What is Privasea?
Founded in Sweden in 2022, the project is a company that provides widely understood privacy and data security. It complies with the strict regulations of GDPR - General Data Protection Regulation. The project has already started implementing a rewards program for users until Q3 2024. It is expected that the $PRVA token will be launched during this timeframe.
Privasea is an innovative startup dedicated to building a decentralized privacy computing infrastructure. As we have already said, the company's main mission is to provide efficient and user-friendly fully homomorphic encryption (FHE) solutions.
Not only are these solutions tailored to the needs of each user, but the technology they use also provides unparalleled security as they allow data to be exchanged seamlessly without the need to decrypt it first, essentially eliminating one of the main pain points of data security.
Privasea Project Financing Background
Privasea was supported by Binance Labs, a leading provider of AI-driven data security solutions, in its early days. Privasea also received $5 million in pre-seed/seed funding, laying a solid foundation for its development.
On April 3, it announced the completion of strategic private equity financing, with participation from OKX Ventures, Laser Digital controlled by Nomura group, and Tanelabs, an incubator invested by SoftBank. This round of financing further consolidated Privasea's position in the fields of artificial intelligence and data security.
Project Use Case
Privasea has deep expertise in cryptography and privacy-enhancing solutions. Here are some use cases where we believe our technology and skills are best used.
1. Healthcare data sharing:
With encryption, any electronic health record can be encrypted and securely shared with doctors, therapists, and trainers who can help patients without risk of privacy breaches. We can help everyone control their own personal health data from the source.
2. Find joint customers for the bank:
Privasea can use PSI (Private Set Intersection) to calculate the intersection of 2 datasets without leaking information to each other.
3. Secure biometric algorithm:
Privasea enables secure sharing of biometric information. Advanced recognition algorithms are often used to verify that the biometric information matches.
4. Data Analysis of Encrypted Datasets:
Large datasets are often full of interesting information and insights. However, it is rarely used. With FHE, it is now possible.
Privasea's Market Competitiveness
1. Data value circulation:
The Privasea system does not share raw data, but promotes the circulation of data value. Fully homomorphic encryption (FHE) can securely share encrypted data calculation results within the network while ensuring that data ownership belongs to the user.
2. Easy to deploy:
All of their solutions can be seamlessly integrated into various Layer 1 (L1) and Layer 2 (L2) blockchains or infrastructure ecosystems such as Chainlink, Greenfield or Filecoin. The incentive token economics aspects can be adapted to different chains for smooth deployment.
3. Reduce gas fees through decentralized computing power:
By leveraging decentralized computing power, Privasea will be able to significantly reduce gas fees for users when they submit FHE machine learning tasks to its network. Miners are incentivized by the long-term value of tokens rather than directly calculating GPU cycle costs.
Future Outlook of the Project
Privasea not only provides users with a highly secure data processing environment through its unique architecture and relatively efficient privacy computing technology, but also opens a new chapter in the deep integration of Web3 and AI. Although the FHE underlying reliance has a natural computing speed disadvantage.
However, Privasea has recently reached a cooperation with ZAMA to jointly tackle the problem of privacy-preserving computing. In the future, with continuous technological breakthroughs, Privasea is expected to exert its strength in more fields and become an explorer of privacy-preserving computing and AI applications.
Privasea Project Summary
Project name: Privasea
Token abbreviation: $PRVA
Total number of tokens: 1 billion (initial circulation 7.5%)
Launch time: expected in the third quarter (Binance or Okx)
