A recent viral clip showed Don Wilson of DRW criticizing public blockchains for their lack of MEV-resistance. Wilson argued that, as a result of this, public blockchains are not suitable for financial markets.
This critique isn't going to go unanswered. Last night, Category Labs published a frontier research result for encrypted mempools. This is a significant result that leads the way to practical MEV resistance, and is how our industry will prevail against the private blockchain crowd.
Background
When you submit a transaction on a blockchain, it sits in a pending state where it may be frontrun by a bot.
The cleanest fix would be for users to encrypt transactions until they're included in a block, but doing that efficiently is very hard: you need a committee of servers that can jointly decrypt only the transactions that make it into each block, fast enough to keep up with block times.
Up to now, this idea hasn't been practical, as the best threshold encryption schemes are too slow, introduce censorship attacks, or introduce impractical operational steps for users or validators.
Category Labs has a solution: BTX, a new scheme for Batch threshold encryption (BTE) that is actually practical and performant. This leads the way to encrypted mempools on Monad.
The result
Batched Threshold Encryption (BTE) lets a committee of servers jointly decrypt a specified set of encrypted results from a pool while keeping the rest private.
Prior BTE schemes each had a drawback:
- some required per-block MPC setup
- some bound each ciphertext to a specific block or epoch (limiting rollover and enabling censorship)
- some required users to pick an index from a small namespace (resulting in occasional collisions)
- and the ones that avoided all these issues were either computationally prohibitive or required a common reference string (CRS) that grows with the number of sessions.
BTX, the new mechanism proposed in the paper, is simultaneously:
- epochless
- collision-free
- computationally efficient, and
- compact
In the paper, the authors implement BTX and benchmark it against the strongest two prior schemes (PFE from Boneh et al. and BEAT++ from Agarwal et al.). (BEAT++ is a prior result by most of the authors of the present paper.)
BEAT++ is fast but has a censorship-enabling design flaw; PFE is clean but slow and has bigger ciphertexts; and Fernando et al. (a third leading scheme) is clean but doesn't scale to long-lived deployments. BTX is the first construction that's simultaneously collision-free, epochless, compact, and fast.
BTX is a significant result solving a huge problem. Check out the paper in the next post.
🔥 The new Layers Burn Event for my project, Layers, starts tomorrow!🔥 Collectors hold the power to shape the final collection, burning for physical artworks or unveiling new Layers. Join me on this artistic journey and let's ignite our creativity together!🎨 #LayersBurn
⚔️The Apeiron Guild Wars S2 Preliminary⚔️
🗺️Compete against 80+ communities from around the world to see who can make it deepest into our endless dungeon
💎$200,000+ worth of rewards await the STRONGEST gamers
🫵Are you ready to REPRESENT!?
Sign up now https://t.co/CfOvd7sWIH
You might be wondering what is Apeiron anyway? 😛
Apeiron is the world's 1️⃣ NFT god game x roguelite
-Play as 3 divine Avatar classes with the power of the Wind🌬️
-Collect and mint cute Dood Apostles🐣
-Competitive god-simulation RPG game 🕹️
- Player-driven economy and tangible-assets✅
- Free-mints, token-airdrops, and much more…🎊
-$23 million in funding to date💰
- Backed by @hashed_official, @GuildFiGlobal, @Morningstar_vc, @DeFianceCapital, @ivcryptofund, @TheSpartanGroup, @w3ggofficial, @Avocadoguild and more.
FREE CLAIM! On-site @NFCsummit Free Claim 🎉
🔥 @vhils1 X @OBEYGIANT NFTs! → In the context of @EphemeralEther1 x @H3nsy participation at NFC Lisbon, Vhils and Obey are teaming up to offer a free collaborative NFT, available at NFC and at EE side event tonight!
⭐️ Make sure you follow the 4️⃣ accounts tagged above!
⭐️ Like & Retweet
#EE #NFT @nonfungibleconference #PhygitalArt #streetart #art #freeclaim #obey #vhils
🎉GIVEAWAY ALERT🎉
⏰ ONLY 48 HOURS LEFT TO MINT! 4 EphemeralEthernal Concrete MintPass!
👉 https://t.co/lRPDFJiJVy
4 a chance to win a SignedPrint by Vhils and a Concrete MintPass:
1️⃣ Join: https://t.co/1oeTh0NSGa
2️⃣ Say GM!
