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 info earlier than execution.
In contrast to zero-knowledge (ZK) know-how, Fairblock is designed in order that info is barely encrypted or decrypted beneath sure circumstances.
It does so via 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 knowledge.
Peyman Momeni, Fairblock’s co-founder, advised Blockworks that the staff 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 technology, personal governance, encrypted restrict orders, all these sorts of concepts might be constructed on high of our infrastructure utilizing our cryptographic libraries,” Momeni mentioned.
Learn extra: Blockframe utilizing sealed bid auctions for NFT worth 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 individuals with monetary data or growth expertise.
“We wish to construct one thing that provides the liberty to customers to optionally maintain their transactions and shield the contents of the transactions. Transactions might be decrypted beneath sure circumstances, comparable to a deadline or particular costs,” he mentioned.
What this may appear like in follow, Momeni explains, can be an SDK that’s built-in with the entrance finish of functions that select to make use of Fairblock.
In a governance proposal, for instance, customers can submit their votes as standard however have an prolonged toggle operate, enabling them to encrypt their votes.
“If their transaction is encrypted, it’s going to undergo that ordinary course of, hit the mempool of the blockchain as standard, and votes that aren’t encrypted shall be included as plaintext…each of those shall be aggregated till the deadline or different circumstances are met, and we are going to generate a single decryption key utilizing identity-based encryption,” Momeni mentioned.
He famous that the aim of Fairblock on this explicit state of affairs can be to behave as a service supplier that permits the technology of keys beneath sure circumstances.
Fairblock has been constructed utilizing the Cosmos SDK, however will not be 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 shopper chains — which might embrace a rollup or a wise contract, so although we’re in Cosmos, we are able to embrace 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.