Why do we invest in Fair Math?

Fair Math stands at the forefront of privacy computing, providing a set of tools that simplify the development of Fully Homomorphic Encryption (FHE) applications and actively promotes the adoption of FHE applications. .

The current blockchain has made significant progress in scalability and user experience, but privacy issues still have a long way to go. Early projects such as Zcash pioneered the use of ZKPs for private payments between individuals' private states, but ZKPs are not suitable for more complex calculations that require knowledge of shared private states to generate individual proofs.

Furthermore, as proof complexity increases, we are forced to rely on trusted third parties with greater computing power to generate ZKPs. These trusted third parties must decrypt the encrypted data into clear text before they can perform calculations on the data. This is an obvious limitation of achieving privacy only through ZKPs.

FHE is a cryptographic technology that allows calculations to be performed directly on encrypted data, that is, without decryption. FHE ensures the privacy of data during the calculation process, enhancing the security of cloud computing and processing sensitive information (such as personally identifiable information, passwords, keys, etc.).

In short, ZKPs are not designed for data processing like FHE, but are specifically designed to be used without leaking the data itself. to confirm the truth of a statement. In the booming FHE field, there is a lack of a common and comprehensive FHE component library to simplify the development process of FHE applications.  Fair Math is solving this problem. Their approach needs to address two challenges: (1) limited resources and (2) meeting the needs of various components.

To this end, they have actively attracted a large number of community contributors to jointly solve FHE problems. They also collaborated with OpenFHE to launch FHERMA, a fully automated challenge platform similar to Kaggle, specifically designed for the FHE field. The main idea here is to adopt a community-centric, competition-based approach to solving challenging problems in FHE development. The end result: a powerful and organized library of FHE components for application developers.

We really appreciate Fair Math's open source, community-oriented approach to doing all of this work. Fair Math and its growing community work together to build open source products that use fair licenses.

A team of experts in the field of privacy computing

Fair Math was co-founded by Gurgen Arakelov and Elvira Kharisova. Gurgen founded FHERMA and holds a PhD in mathematics/computer science. He has over 10 years of experience creating privacy-preserving computing solutions, working for companies including Samsung, Huawei, Intel, and Wheely. Elvira is a serial entrepreneur with over 10 years of experience in the cybersecurity field.

We met Gurgen at an FHE event at Devconnect last year and learned about his background and his current contribution to the FHE field through FHERMA. Impressive contribution. After learning more about his plans for Fair Math, it became clear to us that we had a great opportunity to support a talented, technically proficient, and eclectic team in building the Web3 FHE ecosystem of the future. Only a handful of teams have the background and skills required to create a privacy solution comparable to Fair Math.

From InceptionUnwavering Support

At Inception, we are committed to supporting Innovative founders and working closely with them to maximize the scale and impact of their projects. We believe that the Fair Math team can provide efficient privacy solutions to the Web3 industry, and we are very excited about it. As a leading investment institution, we will maintain close cooperation with the Fair Math team to help the project grow in multiple dimensions such as product, market, and financing.

Original link: https://medium.com/inception-capital/investing-in-fair-math-33a2accd8592< /em>