3️⃣ Like, comment & retweet this post!
👇More info bellow👇
🎨🌐 Why am I launching the Ephemeral Ethernal Mint Pass? It's a passion project that represents my lifelong career and commitment to bridging the gap between the physical and digital worlds. As an artist, I've always been fascinated by the possibilities of merging the two realms, and with the Mint Pass, we're seeking 100 patrons to help us unlock the universe of projects I've been involved in! So come on, let's explore the endless possibilities together. 🌐🎨
With the Mint Pass, you get: 👇👇
🟥Whitelist for all drops
🟧 Discounts on Underdogs gallery
🟨 Digital gallery for pre-sales
�� Yearly screen-print by Vhils, exclusive edition for Mint Pass holders
🟪 And much more!
Gold and Silver are Sold out! Only 48 hours left to grab a concrete!⏰⏰
🟡 4/4 Gold - SOLD OUT!
🔵 7/7 Silver -SOLD OUT!
🪨 6/6 Concrete Whitelist - SOLD OUT!
🪨 78 Concrete Public sale - 23 MINTED
Don't miss out on this opportunity to become a part of something truly special. Only 48 hours left to join the Ephemeral Ethernal Mint Pass family and unlock exclusive perks and access to EE world. Let's create something incredible together. 🟡 🔵 🪨
Full info 👉 👉 https://t.co/lRPDFJiJVy
🚀 Why am I, launching the Ephemeral Ethernal Mint Pass? It's a unique blend of a Mint Pass & Premium Membership that unlocks the universe of projects I've been involved in! We're seeking 100 patrons to help bridge the physical & digital world.
Dive in to learn more!👇
🧵1/
🎉 GIVEAWAY Win a physical print + 1 surprise gift! Time is running out to secure your Ephemeral Ethernal Mint Pass!⏰
To win:
1️⃣ Like & RT
2️⃣ Sign up for the whitelist: https://t.co/4NIemDZPWw
✨Last 12h to register! @EphemeralEther1 MINT PASS 👉 https://t.co/4NIemDZPWw
🧵1/2
Good afternoon, Sheep!
The 2nd week of the @moonsheepbtc Ordinal Auctions will resume tomorrow at 3PM! The first one up for grabs is Ordinal ID #97293 - the Diamond Necklace, Black Rimmed Glasses, Raincloud Moonsheep. Wow, that was a mouthful.
All Auction links will now be posted only on @moonsheepbtc Twitter page @ 2:55 PST so please follow if you haven't already.
The first Auction of the week starts on Monday at 3pm PST on @OpenSea with the future ability to burn for the Bitcoin Ordinal.
We will only be doing 3 auctions this week and then party time at the NFT LA event on Thursday!🍾🐑
There is a party going on at Layers discord - with free shit 😉 https://t.co/BNfApzqpwi
What a journey with this project and community 🏴☠️
One of my fav of this reveal party!
Back to a holders only giveaway for Day 10 of the Ad Astra Festival!
Hint for tomorrow's prize: 👀@DrSianProctor's amazing work with @Space2inspire 🚀
Register NOW on Premint for a chance to win an awesome space-themed prize of the day:
https://t.co/KqWXmvwN1p
Can we get a MASSIVE round of applause for the Starborn Council for launching this unreal week of space giveaways?! 👏👏👏👏
The Ad Astra Festival continues tomorrow for Day 8! Premint registration is NOW open for Launch Pass & Starborn holders:
https://t.co/HaW905xwTd
🚨 Officially over the halfway mark for our Ad Astra Festival community giveaways! 🚨
Registration for tomorrow’s prize is NOW open for everyone on @PREMINT_NFT 🎁
https://t.co/hQdwuuBWlx
Back to a holders only giveaway for Day 6 of the Ad Astra Festival!
Register NOW on Premint for a chance to win an awesome space-themed prize of the day:
https://t.co/8HJIO86FXw
Here's your chance to enter Day 5 of the Ad Astra Festival giveaways🚀
Tomorrow's draw is open for everyone! Register on Premint NOW:
https://t.co/fhVgsRELED
👀 Guesses for the 4th prize of the Ad Astra Festival?
Our season of giving continues tomorrow for all Starborn and Launch Pass holders. Register NOW on @PREMINT_NFT for your chance to win the daily prize:
https://t.co/JAxguBGBx4
#space#spacegiveaway#NFTCommmunity