Building privacy in Web3 powered by Partisia’s MPC

Building privacy in Web3 powered by Partisia’s MPC

Our hackathon is live: Take part in building privacy in Web3

We are thrilled to announce the launch of our groundbreaking hackathon, Building privacy in Web3 powered by Partisia’s MPC. This exciting event brings together innovators, creators and tech enthusiasts to collaborate on solutions that prioritize privacy, security and ethical data practices.

Tech for wider good

At the heart of our hackathon is the belief in technology for the greater good. The solutions birthed from our hackathon will not only revolutionize data security, but also serve the world by adhering to the highest ethical standards. Each innovation contributes to positive societal impact, empowering the next generation of data security experts. We are committed to showcasing how these solutions address privacy concerns and shield individuals from harmful activities, such as data theft. Moreover, these showcases will later fuel educational workshops and webinars, sharing insights for a safer digital future.

Join us in using the power of technology for good. Be part of the movement, amplify the message and let’s build a more secure Web3 together.

Link to apply: https://partisiablockchain.devpost.com/

Submission deadline: 30 January 2024
Winner announcement: 13 February 2024

Do not forget to tag us and use these hashtags: #BuildingPrivacyInWeb3 #PartisiaBlockchain #MPC

Stay tuned for more updates as we highlight participating teams and showcase the incredible innovations shaping the future of privacy in Web3.

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Preventing Front Running Through Privatized Bids

Preventing Front Running Through Privatized Bids

In a traditional asset trading platform, front running is defined as the illegal practice of placing a trade based on advanced non-public knowledge of an upcoming trade which can impact prices. As shown in the example below, a broker can take advantage of a situation when he or she gets a large order by one of their clients. Since they know this order will impact the price of the asset, they place their own personal order ahead of their client’s order. Then, they place the client order, raising the stock price. Once this is done they will sell their own shares to profit off their clients order.

Another term used often is insider trading, which is based on a very similar practice of using information only they have access to in order to gain an unfair advantage over others.

In the Web3 space, everything is transparent and, ironically, revealing too much information can also create these situations. An example of this is front running on a DEX that you may have already heard of. This type of a front running is possible through the combination of having total transparency in the blockchain along with how Ethereum (and many other blockchains) prioritize transactions in a node’s mempool.

In this particular example, an attacker (usually a bot) scans the mempool to see a particular scenario that they can take advantage of. Scanning the mempool, they look for an opportunity to insert in a bid at a lower price but higher gas than another large bid already in the mempool.

Once their bid completes, they wait for the larger order to go through, raising the price of the asset. Then they place a sell order at a higher price than the buy order he placed ahead of the larger order, and pockets the difference. All this is happening in a blink of an eye, making it impossible for any normal person to be able to recognize they are being taken advantage of.

But what if we could make the orders private? This prevents the attacker from being able to read the auction details in the mempool, and making the bot unable to identify a situation to take advantage of.

Through multiparty computation (MPC), details can be kept private while still computing the winner. In the situation of this DEX, the results of the prices are not revealed until the bids are completed, ensuring that attackers cannot gain any advantageous information ahead of time.

The team in Partisia has already provided solutions to solve this issue in multiple scenarios. From governments to OTC trading platforms, they have been trusted to run high stakes auctions in different levels and through enabling this technology on a blockchain, we are giving everyone the power to solve the problem of ensuring integrity in the bidding process.

By creating a programming language that allows for developers to use MPC in a generic way, Partisia Blockchain Foundation has made the creation of applications that can harness the power of MPC for different use cases a possibility. Partisia has been at the forefront of providing private MPC solutions since 2008. And by layering this technology on top of an interoperable and scalable blockchain, Partisia Blockchain is now paving the way for anyone to create solutions that can balance privacy and transparency to build trust.

To learn more about different use cases or partner with us for solutions, please visit partisiablockchain.com, check out our Medium articlesdevelopment documentations or email me at bruce.ahn@partisiablockchain.com

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Surveys and the New Web 3.0 Data Economy

Surveys and the New Web 3.0 Data Economy

Your opinion matters. It matters so much that the global online data market estimate is to be over US$270 billion dollars, all focused around buying and selling of your data to the highest bidders. It is a very complex web of transactions that ferry your data from one place to another and many times, your data is used in ways you never realized could be used for. From Cambridge Analytics’ controversial use of data to Tiktok’s alleged aggressive data harvesting, there is a large market for your information and how it is used is very unclear.

The current Web2.0 market for surveys is in the exchange of your data. This means your opinion is collected, filtered, analyzed, sold and bought. The data may be collected anonymously, or it may be tied to your identity. Either way, this data is collected and managed by a centralized system, which has control over the data they purchased. There is also the ever growing concern of bots and AI scripts that automate and duplicate fake data leading to data integrity issues.

One of the ways a decentralized blockchain can help change the landscape of the survey market is through dissolving the centralized control problem. Because the data can be made public, and with no single point of control of the data, you can be sure that the data can reside on-chain and has no central ownership or control. However, this can create problems with privacy. All data is now public and this creates two issues.

  1. Privacy is lost. On a traditional blockchain, all information is public and is immutable. This means the data you entered in for a particular survey will be available for everyone to view,
  2. The Data Market is lost. Because the data is now publicly available, anyone can pull it for free and use it for their own purpose.

A unified public and private smart contract, like the one Partisia Blockchain supports, enables the best of both worlds and solves the two issues above, where you now have a decentralized blockchain that eliminates any controlling entity while still being able to privatize your data. Not only does this retain the data marketplace but redefines it in a way where the user now has control over the data.

The online survey industry is large and is continuously growing. And this is because surveys hold a lot of valuable data. As reviewed in our earlier article on privatized voting, we use multiparty computation (MPC) on the blockchain to hide your data on-chain, but still allow for computing of the data.

While the private voting use case reviewed a very simple computation on who the winner of an election was, Partisia Blockchain’s programming language allows full algebraic equations to be used to calculate any number of computations using the hidden data. This means not only being able to compute on a single category, but also combine results of the computation from multiple categories.

This change in privacy of your survey data creates a new change in how the data marketplace can be viewed. By allowing the survey participants ownership of their data, but still allowing for the computation of it, the marketplace of the data has now shifted from buying and selling of your data to buying and selling of the “use of your data”. You now still hold ownership of the data and you are now selling the use of your data while still keeping your data private. This paradigm shift creates new opportunities for a different marketplace where you are not just selling your data one time, but rather allow for the possibility of both updating of the data in real time as well as being rewarded each time your data is used. And through privatized authentication, the data quality improves as well leading to better accurate analysis.

By creating a programming language that allows for developers to use MPC in a generic way, Partisia Blockchain has made the creation of applications that can harness the power of MPC for different use cases a possibility. Partisia has been at the forefront of providing private MPC solutions since 2008. And by layering this technology on top of an interoperable and scalable blockchain, Partisia Blockchain is now paving the way for anyone to create solutions that can balance privacy and transparency to build trust.

To learn more about different use cases or partner with us for solutions, please visit partisiablockchain.com, check out our Medium articlesdevelopment documentations or email us at build@partisiablockchain.com.

Stay updated:

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