-chain, with the Garbled Circuits cryptography hiding transaction details while keeping them auditable. This move follows a broader industry trend toward enhancing privacy, with projects like Zcash and Sui also developing new confidentiality features.
