Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Fairblock has secured $2.5 million in pre-seed funding led by Galileo Ventures and other investors, as reported by Blockworks.
Co-founder Peyman Momeni said that the startup plans to use the funds to build a new blockchain infrastructure enhanced with conditional decryption and pre-execution privacy.
It is designed in a way that information is only encrypted or decrypted under certain conditions (like deadlines or specific prices) using advanced cryptography which includes identity-based encryption and witness encryption. It also seeks to use fully homomorphic encryption (FHE) to enable computations to be performed on fully encrypted data.
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A software development kit (SDK) will be merged with the front end of applications that use Fairblock. The company has been built using the Cosmos SDK but is not limited to just the Cosmos ecosystem. Recently, the blockchain upgraded to a second private testnet with a public testnet imminent.
“Applications like sealed-bid auctions, randomness generation, private governance, encrypted limit orders, all these kinds of ideas can be built on top of our infrastructure using our cryptographic libraries,” Momeni said.
The main goal of Fairblock is to reduce risks for average crypto users amid numerous issues with front-run transactions or having the contents of a transaction leaked. This leads to a market favorable for people with financial knowledge or development experience.
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