TechFlow News — Fairblock, a privacy infrastructure provider, has raised $2.5 million in pre-seed funding led by Galileo, with participation from Lemniscap, Dilectic, Robot Ventures, GSR, Chorus One, Dorahacks, and Reverie.
Fairblock aims to make conditional decryption and pre-execution privacy a reality. Conditional decryption allows users to set conditions under which protocols can execute transactions without revealing any on-chain information prior to execution. Unlike zero-knowledge (ZK) technologies, Fairblock’s design enables data to be encrypted or decrypted only under specific conditions. According to co-founder Peyman Momeni, applications such as sealed-bid auctions, randomness generation, private governance, and encrypted limit orders can be built using cryptographic libraries on top of its infrastructure.
Momeni said Fairblock is built using the Cosmos SDK but is not limited to the Cosmos ecosystem. The blockchain recently upgraded to its second private testnet, with a public testnet soon to follow.
