Encrypted Capital Markets FHE on @solana

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Joined April 2024
Encrypt is coming to Solana. Fully homomorphic encryption for the Solana Virtual Machine. Applications that compute on encrypted data without ever decrypting it. Encrypted Capital Markets.
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FHE could be a meaningful next step for blockchain infrastructure because public verification and financial privacy have historically been difficult to combine! Encrypt's Solana approach is worth monitoring, especially for confidential trading and DeFi📈 EWM🦑
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Head of DevRel at @ikadotxyz + @encrypt_xyz + @dWalletLabs. A prolific builder. Deep in cryptography. Meet @iamknownasfesal — one of the sharpest technical minds on Solana. He’s now part of the fam. Welcome, Fesal! 🫡
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The holy grail of cryptography. That’s it. That’s the tweet.
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Encrypt retweeted
The @DagonSolana team won the privacy sidetrack. Encrypted capital markets.
Replying to @ikadotxyz
01 · @DagonSolana 🥇 a confidential matching engine. private DEX, sealed-bid auctions, CPMM. every bid stays secret. prices still clear. powered by @encrypt_xyz. this is what encrypted capital markets actually look like.
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Encrypt retweeted
Proud to be a part of Superteam USA's first cohort!! Built on state of the art FHE from @encrypt_xyz composable compliant privacy on Solana is here!
The first cohort accepted into the Superteam USA Accelerator is starting to take shape 🇺🇸 24 companies building across capital markets, stablecoins, AI, deep tech, DeFi, consumer, and brands. Each solving a different piece of the on-chain economy. This is our portfolio today. More buildings will be added as new founders join: 24 companies. 7 verticals. 11 net-new startups brought onto Solana. Built in the USA. Building on @solana. And yes... we take 0% equity. We're here to help founders win, not own them.
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Polish doctors are trending on tv for pulling 250-400k USD/year while somehow logging more hours than days in a month. Public is furious. Hospitals claim “tracking this properly is too hard and expensive.” It's an encryption problem that's mostly been solved - just not applied yet. 🧵
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Encrypt retweeted
New today: The Privacy Show @catmcgee hosts @d3h3d_ and @remi_gai to talk all things privacy on Solana Today, July 10 @ 2 PM ET
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blabbering about privacy is nice blabbering about privacy with cat and remi is NOICE join us in an hour
New today: The Privacy Show @catmcgee hosts @d3h3d_ and @remi_gai to talk all things privacy on Solana Today, July 10 @ 2 PM ET
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Encrypt retweeted
The holy grail of cryptography is finally coming onchain David from @ikadotxyz on what @encrypt_xyz unlocks with fully homomorphic encryption: "The infrastructure that Encrypt enables brings real decentralized privacy into blockchain, really for the first time. We're using fully homomorphic encryption, and we developed what is today the state of the art FHE. We'll publish the implementation and benchmarks very soon, and it's orders of magnitude better than everything that exists today" "A lot of people consider FHE the holy grail of cryptography, because you can run any type of computation in a completely private way. The two big problems with implementing it in blockchain were performance, which had a lot of overhead, and the threshold part. In a blockchain setting you don't have a single entity holding the key, you want a shared state that's private, so you need to thresholdize the FHE key" "What people do today to solve this is all based on centralized trusted intermediaries running OTC desks. A lot of it is shady, and it requires trust and doing things in a very centralized way. Bringing that onchain unlocks not just what's happening in crypto today, but how institutions would want to use crypto in the future. This is probably one of the biggest things missing today" - @d3h3d_
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FHE on Solana.
Listen to the latest Solana is Global with @afscott @d3h3d_, co-founder of @ikadotxyz and @encrypt_xyz, explores their approach to cryptography research on Solana. Check out the full episode - Available now!
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Listen to the latest Solana is Global with @afscott @d3h3d_, co-founder of @ikadotxyz and @encrypt_xyz, explores their approach to cryptography research on Solana. Check out the full episode - Available now!
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private balances are not the finish line. private orderbooks, lending, auctions, governance, rfq, vault logic all need the same thing: arithmetic + logic over composable encrypted shared state. REFHE is a 64-bit homomorphic ALU for that.
