Sora Ventures has joined a consortium of investors in a $7 million funding round for Fhenix. This significant investment supports the development of the Fhenix Network, poised to be the first confidential blockchain platform leveraging fully homomorphic encryption (FHE) within the Ethereum ecosystem.
Jason Fang, the Founder of Sora Ventures, expressed his enthusiasm for the project:
“We’re excited for the future of FHE adoption in web3, an area which we think is highly underrated.”
Fully homomorphic encryption is at the core of this innovation. FHE is a revolutionary encryption type enabling complex computations on encrypted data without decryption. This ensures unparalleled data security and privacy during processing, addressing a gap in existing public blockchain frameworks such as Ethereum.
Fhenix.io describes the integration of FHE as a transformative step in managing encrypted data on public blockchains. Guy Zyskind, Fhenix’s and Secret’s founder, emphasized the importance of this technology, saying:
“Fhenix gives users the confidence to put sensitive data on public blockchains while also giving developers the tools to compute and transform that data for the first time… fostering collaborations between complementary blockchains.”
Fhenix CEO, Guy Itzhaki, also highlighted the potential of FHE in enabling a wide range of blockchain applications, from trustless gaming to private voting in Decentralized Autonomous Organizations (DAOs). The Fhenix Network, underpinned by the fhEVM protocol developed with Zama, simplifies FHE integration for Ethereum developers, allowing them to create encrypted smart contracts with existing tools like Solidity.
Rand Hindi, CEO of Zama, remarked on the potential for privacy maintenance on-chain through FHE, pointing to various novel applications beyond traditional privacy concerns. The collaboration with Fhenix is a step towards expanding the blockchain privacy landscape.
The upcoming launch of Fhenix’s public testnet, “Renaissance,” expected in early 2024, aims to provide a testing ground for developers to experiment and build applications using this innovative technology. The testnet is designed to attract blockchain innovators and promote the development of applications that capitalize on FHE’s privacy features.
The recent funding round, led by Sora Ventures and including other notable investors like Multicoin Capital, Collider Ventures, Node Capital, Bankless, HackVC, TaneLabs, Metaplanet, and Robot Ventures, underscores the increasing interest and investment in blockchain technologies focused on privacy and security.