A more confidential digital euro? The European Central Bank (ECB) has selected the COTI protocol to improve the confidentiality of its digital euro. COTI, known for its privacy technology, will collaborate with the ECB to develop a system of « Conditional payments »guaranteeing the verification of the provenance of assets before transactions. This initiative aims to strengthen confidentiality and transparency of transactions in the euro zone.
- The European Central Bank has selected COTI to improve the confidentiality of the digital euro.
- COTI will use its technology to develop a conditional payment system, guaranteeing the verification of assets.
COTI will work on the confidentiality of transactions in digital euros
COTI technology will be used to test a system of « Conditional payments »which guarantees that the provenance Assets is verified Before transactions. This system aims to offer more transactions private and more transparent For all residents of the euro zone.
Shahaf Bar-Geffen, co-founder and CEO of Coti, said that this collaboration with the ECB is a « Testimony of the expertise and hard work of the Coti team ». He stressed that confidentiality has become a « Vital component for the future of the web3 ».
Coti is not at his first try. The protocol had already worked on the project of digital shekel of the Bank of Israel, demonstrating its expertise in the solutions of Central Bank Digital Currency (MNBC).
COTI, specialist in digital currencies of central banks
As part of this project, the protocol had developed a confidentiality solution based on « Garbled circuits » of Soda Labs, a technology that allows Maintain confidentiality throughout the transaction process.
This same technology will therefore be used for the digital euro. THE « Garbled circuits » make it possible to verify the provenance of assets without revealing sensitive information, thus offering an approach on-chain of the confidentiality.
The announcement of this collaboration had a positive impact on the course of the native token of Coticwhich jumped by 6 % to reach $ 0.07785. This partnership strengthens COTI’s position as a key player in the MNBC field, a market growing While more and more central banks explore this option.
While the United States has taken ahead with the legalization of private stables, Europe continues to work on its public digital euro. The collaboration between the ECB and COTI could accelerate the development of this digital currency, by emphasizing confidentiality and security of transactions. It remains to be seen if the digital euro will be able to catch up in the face of American stablecoins, as for whether it is desirable, The debate remains open.