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) expertise, Fairblock is designed in order that data is simply encrypted or decrypted below sure circumstances.
It does so via superior cryptography, together with identity-based encryption and witness encryption. The corporate can also be trying into absolutely homomorphic encryption, or FHE, which is able to allow computations to be carried out on absolutely encrypted knowledge.
Peyman Momeni, Fairblock’s co-founder, advised Blockworks that the workforce 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 just a few.
“Functions like sealed-bid auctions, randomness technology, non-public governance, encrypted restrict orders, all these sorts of concepts may be constructed on prime of our infrastructure utilizing our cryptographic libraries,” Momeni stated.
Learn extra: Blockframe utilizing sealed bid auctions for NFT worth discovery
Momeni notes that Fairblock’s purpose 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 growth expertise.
“We need 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, akin to a deadline or particular costs,” he stated.
What this is able to appear to be 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 ordinary however have an prolonged toggle perform, enabling them to encrypt their votes.
“If their transaction is encrypted, it’s going to undergo that standard course of, hit the mempool of the blockchain as ordinary, and votes that aren’t encrypted will probably be included as plaintext…each of those will probably be aggregated till the deadline or different circumstances are met, and we’ll generate a single decryption key utilizing identity-based encryption,” Momeni stated.
He famous that the aim of Fairblock on this explicit state of affairs could be to behave as a service supplier that allows the technology of keys below sure circumstances.
Fairblock has been constructed utilizing the Cosmos SDK, however isn’t restricted to simply the Cosmos ecosystem, Momeni stated.
“You may consider us as an Axelar or an oracle for offering decryption keys to client chains — which might embody a rollup or a sensible contract, so regardless that we’re in Cosmos, we will embody their transaction and ship it to a sensible contract on Ethereum,” he stated.
The blockchain has not too long ago upgraded to a second non-public testnet with a public testnet imminent.