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every order you send to a public venue gets read before it fills. wallet, size, side, pair, all on the wire. someone front-runs you and you pay for it a compliant confidential matching engine, where your intent stays ciphertext through the entire match, only possible on @solana with @DagonSolana built on @encrypt_xyz the way it works: the engine clears the batch on encrypted orders it literally cannot decrypt(identity, order, fill, all locked), so everyone fills at one price at mid instead of paying every level above it. the same public feed still exists, but every field is ciphertext, there's nothing left to steal institutional flow has never had a real home onchain. the choice was always trade in the clear and get picked off, or stay off chain entirely, neither is acceptable encryptmaxxing, dagonpilled future
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just yesterday a smart guy i respect told me that when people say they created better FHE, it's always a scam, and they end up using TEEs early REFHE benchmarks are coming in, and they're even wilder than i expected for decentralized cryptographic compute just use @encrypt_xyz
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signing, with encrypted policies, for every chain out there, only possible on @solana with @ikadotxyz and @encrypt_xyz not. any. other. chain. one of the frontier project using our stack is @Clearsig_xyz they argue that the message you sign needs to be clear("transparent"), so hacks like @DriftProtocol don't happen and while signing those messages("intents") you can have private policies that enforces rules(let's say you are a defi protocol or a treasury, you want to be in set of rules) this is the next level for yield markets as well, markets like @EmberProtocol or @ExponentFinance can use these type of solutions for making their liquidity multichain(other chains, that is not native to their chain) in a non custodial way(this is very big, today unless they use their own native chain, enforcing rules are impossible), and make so users never accrue loss because of a bad party
People often ask what powers ClearSig. The answer is more than technology. We're fortunate to be building alongside teams pushing the frontier of crypto infrastructure. @ikadotxyz has been supporting us through weekly product calls and development guidance as we build ClearSig. Under the hood: - @ikadotxyz enables programmable custody and cross-chain control. - @encrypt_xyz enables confidential computation and private execution. These are the foundations helping us build something bigger than a multisig. A future where humans and AI agents can coordinate capital under enforceable rules, without giving up security, visibility, or control. We're grateful for the support and excited for what's ahead
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2/ Encrypt x Ika Track 🥇 @Lmvdzande - Dagon Private matching engine for DEXs and auctions. 🥈 @X_Orthodox - ClearSig Cross-chain multisig with readable approvals. 🥉 @Ge0frey_ - Heirloom Trustless multichain inheritance on Solana. 🎖️ @francis_codex - Seedless Passkey wallet for one-tap cross-chain signing. 🎖️ @kitty4DHD - Chromatika Browser wallet powered by Ika dWallets. 🎖️ @XFelipeKazutoX - Andromeda Ika and Encrypt infra for apps and agents.
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harvest now decrypt soon post quantum privacy is not optional, because without it the privacy has an expiration date @encrypt_xyz will use post quantum cryptography from day 1
Today a crazy quantum story just got wilder. On March 31, the Google Quantum AI team published a landmark result on Shor's algorithm for elliptic curve cryptography. Technically, the paper was a bombshell: a dramatic 10x improvement over the state-of-the-art. As a stunt and wakeup call to the blockchain space, those optimisations were illustrated on secp256k1, the elliptic curve underlying Bitcoin and Ethereum signatures. But perhaps the most striking part of the paper was sociological, not technical. Instead of following standard academic process, the optimisations were kept secret, hidden behind a zero-knowledge (ZK) proof. Google's accompanying blog post mentions they "engaged with the U.S. government". The ZK proof demonstrates the existence of algorithmic improvements without leaking details. Academic censorship with ZK, a historic first! As a co-author of the Google paper I witnessed some of the context surrounding this censorship. To be honest, multiple aspects of that context don't sit well with me. As much as I believe the general public ought to know more, I am limited in my ability to whistleblow. Though let me be clear about one thing: the Google team's professionalism has been absolutely exemplary, and they deserve nothing but praise. Censorship has a way of backfiring. The Streisand effect, where an attempt to bury something only draws more attention to it, is exactly what's unfolding today. First, Google's key optimisation has been rediscovered by the French. And in a thrilling turn of events, a collaborative Shor-at-home challenge just launched. The initiative, available at ecdsa[.]fail, breached a new Shor world record in a matter of hours. Let's start with the rediscovery. Just two months after Google's paper, French quantum expert André Schrottenloher cracks the main secret optimisation. His