FAIR has announced the launch of its new technology, Proof of Encryption (PoE), aimed at ensuring security and confidentiality of transactions in the blockchain space.
What is Proof of Encryption (PoE)
Proof of Encryption (PoE) is a consensus-level innovation that encrypts transactions before they are sent to the blockchain. This technology, powered by the BITE protocol, eliminates issues with Maximal Extractable Value (MEV), allowing for new financial products and institutional investment in the blockchain ecosystem.
Benefits of PoE in Use Cases
Embedding encryption directly into consensus opens new possibilities for trustless financial applications. This includes encrypted DeFi, where strategies and order books remain confidential until deals are executed, and the potential for banks and funds to operate on public platforms with regulatory auditability.
Impact of FAIR on the SKALE Ecosystem
The adoption of FAIR technology boosts the entire SKALE ecosystem. It enhances institutional reliability, making SKALE tools more attractive to major players. Furthermore, it expands the application areas for developers and ensures synergy between FAIR and SKALE, creating a powerful foundation for the next generation of Web3.
The Proof of Encryption technology introduced by FAIR represents a significant step forward in ensuring confidentiality and security of transactions, potentially changing the landscape of blockchain and institutional investments.
