Fhenix Raises $15 Million to Advance Confidentiality in Blockchain

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As an experienced blockchain analyst, I’m thrilled to see Fhenix, a layer-2 blockchain development company, raising $15 million in funding led by Hack VC. This investment is a significant step forward for the team as they continue to develop homomorphic encryption for confidentiality solutions on Ethereum.

As a researcher focusing on layer-2 blockchain development, I, Fhenix, am thrilled to announce that we have successfully secured $15 million in our recent funding round, expertly orchestrated by Hack VC. With this financial boost, we are committed to advancing our homomorphic encryption technology, a game-changer for confidentiality solutions, and pushing the boundaries of what’s possible within the blockchain realm.

Fully Homomorphic Encryption (FHE) is the methodology for transforming data into encrypted form, enabling users to perform computations directly on the encrypted data without the need for prior decryption. This encryption technique is particularly advantageous for developers working on Solidity-based applications. With smart contracts, they can encrypt specific components of their projects. Applications of this technology span various domains such as confidential voting systems, blind auctions, decentralized identity solutions, and DeFi projects, among others.

Guy Itzhaki, CEO of Fhenix, points to the revolutionary potential of FHE technology for Ethereum:

As a crypto investor, I believe Ethereum’s scalability achievement is commendable. However, maintaining confidentiality is the next significant challenge we need to address for widespread adoption. Among various solutions, Fully Homomorphic Encryption (FHE) stands out as the most refined answer to the encryption conundrum. Unlike current confidentiality methods that rely on zero-knowledge technology, FHE enables end-to-end processing of encrypted data, making it a more natural and efficient choice.

FHE-powered transaction coprocessors

Recently, Fhenix unveiled a technological collaboration with EigenLayer for creating Fully Homomorphic Encryption (FHE) Coprocessors. These coprocessors aim to offload computational duties involving confidential (encrypted) information from the main blockchain network.

This solution can significantly improve FHE operations, while maintaining a high level of security.

During this interim period, Fhenix invites developers to try out deploying their smart contracts on the public testing network. Additionally, they can apply for early admission into the grants initiative.

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2024-06-06 12:40