Privacy infrastructure provider Fairblock has completed a $2.5 million pre-seed funding round, led by Galileo

2023-10-06 10:29:09

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ChainCatcher news, privacy infrastructure provider Fairblock has completed a $2.5 million pre-seed funding round, led by Galileo, with participation from Lemniscap, Dilectic, Robot Ventures, GSR, Chorus One, Dorahacks, and Reverie.

It is reported that Fairblock aims to make conditional decryption and pre-execution privacy a reality. Conditional decryption allows users to set conditions under which the protocol can execute transactions without leaking any on-chain information before execution. Unlike zero-knowledge (ZK) technology, Fairblock's design ensures that information is encrypted or decrypted only under specific conditions. Fairblock co-founder Peyman Momeni stated that applications such as sealed-bid auctions, randomness generation, private governance, and encrypted limit orders can be built on its infrastructure using the cryptographic library.

Momeni mentioned that Fairblock is built using the Cosmos SDK, but is not limited to the Cosmos ecosystem. The blockchain has recently upgraded to its second private testnet, with a public testnet coming soon.

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