Last updated
Last updated
Fairblock Public Testnet - Currently Live 🔥 - Details: Beginning - Mar 7 ,2024 Ending: TBA (Latest information available)
Project focused on addressing a critical gap in encryption within blockchain networks. They develop programmable encryption solutions that can be integrated directly into decentralized applications and at the blockchain protocol level. Fairblock uses advanced cryptographic technologies to protect transactions from threats such as malicious bots and competitors. Their solutions are useful for a variety of use cases, from programmable trading to private governance and censorship resistance, aiming to establish encryption as a standard in blockchain systems.
Partner applications or wallets can easily integrate with Fairblock by using our SDK to encrypt a user’s transaction in-browser or client side. This will allow users to continue to enjoy the same applications that they are familiar with. Once the encrypted transactions are committed on-chain, validators of FairyRing will submit private key-shares once the conditions are met. Finally, these private key shares will be aggregated automatically and relayed to the applications to decrypt and execute the transactions respecting the previously committed ordering. It is easy to see that this mechanism solves many forms of exploits such as frontrunning and sandwiching attacks and protects the contents of the transaction before execution. Some immediate applications of this include sealed-bid auctions, private governance, encrypted/private intents, and shared sequencing of encrypted transactions.
The fairyring chain uses Threhsold IBE (Identity Based Encryption) to allow users to encrypt transactions using a public key, which then decrypts and executes automatically at the target height. For this to work, the derived private key required to decrypt the transactions must be created on a per-block basis to leave no room for front-running. Also, once the derived private key is available, the encrypted transactions must be executed before any other transactions from the mempool. This is the crux of the operation of the chain.
More specifically, the fairyring chain is responsible for generating identities (encryption keys). It is also responsible for generating the aggregated key for each corresponding identity (decryption keys). On fairyring itself, any encrypted transactions can also automatically be decrypted and executed when a decryption key is made available.
Unlike normal transactions, encrypted transactions work a bit differently. Users can encrypt any transaction with the current ActivePubKey. The user must also specify the target block height of fairyring (condition) at which the transaction is to be executed on the chain the transaction resides on.
Despite blockchain's inherent reliance on cryptography, it often lacks one of its most important features—privacy. Since privacy is critical to many online applications, the same demand exists for decentralized applications, where most actions are now publicly available.
For example, DeFi has managed to attract users and capital, but it does not provide an optimal user experience, since all transactions are public.
Fairblock offers a modular system that integrates programmable privacy across blockchain ecosystems. This allows developers to create more attractive decentralized applications using Fairblock's encryption tools, while users get the protection they need against attackers using public streams of financial transactions.
Its flexible architecture ensures that any blockchain and its applications can use robust privacy tools. This confirms receipt of a grant from AtomAccelerator
Functions as a hub that exports privacy-as-a-service to the increasingly interconnected blockchain space.
