Fhenix, which develops confidentiality-enabling Layer 2 blockchain powered by totally homomorphic encryption, has introduced the shut of a $15 million sequence A fundraising spherical led by Hack VC with participation from Dao5, Amber Group, Primitive, GSR, Collider and Stake Capital, amongst others. This brings the venture’s whole funding so far to $22 million. The corporate plans to make use of these funds to help the preliminary stage of its open testnet, dubbed Helium, which is able to allow builders to deploy good contracts to the Fhenix community for the primary time.
Totally homomorphic encryption (FHE) is a novel type of cryptography that permits information to be computed blindly with out ever needing to be decrypted. Fhenix is the primary blockchain to natively combine FHE so as to ship an EVM-compatible good contract platform that permits builders to encrypt all or a part of their Solidity-based functions utilizing acquainted instruments with none prior information of FHE encryption.
“My life’s work has been analysis into safe computation with the objective of bringing confidentiality onchain. After exploring each accessible technical resolution to this drawback I got here to the conclusion FHE is the very best resolution. The launch of the Fhenix testnet is a crucial step in the direction of bringing encrypted computation onchain,” stated Man Zyskind, co-founder of Fhenix.
Fhenix lately introduced a technical partnership with EigenLayer across the growth of FHE Coprocessors, which allow host chains–whether or not that be Ethereum itself, L2s, or L3s–to dump particular computational duties to a chosen processor, enabling builders on any EVM-compatible chain to combine encrypted computation into their utility logic.
“After scaling, confidentiality is the following main hurdle Ethereum wants to unravel so as to attain mainstream adoption. FHE is probably the most elegant resolution to the issue of encryption as a result of, in contrast to current confidentiality options primarily based on zero information expertise, it permits for end-to-end computation of encrypted information,” stated Man Itzhaki, CEO of Fhenix.
