The post Fhenix Secures $15M in Series A Funding and Launches Confidentiality-Focused Ethereum Layer 2 Testnet appeared on BitcoinEthereumNews.com.

Key takeaways Fhenix raises $15 million in Series A funding led by Hack VC. The Helium testnet is live, enabling confidential smart contracts. Fhenix leverages Fully Homomorphic Encryption (FHE) for enhanced data privacy. Fhenix is an Ethereum Layer 2 network focused on data confidentiality and a blockchain platform that leverages Fully Homomorphic Encryption (FHE) to enable confidential on-chain computations on Ethereum that allow end-to-end encrypted smart contracts. In a recent Series A funding round, Fhenix has raised $15 million, bringing their total funding to $22 million, with participation from Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. 1/ Today marks an important milestone in our mission to bring confidentiality to Ethereum through the first L2 powered by fully homomorphic encryption (#FHE). We’re excited to announce we’ve raised $15M in Series A funding and released our initial testnet: Helium. pic.twitter.com/6de3EQeg1f — Fhenix (@FhenixIO) June 4, 2024 What is Fully Homomorphic Encryption (FHE)? Fully Homomorphic Encryption (FHE) is a cutting-edge technology that enables computation on encrypted data without decrypting it. This means that data can be processed while still encrypted, ensuring end-to-end privacy and security. Fhenix’s use of FHE sets it apart from other similar solutions, as it provides a more comprehensive and secure approach to data privacy. Fhenix Secures $7 Million in Funding Helium Testnet launch Fhenix has also announced its open testnet, Helium (previously planned to be named Renaissance). This testnet allows developers to deploy confidential smart contracts on the Fhenix Layer 2 network. Utilizing FHE, Fhenix ensures that data remains encrypted even during processing. This feature is crucial for applications requiring high levels of privacy in a lot of areas, including : confidential voting blind auctions decentralized identity DeFi, AI, and gaming Fhenix encourages developers to join its testnet and explore the potential of confidential smart contracts. “After scaling, confidentiality is the next major hurdle…

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Filed under: News - @ June 4, 2024 11:12 pm