- Mind Network has announced the successful launch of the first Fully Homomorphic Encryption (FHE) interface built on Chainlink’s CCIP.
- So far, the Mind Network’s FHE interface has recorded 650k active users and 3.2M processed transactions.
The first Fully Homomorphic Encryption (FHE) interface built on Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been successfully launched by the Binance Labs-backed Mind Network. According to the report, the decision hinges on the plan to demonstrate its privacy technology to financial institutions and regulated intermediaries in the financial market. For now, the testnet launch has been executed across Ethereum Sepolia, Arbitrum Sepolia, and Polygon Amoy.
Chainlink BUILD project @mindnetwork_xyz is developing a fully homomorphic encryption (FHE) interface built on top of #Chainlink CCIP across @arbitrum, @ethereum, & @0xPolygon.
Mind Network also entered into a strategic alliance with @ChainlinkLabs.https://t.co/4KKoU7ovBK
— Chainlink (@chainlink) May 24, 2024
As expected, the Mind Network’s FHE interface has already recorded massive numbers with more than 650k active users and 3.2M processed transactions. Following this remarkable development, Mind Network is taking advantage of flagship encryption technologies such as FHE validation and the MindSAP protocol to integrate Chainlink CCIP to mark a new era of cross-chain security for institutions.
Using the FHE, it could fortify cross-chain activity and lower security concerns while unleashing the value-flow of tokenized assets for web3 investors.
By building this layer on top of Chainlink CCIP, Mind Network is not only bolstering the security of cross-chain communications and transactions but also enabling a more trustworthy and user-centric Web3 ecosystem. Mind Network’s solutions bring quantum resistance to Web3, also ensuring it will remain secure years into the future as quantum computing scales.
Mind Network Explains the Decision to Choose Chainlink’s CCIP
Justifying its decision to choose CCIP as its preferred cross-chain solution, Mind Network disclosed that it offers a wide range of foundational sets of crucial features. One of them is the time-tested security and reliability. According to its recent blog post on Medium, Mind Network explained that the CCIP’s consensus and messaging layer is backed by Chainlink’s decentralized oracle network.
Interestingly, this network has an enviable track record of securing billions of dollars for smart contracts. On top of that, it has enabled over $10.5 trillion in on-chain transaction value coupled with its leveraging of Risk Management Network and Smart Execution to add a layer of protection and reliability.
CCIP also enables seamless Integration features by provisioning a single, easy-to-integrate interface, offering a unified cross-chain developer experience. Chainlink’s CCIP further eliminates the need for developers to write custom codes for chain-specific integration to enable a scalable architecture. Finally, it is designed to support a continuous update such as the integration of new blockchains, advanced functionalities, and the addition of other defense-in-depth approaches to security.
It is important to note that the partnership goes beyond the building of a layer of enhanced Web3 data privacy for institutions on top of CCIP. Both platforms have also entered into a strategic alliance to support Web3 developers working with Mind Network technology.
Christian Pusateri, Co-founder, of Mind Network expressed his excitement for this collaboration, claiming the “implications are massive.”
We’re extremely excited to officially announce this collaboration with Chainlink Labs and the integration of Chainlink CCIP. Built on top of Chainlink’s decentralized computing platform, CCIP creates the ability to transmit data and its value securely and reliably between different blockchain networks. The implications are massive. In a world with CCIP, every bank, company, or app can have their blockchain without the concern of siloing their data (and its value) or the fear of limited or null interoperability with other chains.
At press time, the native token of Chainlink (LINK) was trading at $17 after declining by 2.7% in the last 24 hours and surging by 4% in the last seven days.
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