On September 27, 2023, Collider Ventures and Multicoin Capital jointly led Fhenix to complete a US$7 million seed round of financing, aiming to build a blockchain based on fully homomorphic encryption (FHE) and achieve end-to-end encryption. Fully Homomorphic Encryption (FHE) has been a theoretical concept since 2009 and has been used in production in recent years.
The characteristic of FHE is that it can calculate encrypted data, and the calculation of ciphertext generates new ciphertext, which corresponds to the result of operating on plaintext. Fhenix is developing the first FHE blockchain to support end-to-end encryption (fhEVM), a system that will revolutionize the way we think about blockchain, providing full confidentiality and eliminating MEV.
The design principles of fhEVM include requiring no cryptographic expertise, being consistent with Ethereum tools, and being user-friendly. FHE is expected to redefine the confidentiality and fairness of Web3, bring a higher level of encryption to the blockchain field, superior to current technology (TEE/ZK), and solve the MEV problem and restore system fairness.
The characteristic of FHE is that it can calculate encrypted data, and the calculation of ciphertext generates new ciphertext, which corresponds to the result of operating on plaintext. Fhenix is developing the first FHE blockchain to support end-to-end encryption (fhEVM), a system that will revolutionize the way we think about blockchain, providing full confidentiality and eliminating MEV.
The design principles of fhEVM include requiring no cryptographic expertise, being consistent with Ethereum tools, and being user-friendly. FHE is expected to redefine the confidentiality and fairness of Web3, bring a higher level of encryption to the blockchain field, superior to current technology (TEE/ZK), and solve the MEV problem and restore system fairness.