At FairBlock, we are building a solution to combat bad MEV by using distributed Identity Based Encryption (IBE). IBE is a novel, secure, and efficient pairing-based scheme that can be used to enable pre-execution privacy. Users will be able to use FairBlock to send encrypted transactions and once an order is finalized, the transactions are decrypted and then executed.
We are excited to be part of the Prop 72 group of consumer chains which will be launching their consumer chain secured by the Cosmos Hub in 2023.
FairBlock’s consumer chain FairyRing, will be used to distribute and manage the decryption private key shared by validators of the chain. We plan on utilizing Interchain Security to improve economic security and decentralization. Through FairyRing, it will be possible to provide MEV resistance with the economic security of the Cosmos Hub for arbitrary applications on any chain. Examples include:
- Private governance
- Sealed Auction
- Cross-chain trading
- Single-chain trading
- NFT minting/listing/purchasing
- Time-locked data encryption (on-chain encrypted data which can be decrypted only after a certain time)
- Better guarantee of execution over multi-hop cross-chain transactions.
We are excited to be tackling an interesting and challenging problem. We believe that our core vision and values align well with the design of Interchain Security and the Scheduler described in the ATOM2.0 whitepaper. We see many opportunities to collaborate with projects currently addressing the MEV problem like Skip and believe FairBlock can complement these solutions rather than compete with them. We also see many opportunities to collaborate with existing and new coming consumer chains that wish to offer front-running/MEV protection.
We are a team interested in applied cryptography, security, and privacy. A little about the core team below:
Peyman, a recent Master’s graduate, has done extensive research on applied cryptography, front-running and MEV ecosystem in L1s (Ethereum, Avalanche, Cosmos, and Solana), L2s (Metis, Arbitrum), and crosschain protocols. He has published multiple academic papers on the topic.
@0xbyyou was previously working as a quantitative researcher at e^{i} Ventures. He worked on a variety of projects on Ethereum and Solana including Bitchcoin, Lemma, Spectral, Hedgehog, and Orca. He was involved with tokenomics design, data science, smart contract development, and general research. He is experienced with the MEV landscape as both a searcher and researcher.
We will be leveraging Prop 72 funds to fund operations and get us to launch. If you are interested or have any questions about what we are building, please reach out on Twitter or comment below! We are actively hiring blockchain engineers, go developers, and cryptography or distributed systems experts.
