Fairblock raises 2.5M to build toward conditional decryption and programmable privacy
TORONTO, CANADA , October 5, 2023 — Fairblock has raised a $2.5M pre-seed round to build a chain-agnostic infrastructure and framework that empowers users and developers with conditional decryption and programmable privacy.
The round was led by Galileo with participation from Lemniscap, Dialectic, Robot Ventures, GSR, Chorus One, Dorahacks, Reverie. Angels included Zaki Manian, Waikit Lau, Leland Lee, Calvin Liu, George Lambeth, Xavier Meegan, Stefan Coolican, Batu, Collin Myers, Richard Malone, and others.
Sergey Gorbunov, co-founder of Axelar said: “For blockchain applications to thrive, they must offer robust privacy and fairness guarantees to their users. Fairblock is attacking these problems by building the infrastructure and tools developers can rely on to guarantee transaction privacy at critical paths. The Fairblock team has extensive experience in cryptography and blockchain engineering, and we are happy to see them building in the space.”
Fairblock enables users to seamlessly encrypt their transactions with a set of conditions for decryption and execution. Developers can leverage this framework to empower their protocols with a fuzzy logic for decryption and execution of transactions without exposing the contents of on-chain data before execution. Fairblock uses advanced cryptography schemes such as identity-based encryption, witness encryption, and soon FHE for verification of conditions and generating decryption keys in a decentralized way.
Peyman Momeni, co-founder of Fairblock said: “At Fairblock, our focus centers on two key pillars: firstly, simplifying user experience and enhancing protection for users of decentralized applications, and secondly, implementing a mechanism that differentiates between harmful and questionable strategies from transparent and fair revenue streams. Our work on pre-execution privacy and conditional decryption is unlocking decentralized applications that were previously limited while safeguarding users against various forms of exploitation during the inclusion and execution of transactions.
Fairblock’s products enable a wide range of applications and use cases, including encrypted on-chain limit orders, front-running protection, wallet recovery, private governance, sealed-bid auctions, gaming, randomness generation, encrypted shared sequencing and more.
Twitter: @fair_block
Medium: https://medium.com/@fair_block
Website: https://fairblock.network/
