Simon Ng Guy Itzhaki, the founder and CEO of Fhenix, emphasizes the significance of cryptographic technologies such as fully homomorphic encryption (FHE) and zero-knowledge (ZK) proofs in enhancing privacy in blockchain applications. He points out that a combination of these technologies can lead to a powerful and efficient encryption framework, especially in decentralized finance (defi). This perspective is reinforced by a research study suggesting that integrating ZKPs with FHE could create a universally adaptable, confidential defi environment.
Table Of Contents
Merging Blockchain and AI
Despite their potential, privacy solutions have not yet become a central feature of blockchains and decentralized apps (dapps). Itzhaki, in his responses to CryptokenTop.com News, attributes this to the complexity and inconvenience they pose to developers and users. He proposes making these privacy solutions compatible with the Ethereum Virtual Machine (EVM) and enhancing Solidity, a programming language, with FHE capabilities to address these issues.
When queried about how to maintain privacy in the intersection of blockchain and AI, Itzhaki suggests that the initial step is to increase awareness about the emerging risks. This awareness will motivate developers to create applications that tackle these risks. For users, he recommends educating themselves about secure practices and utilizing tools that ensure data protection. Furthermore, in his Telegram responses, Itzhaki also delves into the reasons behind the delayed mass adoption of Web3.
Guy Itzhaki’s Responses to CryptokenTop.com News
On Web3 Mass Adoption Obstacles:
Itzhaki identifies a few key barriers to the widespread adoption of Web3. Firstly, there’s a general feeling of insecurity while using blockchain applications, which deters many potential users. Secondly, the overall poor user experience in the space, exemplified by the loss of funds due to simple operational errors, is a significant hurdle. Lastly, he highlights the challenge posed by regulatory bodies and traditional markets, largely due to associations with criminal activities. Itzhaki suggests that FHE technology can address these issues by providing encrypted computation functions, thereby enhancing security, simplifying user interactions, and aiding in compliance with regulations.
On Coexistence of Privacy Technologies:
Itzhaki discusses the coexistence of different privacy technologies like FHE, ZK proofs, and Trusted Execution Environments (TEEs). He points out that while FHE and ZKP are both cryptographic technologies, they serve different purposes: ZKP for data verification and FHE for encrypted data computation. He believes that a combination of FHE, ZKP, and MPC technologies will likely form a robust encryption layer tailored to specific use cases.
About Fhenix and fhEVM:
Fhenix is a pioneering project that brings FHE to Ethereum, allowing for secure computation over encrypted data on EVM networks. Itzhaki explains that Fhenix uses Zama’s fhEVM, an extension of the EVM, enabling developers to integrate FHE into their applications effortlessly, while still using Solidity. This approach is expected to set a new encryption standard in Web3.
On Integrating Privacy Solutions:
Itzhaki emphasizes the importance of making FHE user-friendly for developers and users, which was a key consideration in designing Fhenix. The goal is to make FHE encryption capabilities available in Solidity, reducing the learning curve for developers.
Potential Use Cases of FHE:
Itzhaki outlines several applications that could benefit from FHE, including decentralized identity, confidential payments, trustless gaming, and confidential defi. He gives the example of casino gaming, where FHE can enable the distribution of cards without revealing their values, illustrating the potential for privacy-preserving applications in gaming and beyond.
Safeguarding Privacy Against AI and Blockchain Convergence:
To protect on-chain privacy, Itzhaki suggests raising awareness of the challenges in Web3 and encouraging users to educate themselves and use data protection tools. He also foresees the development of applications that can differentiate between AI-generated and human-made content, leveraging blockchain’s ability to verify data origins. FHE could also play a role in enhancing AI modules by allowing private data sharing for AI training.
Share your thoughts on this interview in the comments section below.
Frequently Asked Questions (FAQs) about blockchain privacy solutions
What is the Significance of Combining FHE and ZK Proofs in Blockchain?
Combining Fully Homomorphic Encryption (FHE) and Zero-Knowledge (ZK) proofs creates a powerful and efficient encryption framework, particularly beneficial for decentralized finance (defi) applications.
How Can Privacy Solutions Become Integral to Blockchains and Dapps?
To integrate privacy solutions like FHE into blockchains and dapps, they need to be made Ethereum Virtual Machine (EVM)-compatible and accessible in common programming languages like Solidity.
What are the Main Obstacles to Web3 Mass Adoption According to Guy Itzhaki?
Key obstacles include a lack of security in blockchain applications, poor user experience, and regulatory challenges. FHE technology can address these issues by enhancing security and simplifying interactions.
How Does Fhenix Contribute to Blockchain Privacy?
Fhenix is a Fully Homomorphic Encryption (FHE) powered Layer 2 solution, enabling computation over encrypted data on Ethereum and other EVM networks, thus enhancing on-chain privacy.
What Potential Use Cases are There for FHE in Blockchain?
FHE can enable a range of applications requiring data privacy, including decentralized identity, confidential payments, trustless gaming, and confidential decentralized finance.
How Should Users and Developers Address Privacy in the Convergence of AI and Blockchain?
Raising awareness about emerging risks, designing applications to address these challenges, and educating users about safe usage and personal data protection tools are essential steps.
More about blockchain privacy solutions
- Fhenix Official Website
- Ethereum Virtual Machine (EVM) Overview
- Introduction to Zero-Knowledge Proofs
- Fully Homomorphic Encryption Explained
- The Future of Web3 Development
- Privacy and Security in Blockchain Technology
- Decentralized Finance (DeFi) Trends
- CryptokenTop.com News Articles
