Fairblock is hoping to make conditional decryption and pre-execution privateness a actuality.
Conditional decryption refers to permitting customers to set circumstances that allow protocols to execute transactions with out revealing any on-chain data earlier than execution.
In contrast to zero-knowledge (ZK) know-how, Fairblock is designed in order that data is just encrypted or decrypted below sure circumstances.
It does so by way of superior cryptography, together with identity-based encryption and witness encryption. The corporate can be trying into absolutely homomorphic encryption, or FHE, which can allow computations to be carried out on absolutely encrypted information.
Peyman Momeni, Fairblock’s co-founder, informed Blockworks that the crew had secured $2.5 million in pre-seed funding to construct this infrastructure.
The funding spherical was led by Galileo and noticed participation from Lemniscap, Dialectic, Robotic Ventures, GSR, Refrain One, Dorahacks, and Reverie, simply to call a number of.
“Purposes like sealed-bid auctions, randomness era, personal governance, encrypted restrict orders, all these sorts of concepts may be constructed on high of our infrastructure utilizing our cryptographic libraries,” Momeni mentioned.
Learn extra: Blockframe utilizing sealed bid auctions for NFT value discovery
Momeni notes that Fairblock’s aim is to decrease dangers for common crypto customers, including that there are nonetheless many points with transactions being front-run or having the contents of a transaction leaked, making a market skewed to favor folks with monetary data or improvement expertise.
“We wish to construct one thing that provides the liberty to customers to optionally preserve their transactions and defend the contents of the transactions. Transactions may be decrypted below sure circumstances, similar to a deadline or particular costs,” he mentioned.
What this might appear like in follow, Momeni explains, could be an SDK that’s built-in with the entrance finish of purposes that select to make use of Fairblock.
In a governance proposal, for instance, customers can submit their votes as normal however have an prolonged toggle operate, enabling them to encrypt their votes.
“If their transaction is encrypted, it is going to undergo that standard course of, hit the mempool of the blockchain as normal, and votes that aren’t encrypted can be included as plaintext…each of those can be aggregated till the deadline or different circumstances are met, and we’ll generate a single decryption key utilizing identity-based encryption,” Momeni mentioned.
He famous that the aim of Fairblock on this specific state of affairs could be to behave as a service supplier that permits the era of keys below sure circumstances.
Fairblock has been constructed utilizing the Cosmos SDK, however just isn’t restricted to simply the Cosmos ecosystem, Momeni mentioned.
“You’ll be able to consider us as an Axelar or an oracle for offering decryption keys to client chains — which may embody a rollup or a wise contract, so although we’re in Cosmos, we will embody their transaction and ship it to a wise contract on Ethereum,” he mentioned.
The blockchain has not too long ago upgraded to a second personal testnet with a public testnet imminent.
