[Masterclass Review] Diving into Homomorphic Encryption and its Role in the Future of the Industry
Twice a month, we host a Masterclass with a prominent figure from the ecosystem for our members.
This exclusive exchange is divided into two parts: our guest first shares their analysis of the chosen theme and then answers our members’ questions. 💡
Last June, we received Jason, Blockchain Ecosystem Lead at Zama.
Zama has made quite the name for itself by becoming the leader in Fully Homomorphic Encryption (FHE). But what exactly lies behind that technology?
Data stored on-chain is public by design. That makes it difficult for companies to build dApps that require confidentiality, and yet confidentiality is precisely what a lot of people in the crypto space seek.
That brings us to a key question: how can you make the most of an open, affordable, decentralized ledger technology while keeping sensitive financial data accessible only to those you choose?
Zama answers that question with FHE, a form of encryption that allows you to perform computations on encrypted data without having to decrypt it first.
With Zama’s fully homomorphic EVM (or fhEVM), a developer that has next to zero experience in cryptography can easily deploy a confidential smart contract on an existing chain like Ethereum or Avalanche and keep unauthorized entities from reading its data, while still guaranteeing compliance with financial authorities in case of an audit.
The fhEVM unlocks several use cases that were previously thought impractical on a public chain:
💵 Confidential tokenization and swap of real-world assets
📈 Blind auctions, to allow for bids on items without revealing the amount or winner
🗳 Confidential voting, to prevent bribery and blackmailing
🔏 Encrypted decentralized identities (DIDs), to store IDs on-chain and generate certificates without zero-knowledge proof
🃏 On-chain games, to be able to hide cards and moves until revealed (in poker, blackjack…)
Based on those possibilities and outlooks, Zama has raised over $80m from VC firms and shared its open-source tech with 3000+ developers and growing.
We thank Jason Delabays 🟨 for that instructive Masterclass. If you wish to join our midst and take part in such exchanges, you can follow our updates on our page and join us here : https://lnkd.in/exQ9z_Qr