Private Bids, Public Proofs: A New Onchain Auction Design
summary
Claim that sealed‑bid auctions run entirely over encrypted data become verifiable on chain by combining fully homomorphic encryption, multi‑party computation, and zero‑knowledge proofs. A prototype encrypted execution environment runs the auction algorithm off‑chain over cipher texts, publishes only the decrypted winning bid plus a public proof, eliminates a trusted auctioneer, and prevents front‑running. The implementation uses production MPC toolkits and FHE/FW proof compilers and demonstrates feasibility with end‑to‑end verifiable outcomes.
AI-written summary · about
chapters (7)
- 0:00Introduction to onchain auctions
- 2:10Problems with open-bid auctions
- 4:02Cryptography for stronger guarantees
- 8:45Advances in cryptographic tech
- 10:31How encrypted auctions work
- 15:52Why all three techs are needed
- 18:50Beyond auctions with encrypted execution
related talks
15mAuctions, privacy and a cat
28mZero Knowledge Proofs and Their Future Applications
33mAn Introduction to Zero Knowledge Proofs
58mBlockchains and Publicly-Verifiable Lotteries
31mPrivacy-preserving smart contracts
32mMaking DeFi Truly Cross-Chain
08mCompany Pitches
20mWhat Can Cryptography Do For Decentralized Mechanism Design?