COTI
Memorandum
COTI is the protocol for private programmable money.
Interphase is the flagship app on the protocol, built by the core team.
Privacy has been a defining sector of this cycle. It was the best performing sector of 2025 and has led the market through 2026. The greatest performing assets of the past year fit into this sector, with Zcash dominating the trend.
Private programmable money is at the intersection of public blockchains and private finance; it's a culmination of the openness of the blockchain with the confidentiality money has always needed, through the use of garbled circuits and Privacy-on-Demand.
Understanding
Private Programmable Money
Private programmable money is a market economy in which participants can hold, send and build with money on public blockchains without exposing their balances or payments. It's the web3 version of private banking.
Web2 allowed users to bank and pay online. It pushed the data generated from every payment to the owners of those platforms.
Stablecoins are a similar culmination. The dollar is the world's most used currency, held and moved through banks for the benefit of a few. Web3 enabled everyone to hold and send it themselves, and $300B in stablecoins now lets them do exactly that. But almost every one of those dollars sits on a public ledger.
Private programmable money is the defining point in bringing that massive market to the people, in a frame where their money stays theirs to see.
A Protocol
for Private Money
There have been a number of privacy products already, namely Zcash and Monero. Both have been built on their native chains. This thwarts what privacy can be used for, boosts the cost of building with it, and divides the privacy market across a dotted range of separate coins.
COTI is addressing the privacy market's biggest bottleneck and expense driver. COTI's Privacy-on-Demand SDK is usable by third parties to build privacy into apps on the chains they already run on.
COTI's open-source SDKs provide private data types, private token standards, permission controls, wallet onboarding, contract examples and more: the necessary features any developer, team or even global institution needs to make a private web3 app.
COTI is the foundation of private programmable money. As the first network to run garbled circuits in production, COTI holds an early mover advantage that ensures the protocol and associated SDKs can become the industry norm: a powerful privacy stack that powers the private finance economy.
The flagship app on the COTI protocol is Interphase.
This app is built by the core team of the protocol itself, and it's designed to achieve a number of goals:
- Be a dominant privacy app from the get-go
- Onramp a mass of retail users to private, compliant transfers across 30+ chains
- Build a massive network of wallets, DEXs, bridges, payment apps and marketplaces as integration partners of Interphase and the underlying COTI protocol
This early and aggressive move to the top ensures that other developers and teams feel compelled to see COTI as a partner in their success. The ecosystem will provide not just immediate technology but also a massive base of go-to users, integration partners and onramps.
An app economy for private money, developed by distinct teams, projects and companies. Operating across every major chain, powered by the COTI protocol and the Interphase SDK.
It starts with Interphase.
COTI is creating a private financial network for the stablecoin economy. Hold, send, and spend without exposing your balance. It is the next joint frontier in the privacy and stablecoin markets, and an embodiment of the confidentiality of banking tied with the openness of the blockchain.
Money is part of everyone's daily life. A blockchain product that taps into something everyone uses every day is at the peak of crypto adoption. COTI is turning crypto into private money you can actually live on. Experience crypto and your everyday finances in a dynamic new way, without the world watching what you hold or spend.
COTI privacy is already live. Since September 16, anyone on Avalanche can shield AVAX and USDC through the Privacy Portal. Further, the COTI network has processed over 125 million transactions since its mainnet launch in March 2025.
COTI also has an institutional pedigree few can match. Its technology has been developed across the European Central Bank, the Bank of Israel and Input Output Global. We're using that network to bring private money to the institutions, merchants and chains people already use.
COTI: Features and Function
COTI is rich in private, everyday experiences. The fundamental purpose is to captivate masses that will experience private money and confidentiality for the first time.
- Private Balances: Users hold stablecoins and assets with a balance only they can see, live today through the Privacy Portal.
- Cross-Chain Privacy: Interphase provides unlinkable cross-chain intent routing across 30+ chains, severing the on-chain transaction graph so no public ledger can link the sender on Chain A to the recipient on Chain B.
