Enclave ઇઉ
@enclavee3
Bringing Sealed-Bid Auctions Onchain 1/ Auctions are everywhere in DeFi, but their transparency can lead to manipulation, security issues, and inefficiencies. Encrypted Execution Environments (E3) use FHE, ZKPs, and MPC to make true sealed-bid auctions possible onchain. https://blog.enclave.gg/sealed-bid-auctions-with-fhe-zkp-mpc/
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Enclave ઇઉ
@enclavee3
2/ Today's onchain auctions are used for everything from liquidations & token launches to NFTs & MEV. But their open formats can result in higher costs and sub-optimal outcomes. Sealed-bid auctions are ideal solutions, but hard to implement onchain.
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Enclave ઇઉ
@enclavee3
3/ How Enclave Solves This Using advanced cryptography, Enclave makes true sealed-bid auctions possible onchain, preserving bid privacy & eliminating the need for a trusted auctioneer. Only necessary data (e.g. winning bid) is ever revealed.
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Enclave ઇઉ
@enclavee3
4/ What Makes Enclave Different 🔒 Bid data stays completely private 🤝 No trusted auctioneer needed ✅ Results are verifiable without revealing bid data 🔐 Strong cryptographic guarantees using FHE, ZKPs, and MPC/DTC.
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Enclave ઇઉ
@enclavee3
5/ Auction Process in Brief ⚫️ An E3 is requested for an auction ⚫️ Ciphernodes are selected to secure the auction ⚫️ Participants submit encrypted bids ⚫️ Bids are processed by the E3 without decryption ⚫️ Auction results are verified and published, without a trusted auctioneer
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