Fairblock hopes to make conditional decryption and pre-execution privacy a reality.
Conditional decryption refers to allowing users to set conditions that allow protocols to execute transactions without revealing any on-chain information before execution.
Unlike zero-knowledge (ZK) technology, Fairblock is designed to encode or decode information only under certain circumstances.
This is done through advanced cryptography, including identity-based encryption and witness encryption. The company is also exploring fully homomorphic encryption, or FHE, which would allow computation to be performed on fully encrypted data.
Peyman Momeni, co-founder of Fairblock, told Blockworks that the team had secured $2.5 million in pre-seed funding to build this infrastructure.
The funding round was led by Galileo and saw participation from Lemniscap, Dialectic, Robot Ventures, GSR, Chorus One, Dorahacks and Reverie, to name a few.
“Applications like sealed bid auctions, randomness generation, private governance, encrypted limit orders, all these types of ideas can be built on top of our infrastructure using our cryptographic libraries,” Momeni said.
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Momeni notes that Fairblock’s goal is to lower risk for the average crypto user, adding that there are still many problems with pre-executed transactions or where the contents of a transaction are leaked, creating a market that is skewed in favor of people with financial knowledge or development experience.
“We want to build something that gives users the freedom to optionally retain their transactions and protect the content of the transactions. Transactions can be decrypted under certain conditions, such as a deadline or specific prices,” he said.
What this would look like in practice, Momeni explains, would be an SDK integrated with the front-end of applications that choose to use Fairblock.
For example, in a governance proposal, users can vote as usual, but have an extensive switching feature that allows them to encrypt their votes.
“If their transaction is encrypted, it will go through the normal process and hit the blockchain’s mempool as usual, and votes that are not encrypted will be recorded as plain text… both will be merged until the deadline or other conditions are met met. , and we will generate a single decryption key using identity-based encryption,” Momeni said.
He noted that Fairblock’s goal in this particular scenario would be to act as a service provider that enables key generation under certain conditions.
Fairblock is built using the Cosmos SDK, but is not limited to just the Cosmos ecosystem, Momeni said.
“You can think of us as an Axelar or an oracle for providing decryption keys to consumer chains – including a rollup or a smart contract, so even though we’re in Cosmos, we can record their transaction and send it to a smart contract. on Ethereum,” he said.
The blockchain has recently been upgraded to a second private testnet, while a public testnet is imminent.
