On August 13th, ARPA was invited to speak at GBIC’s summer investment portfolio meetup in Beijing.
As one of the most prominent institutional investors in the space, GBIC’s portfolio includes ARPA, Aelf, Nebulus, Aergo, Origo, Blockcloud and Taxa. GBIC’s global consulting arm, Block72, specializes in blockchain and distributed ledger technology. It has offices in New York, Shanghai, Beijing, Seoul, Singapore and San Francisco.
Over 250 attendees from top-tier projects and crypto funds gathered at the Rosewood Beijing for the meetup. Among those are founders and partners from BlockVC, FBG Capital, Node Capital, DFund, Ledger Capital, Spark Capital, Secrypto, IOST, Hydro Protocol, iCash, and Taxa.
ARPA’s founding members, Derek Zhang, Felix Xu and Yemu Xu attended the meetup and met the members of blockchain community face-to-face.
ARPA’s cofounder and COO, Felix Xu, talked about the current bottleneck of blockchain as well as ARPA’s vision to address those issues.
Current blockchain system faces three major flaws: computation redundency & TPS, privacy and scalability.
“We propose a secure off-chain computation solution for blockchain network, based on sMPC(secure multiparty computation). The correctness of computation is verifiable even under majority malicious condition using information theoretic Message Authentication Code (MAC) and Secret-Sharing. With state-of-the-art multiparty computation protocol and innovative economic incentive scheme, our privacy-preserving computation protocol guarantees data security on blockchain cryptographically, while removing the heavy burden to run the calculation on every node. “
This breakthrough has several implications on the future of decentralized networks. First, secure computation is used to support Private Smart Contract, where consensus can be reached without exposing the information in the public contract. Second, it enables data to be shared and used without disclosing the raw data during data-at-use in a trustless fashion, where data ownership and data usage is safely separated. Last but not least, computation and verification processes are separated, which can be thought as another realization of computational sharding, which effectively makes transaction speed linear to the number of participating nodes.
The presentation was well-received by audiences with large amount of interested and inquiries.
GBIC’s founding partner, Kevin Chen, summarizes it best:
ARPA has the right team and the right timing to tackle a challenging problem. We are very excited to see what the team will deliver to the world.
ARPA is a privacy-preserving computation & secure data sharing protocol compatible with blockchains.
We are building a network that provides privacy-preserving computation, which enables data to be shared and used without leaking the raw data to anyone during data-at-use. The correctness of computation is verifiable using Information-theoretic MAC. By using state of art multi-party computation along with innovative node communication scheme, our privacy-preserving computation protocol enables a new way of data monetization called data renting.
To get more information about our project, or to join our team by contacting us at firstname.lastname@example.org