- Spend: COTI Global will allow people to spend privacy tokens in the real-world.
The private and spend mechanics are designed to drive real use of the COTI token.
The Technology
Behind COTI
COTI's privacy runs on two core technologies, built to make private money fast enough for everyday use and simple enough for any chain to adopt.
COTI’s privacy runs on a cryptographic and modular architecture built to make private programmable money fast enough for everyday consumer use, regulatory-compliant, and simple enough for any blockchain to adopt.
Garbled Circuits:
High-Speed Confidential Computation
- Developed in partnership with Soda Labs, Garbled Circuits allow smart contracts to compute directly on encrypted inputs without ever decrypting or exposing sensitive data to validators, mempools, or node operators.
- 1000x Faster Than FHE: Unlike Fully Homomorphic Encryption (FHE)-which requires heavy server clusters and is far too slow for real-time consumer payments-Garbled Circuits are over 1,000x faster and lighter, running with sub-second finality on standard consumer devices.
- Shared Private State (Beyond ZK): While Zero-Knowledge Proofs (ZKPs) can verify a single user's private data, they struggle to compute on shared, multi-party state. Garbled Circuits natively enable confidential AMMs, private dark pools, and multi-party conditional payments.
- Complete MEV & Front-Running Immunity: Because transaction data, amounts, and execution logic remain encrypted in transit, sandwich attacks, predatory arbitrage bots, and copy-trading trackers are blinded.
Privacy on Demand (PoD):
Modular On-Chain Confidentiality
- Bring Privacy to Existing Capital: Instead of forcing users and liquidity to migrate to an isolated, walled-garden privacy chain (like Monero or Zcash), COTI’s Privacy-on-Demand (PoD) SDK acts as an embeddable privacy layer for the chains people already use (Ethereum, Avalanche, Solana, Base, Arbitrum).
- Live Multi-Chain Proof: Demonstrated in production today-users on Avalanche have been shielding AVAX and USDC into confidential vaults via the Privacy Portal since September 16, an ecosystem milestone announced directly by the Avalanche Foundation.
- Granular, Selective Confidentiality: Privacy is not all-or-nothing. Developers and users choose exactly what to conceal-balances, transfer amounts, or execution data-while keeping transaction validation publicly verifiable.
- Audit-Ready Compliance: Unlike black-box mixers, COTI features cryptographic viewing keys and zero-knowledge non-inclusion proofs. Users, merchants, and institutions can share selective transaction records with auditors or tax authorities without broadcasting their entire wallet history to the world.
Interphase:
Universal Cross-Chain Intent & Routing Protocol
- Unlinkable Cross-Chain Settlement: While Privacy-on-Demand secures data and balances within individual chains, Interphase solves movement between chains-allowing users to send assets from one network (e.g., Ethereum or Bitcoin) and settle privately on another (e.g. Solana or Tron) with zero on-chain link between sender and receiver.
- Zero-Bridge / Zero-Migration UX: Traditional bridges force users to wrap tokens, lock assets in vulnerable bridge vaults, and switch RPC networks. Interphase uses an intent-driven solver architecture (powered by NEAR Intents) so users transact natively from their existing wallets (MetaMask, Phantom, UniSat) in a single click.
- Interphase starts as a consumer app to capture retail volume across 30+ chains, then transitions into a drop-in SDK becoming the invisible privacy layer embedded behind the scenes in everyday wallets, checkout gateways, and AI agents.
Confidential EVM Blockchain Architecture
- 100% EVM & Solidity Compatible: Developers do not need to learn specialized cryptography or new languages (like Cairo or Circom). Contracts are written in standard Solidity using familiar tools like Hardhat, Foundry, and Viem.
- Native Encrypted Data Types: Smart contracts natively support confidential primitives (ctUint64, ctAddress, ctString) via COTI's precompiled MPC libraries, allowing developers to add private balances and hidden variables with a few lines of code.
- Decentralized Settlement: Powered by an institutional-grade decentralized node network participating in multi-party computation, ensuring non-custodial, front-running-proof settlement across the entire ecosystem.