The previous wallet IDO project Mind Network (FHE) participated in the TGE and also conducted a pre-authorization, selling out at launch for 30U. Later, this portion of tokens surprisingly rose to 100U, causing quite a stir. Why didn’t it experience the same washout as other tokens upon launch?
Taking the opportunity of this essay activity, I also learned a bit about the related technologies and analysis, and I would like to share here:
[What is Fully Homomorphic Encryption?]
Fully Homomorphic Encryption (FHE) refers to an encryption scheme that allows for arbitrary addition and multiplication operations to be performed on encrypted data, yielding the same results as if performed on plaintext data. This means complex computations can be performed on encrypted data without the need to decrypt it. FHE represents the highest level of homomorphic encryption, providing the greatest computational functionality, but it is also the most complex and computationally intensive form.
[Mind Network]
1. Technological innovation: Mind Network is the first project to apply FHE technology in consensus management, pioneering the industry.
2. Data security upgrade: In traditional AI Agent consensus schemes, data transmission and computation require decryption, making it prone to leakage. Mind Network utilizes FHE to keep data encrypted throughout, effectively preventing leaks in scenarios such as financial data processing.
3. Significant efficiency improvement: Traditional consensus algorithms reduce efficiency as the number of nodes increases. Mind Network combines FHE technology to rapidly verify and reach consensus on encrypted data in large-scale AI Agent collaborations, such as smart city traffic management.
4. Innovation in trust mechanisms: Traditional trust establishment relies on identity authentication and reputation mechanisms, which are vulnerable to attacks. Mind Network, based on FHE, allows nodes to verify only encrypted data without needing to know real identities or contents, solving the trust issues in cross-organizational supply chains.
5. Flexible and scalable architecture: Its distributed network nodes are diverse and can scale on demand in the DePIN and AI Agent fields.
6. Improved incentive mechanism: By using native tokens, transaction fee sharing, honor rewards, etc., it stimulates nodes' participation and honesty in consensus, promoting ecological prosperity.
[Summary]
FHE is a general encryption scheme, and Mind Network is the first project on Binance that uses FHE as its technical foundation, employing FHE as the token code. More tokens based on FHE technology will be launched in the future.
(This article is a submission for the square essay activity)