COTI CEO, Shahaf Bar-Geffen Shares Exciting Reflections and Future Plans
Undoubtedly, the past six months have been difficult for everyone. During this challenging time, COTI also encountered its fair share of challenges, particularly in light of the SEC action concerning Binance. The community was kept in the dark about COTI's goals and progress because it was vital to maintain silence until certain commercial issues could be resolved.
Observing COTI's socials, it's evident that sentiment has dipped, and the community is uncertain about what lies ahead.
However, on Sunday, July 30th, COTI's CEO, Shahaf Bar-Geffen, addressed the community, providing reassurance that the team is on the right track. He affirmed COTI's commitment to fulfilling its vision and stressed that enduring this challenging phase will lead to the sweet fruits of their labor.
He compared the current situation to the ideal time for planting seeds by drawing an analogy from the seasonal cycles of nature and underlined the value of patience in order to reap the benefits when the time is right.
The CEO unveiled an exciting plan to launch the first commercial Private Payment Network based on the new CMD standard this year. This significant step is a testament to the growing client base and the team's optimism in achieving success.
In response to inquiries about the development timeline, he shed light on the complexities involved in creating a Private Payment Network, emphasizing that it is no small task. However, he assured the community of a full launch this year and promised a sneak peek of the product before its official release.
With the period of relative quiet, the team seized the opportunity to develop promising seeds, including building COTI V2. This ambitious endeavor involves rebuilding COTI's infrastructure based on the team's valuable learnings. COTI V2 will be EVM compatible, include smart contracts, and leverage Zero Knowledge Proofs for privacy—an exciting prospect that aligns with the community's desire for further growth.
An innovative addition, the Policy App or pApp, will empower users to set rules for transaction handling across any blockchain. This new building block on COTI V2 will enable developers from various chains to collaborate, creating a shared ecosystem that fosters growth and usability.
Furthermore, the CEO acknowledged the importance of making COTI V2 permissionless and globally accessible, signaling a change in strategy to unlock COTI's full potential.
To fully focus on developing COTI V2, the team decided to slow down feature releases for existing products temporarily. Development is already underway, and more information will be unveiled in the coming months.
As the CEO shared his thoughts, he urged the community to consider not just "what" to do but also "who" to be during this period. Patience and curiosity were highlighted as essential virtues for COTI's journey towards success.
In closing, the CEO understood the recent sentiments and encouraged everyone to remember that challenges often precede breakthroughs. The entire COTI team remains committed to learning, adapting, and improving—together with the community—to achieve collective victory.
First published on Jul 30, 2023