The Zano blockchain’s recently completed Zarcanum hard fork (HF4) will enable users and organizations to create custom tokenized assets that meet their specific needs. These custom tokenized assets or confidential assets, will be untraceable on the Zano blockchain. The team believes that without privacy and security, cryptocurrencies cannot achieve the much-hyped widespread adoption. Hosting Multiple […]
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Fhenix has released its whitepaper following its recent announcement of securing $7 million in seed funding for developing the first confidential blockchain platform using fully homomorphic encryption (FHE). The whitepaper “FHE-Rollups: Scaling Confidential Smart Contracts on Ethereum and Beyond” outlines the novel scalable solution for executing confidential smart contracts.
FHE Rollups mark a pivotal shift in blockchain technology, offering a scalable solution for executing confidential smart contracts. By leveraging the power of Fully Homomorphic Encryption, FHE Rollups address a fundamental challenge in blockchain transactions: maintaining confidentiality without compromising scalability. This breakthrough is particularly crucial in an era where data privacy is paramount and the demand for secure, decentralized solutions is at an all-time high.
Homomorphic refers to a type of advanced encryption that allows computations to be performed on data while it remains encrypted. This means that complex operations can be carried out on the encrypted data without needing to decrypt it first, which is a significant breakthrough in terms of maintaining data privacy and security.
In simple terms, it’s like being able to perform calculations on a locked safe’s contents without ever needing to open it. This ensures that the data stays secure throughout the process, addressing major privacy and security concerns in data handling, especially in sensitive areas like finance or personal data.
At the heart of FHE Rollups is adopting an optimistic rollup approach. This strategy balances efficiency and security, circumventing the computational burdens typically associated with verifiable FHE techniques. Optimistic rollups facilitate encrypted computations in a manner that is more efficient and adaptable to the existing Ethereum network, underscoring the potential of FHE Rollups to enhance Ethereum’s capabilities significantly.
One of the most notable aspects of FHE Rollups is their ability to integrate seamlessly with Ethereum without necessitating any base-layer changes. This feature ensures that FHE Rollups can be adopted and utilized within the current Ethereum infrastructure, potentially leading to widespread acceptance and implementation. Such compatibility underscores the practicality and forward-thinking design of FHE Rollups.
The Threshold Services Network (TSN) is a critical component in the FHE rollup architecture. TSN’s role in handling tasks like threshold decryption and re-encryption is indispensable for the security and functionality of the rollup ecosystem. This component ensures the rollups operate smoothly while maintaining the highest security standards.
FHE Rollups are not just about scaling and confidentiality; they also bring robust security mechanisms, mainly by implementing fraud proofs. These proofs are essential for maintaining the integrity of transactions within the FHE Rollups framework, offering a reliable method to detect and prevent fraudulent activities.
The implications of FHE Rollups extend far beyond just technical enhancements. They open new avenues for privacy-centric decentralized applications and smart contracts, offering possibilities for private and secure transactions on Ethereum and other EVM-compatible chains. Fhenix believes this technology sets the stage for a new era of blockchain applications where confidentiality and scalability coexist harmoniously.
Disclaimer: Sora Ventures is an investor in CryptoSlate and Fhenix.
Sora Ventures has joined a consortium of investors in a $7 million funding round for Fhenix. This significant investment supports the development of the Fhenix Network, poised to be the first confidential blockchain platform leveraging fully homomorphic encryption (FHE) within the Ethereum ecosystem.
Jason Fang, the Founder of Sora Ventures, expressed his enthusiasm for the project:
“We’re excited for the future of FHE adoption in web3, an area which we think is highly underrated.”
Fully homomorphic encryption is at the core of this innovation. FHE is a revolutionary encryption type enabling complex computations on encrypted data without decryption. This ensures unparalleled data security and privacy during processing, addressing a gap in existing public blockchain frameworks such as Ethereum.
Fhenix.io describes the integration of FHE as a transformative step in managing encrypted data on public blockchains. Guy Zyskind, Fhenix’s and Secret’s founder, emphasized the importance of this technology, saying:
“Fhenix gives users the confidence to put sensitive data on public blockchains while also giving developers the tools to compute and transform that data for the first time… fostering collaborations between complementary blockchains.”
Fhenix CEO, Guy Itzhaki, also highlighted the potential of FHE in enabling a wide range of blockchain applications, from trustless gaming to private voting in Decentralized Autonomous Organizations (DAOs). The Fhenix Network, underpinned by the fhEVM protocol developed with Zama, simplifies FHE integration for Ethereum developers, allowing them to create encrypted smart contracts with existing tools like Solidity.
Rand Hindi, CEO of Zama, remarked on the potential for privacy maintenance on-chain through FHE, pointing to various novel applications beyond traditional privacy concerns. The collaboration with Fhenix is a step towards expanding the blockchain privacy landscape.
The upcoming launch of Fhenix’s public testnet, “Renaissance,” expected in early 2024, aims to provide a testing ground for developers to experiment and build applications using this innovative technology. The testnet is designed to attract blockchain innovators and promote the development of applications that capitalize on FHE’s privacy features.
The recent funding round, led by Sora Ventures and including other notable investors like Multicoin Capital, Collider Ventures, Node Capital, Bankless, HackVC, TaneLabs, Metaplanet, and Robot Ventures, underscores the increasing interest and investment in blockchain technologies focused on privacy and security.