BITE Protocol Introduces 4-Phase Privacy Solution for Web3
BITE Protocol Introduces 4-Phase Privacy Solution for Web3
š Blockchain Privacy Gets Teeth
BITE Protocol unveils a comprehensive privacy solution through its Proof-of-Encryption protocol, designed to eliminate MEV and enhance blockchain privacy. The system rolls out in four key phases:
- Phase 1: Threshold Decryption encrypts transactions pre-mempool, preventing front-running
- Phase 2: Smart contracts gain native encrypted data storage and decryption capabilities
- Phase 3: Enables selective data sharing through threshold re-encryption
- Phase 4: Implements Threshold Fully Homomorphic Encryption for private computation
The protocol maintains Ethereum compatibility while requiring no additional tooling. It aims to bring Web2-level privacy to Web3 through consensus-layer encryption.
Learn more: BITE Protocol Whitepaper
š§µThread: The 4 Phases of BITE ā A New Era of Fair & Private Blockchains BITE Protocol introduces a āProof-of-Encryptionā protocol that eliminates MEV & brings privacy to Web3. Hereās how it works in 4 powerful phases š
So WTH is BITE Protocol? MEV (Maximal Extractable Value) has plagued blockchain, leading to nearly $2B being syphoned from users since 2020. Front-running and sandwich attacks compromise fairness and privacy - BITE eliminates these for good š§µš
āRather than applying band-aid solutions to the MEV problem, BITE addresses it at its root through cryptographic guarantees in the consensus layer itself,ā - @Jackoholleran Learn more about BITE from @TheBlock__ š theblock.co/post/353532/skā¦
Blockchain theft ends here! It ends with BITE āļø
Actually Solving MEV You ever try to play poker with your cards face-up? Thatās what Ethereum does today. Let me explain. When you send a transactionālike trading one token for anotherāit sits in this public waiting room called the mempool. Everyone can see it. What itās
Encrypted or exposed? With BITE enabled, your transaction data is encrypted from before it is broadcast until after it is finalized Without it? Your dataās out there from the start. This is privacy at the consensus level.
Eliminating MEV with BITE š”ļø MEV is an issue in blockchains, allowing bots to reorder, insert, or delete transactions for profit! Enter BITE: Blockchain Integrated Threshold Encryption. Learn more from our friends @ournetwork__! ournetwork.xyz/p/on-339-bite-ā¦
Every trade. Every mint. Every game move. Encrypted until finalization. BITE is the first protocol to make MEV obsolete by implementing threshold encryption at the consensus level. Hereās how it works š
This is what next-gen blockchain privacy looks like! š No more MEV frontrunning. No more data leaks. BITE encrypts your transactions end-to-end, only decrypted after consensus.
The BITE Protocol whitepaper is here! Itās time to make blockchains fair by design. Encryption at the consensus layer. No mempool visibility. No MEV. No exploits. The future starts with BITE: skale.space/BITEWhitePaper
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BITE Protocol Whitepaper Released: A Consensus-Layer Solution to MEV
The BITE (Blockchain Integrated Threshold Encryption) Protocol whitepaper has been released, introducing a novel approach to eliminate MEV (Maximal Extractable Value) attacks that have cost users nearly $2B since 2020. Key features: - Implements threshold encryption at consensus layer - Encrypts transactions before mempool entry - Decryption occurs only after finalization - No reliance on secondary networks The protocol's roadmap includes: 1. Transaction encryption 2. Smart contract data protection 3. Selective disclosure capabilities 4. Fully homomorphic encryption integration Read the whitepaper: [BITE Protocol Whitepaper](http://skale.space/BITEWhitePaper)
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