paper, titled "Optimized Point Addition Circuits for Elliptic Curve Discrete Logarithms", landed on the arXiv today. Big congrats to André, who beat several other nerdsnipped experts to it. In a blog post also published today, Craig Gidney, the world expert on Shor optimisations, revealed that he'd been sitting on this very optimisation for a whole year under censorship pressure. Interestingly, André missed a handful of minor optimisations, both from Google's original publication and from improvements found since. It's plausible there's still plenty of juice left to squeeze out of Shor, and this is exactly what the ecdsa[.]fail challenge is about. The verifier program developed for the ZK proof does double duty, automatically filtering for valid submissions. Dozens of compounding small and micro improvements are rolling in. As of the time of writing there's an 8.4% improvement to Google's circuit, as measured by the product of logical qubit count and Toffoli gate count. Nice! The nerdsnipping ran deeper than anyone expected. Over the last few weeks it became clear it extended well beyond André and other quantum experts. Behind the scenes, a small army of amateurs quietly got to work. Inspired by Karpathy-style autoresearch, they turned AI on Shor. Ironically, the verifier program for the ZK proof makes an ideal reward function for AIs. The barrier to entry for this modern style of research is refreshingly low, with several non-experts, even a teenager, finding nice optimisations. Get in touch if you'd like to join a Telegram group with fellow autoresearchers :) Part 2: neutral atoms and qday The story doesn't end with Google. On the same day Google went public, a stealthy startup called Oratomic published its own Shor paper in a coordinated release. It made a splash, ultimately becoming the most upvoted paper on scirate[.]com, a website ranking arXiv papers. Oratomic's claim was wild. By building on Google's logical optimisations and applying custom physical optimisations for neutral atoms, they claimed just 10K physical qubits were sufficient to run Shor's algorithm on secp256k1. That number is mind-bogglingly low. Knowing essentially nothing about neutral atoms when Oratomic's paper landed, I was intrigued and decided to learn more about the tech. I fell straight down the rabbit hole and spent a couple hundred hours on the topic. I got a little obsessed and watched every YouTube video I could find and spoke to a bunch of experts. My conclusion? The tech is real, very real. Even Google recently decided to start a neutral atom lab, a notable pivot from their sole focus on superconducting qubits. If you care about qday, i.e. the day a quantum computer will break the first piece of cryptography in production, neutral atoms demand your attention. I shared some of my learnings on Shor and neutral atoms in a 30min talk at the ZKProof cryptography conference. You can find it on YouTube by searching "zkproof neutral atom". Here's an interesting observation about this duo of breakthrough papers: neither Google nor Oratomic say a word about what their results mean for qday. No timelines. Zero. Nada. That is especially baffling given that the whole point of whitehat quantum cryptanalysis is to inform qday estimations and help the general public make good decisions. So let me attempt to partially fill the silence, similarly to what Scott Aaronson did in his April 29 post. Given everything I know, including scary non-public information, I now put the odds of qday by 2032 at 50%. 10% by 2030. Anecdotally, the US government has its own date: 2035. Originating at the NSA and later adopted by NIST, it's when branches of the US government will be disallowed from using quantum-vulnerable cryptography. In plain language: with hindsight, that date is a joke and should be discounted entirely. I don't see how NIST avoids being forced to pull it forward by years. Part 3: post-quantum cryptography There are good reasons to sound the alarm today, but please do not panic. Rushing carelessly towards immature post-quantum cryptography is a recipe for disaster. IMO a good target date for migration is 2029, roughly 3.5 years out. 2029 happens to be the date selected by Google, Cloudflare, and the Ethereum Foundation. These days most of my time goes to safely migrating Ethereum towards post-quantum cryptography as part of the broader lean Ethereum effort. There's a lot to do. We need to rip out and replace BLS signatures at the consensus layer, KZG commitments at the data layer, and ECDSA signatures at the execution layer. The plan to get there is compelling, and is based on hash-based cryptography. Within the Ethereum Foundation we've developed a Swiss army knife called leanVM (github[.]com/leanEthereum/leanVM) powered by the magic of hash-based SNARKs. Thanks to truly exceptional work by Emile, Thomas, and others, its performance is derisked. Regarding security, leanVM is a jewel, a minimal zkVM crafted for end-to-end formal verification and maximum security. Want to help? There are two $1M initiatives. First, the Proximity Prize (proximityprize[.]org). Solve a long-standing mathematical conjecture in coding theory, improve hash-based SNARKs, and go home a millionaire. Second, the Poseidon Initiative (poseidon-initiative[.]info), offers $1M for breaking Poseidon, the SNARK-friendly hash function.
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