According to the most recent information given with Finbold on June 5, the groundbreaking Layer 2 blockchain Fhenix, which uses Fully Homomorphic Encryption (FHE), has raised $15 million in a Series A fundraising round.
The investment round takes Fhenix’s total financing to $22 million. Hack VC is leading the round, with assistance from Dao5, Amber Group, Primitive, GSR, Collider, and Stake Capital.
The funding will go toward Helium, Fhenix’s new open testnet that will enable developers to launch smart contracts on the Fhenix network for the very first time.
Combining FHE—an sophisticated cryptographic technique that permits calculations on encrypted data without decryption—into blockchain technology, Fhenix is radically altering the industry.
Because of this, Fhenix is the first blockchain to provide a platform for smart contracts that is compatible with the Ethereum Virtual Machine (EVM) and has native support for FHE.
Developers on the platform can easily encrypt their Solidity-based applications using familiar tools, all thanks to FHE.
Fhenix co-founder Guy Zyskind has stated his dedication to safe computing for the long term: “I have dedicated my life’s work to studying secure computing in order to implement blockchain-based secrecy measures. I finally settled on FHE as the optimal technological solution after exhausting all other options. The release of the Fhenix testnet signifies a significant milestone in the implementation of onchain encrypted computing.”
Fhenix CEO Guy Itzhaki has stated his opinion that privacy concerns pose the greatest threat to the widespread use of Ethereum (ETH):
“Ethereum must resolve the issue of secrecy as soon as possible after scaling if it is to achieve widespread acceptance. Unlike current secrecy solutions based on zero knowledge technology, FHE enables end-to-end processing of encrypted data, making it the most elegant solution to the encryption challenge. Investors’ high level of interest in FHE is a clear indication of the value it brings to the blockchain.”
For programmers creating apps for decentralized finance (DeFi), gaming, artificial intelligence (AI), blind auctions, and confidential voting, the capacity to do calculations on encrypted data unveils new avenues of possibility.
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