Crypto users can rejoice. Indeed, Fairblock is making considerable efforts to establish a secure and private infrastructure for transactions on the blockchain. With an investment of $2.5 million secured in a pre-seed financing round, this innovative project aims to address the challenges related to risks and privacy in the field of digital transactions.
First steps towards sealed auctions and other applications
The announcement from Fairblock co-founder Peyman Momeni highlighted some of the applications the team envisions for its secure platform. These are: sealed auctions, random number generation, private governance and encrypted limit orders. For this, cryptographic libraries are being developed to enable these technological advances. The main goal of Fairblock is to minimize risks for average cryptocurrency users. Thus, the company addresses issues such as front-running (early buying/selling) and transaction leaks. These currently favor people with financial knowledge or development skills.
Simplified integration by Fairblock with an SDK kit
To facilitate access to this technology for application developers, Fairblock plans to integrate an SDK (Software Development Kit) with the user interface of applications that choose to use its platform. Encrypted transactions will follow the standard process and be included in the blockchain mempool. While unencrypted votes will be grouped together until certain conditions are met.
Then, Fairblock will generate a unique decryption key based on users’ identity. This approach will make transactions more secure and private for everyone who adopts this new infrastructure.
Comparing Fairblock with Axelar and Oracle Services
Momeni compared Fairblock to the Axelar or oracle service when it comes to providing decryption keys to consumer chains, including rollups or smart contracts operating on Ethereum. However, it should be noted that Fairblock operates within the Cosmos ecosystem. This could provide greater interoperability between different blockchains.
Potential benefits of the Fairblock SDK for different industry participants
- Application developers: Thanks to the SDK offered by Fairblock, developers will be able to easily integrate this secure and private technology into their existing applications or those currently being developed.
- Cryptocurrency Users: With an increased level of privacy and security during transactions, average cryptocurrency users will be able to protect themselves from financial risks and information leaks related to their transactions.
- Businesses and Institutions: Organizations considering adopting blockchain technology to improve their internal or business processes will also be able to benefit from this secure and private blockchain transaction infrastructure.
Towards a new era of privacy in digital transactions
With recent advances in regulation and technology, crypto has become increasingly popular among the general public and institutional investors. However, concerns about financial risks and privacy are still present. This makes investments in innovative technologies like Fairblock essential.
This $2.5 million fundraising could help shape the future of digital transactions. This operation will allow a growing number of users to take full advantage of the advantages offered by cryptography. And this, without compromising their security or privacy.
To conclude, it will be interesting to follow the evolution of Fairblock as they continue their efforts to develop and integrate their privacy and security solution into future blockchain applications. This ambitious project illustrates how innovation and collaboration between different actors can create serious and effective solutions to meet the challenges posed by the constantly evolving digital world.
