Privacy Matters, 35

gm, readers.

At Automata we work on protecting privacy and fairness. And in this newsletter, we find more reasons to talk about it. Explore headlines and catch up on the biggest crypto news in Web3 privacy.

This week:

  • Zama raises $73 million in funding to develop applications based on fully homomorphic encryption (FHE)

  • Spanish regulators issued a temporary order to ban Worldcoin from collecting and processing data for three months

  • WOOFi suffers an $8.75 million hack via a flash loan exploit

  • Fairblock launches FairyRing public testnet for Cosmos developers to test integrations for programmable privacy in their application logic

  • New study by Aleo reveals lack of trust in crypto projects despite demand for data privacy

Zooming into ZK:

  • Prom launches a zkEVM L2 solution to enable interoperability across both EVM and non-EVM compatible blockchains

Conversations you missed:

  • zkLink hosts Community Townhall to discuss about zkLink Nova

We dive into the details, so you don’t have to:

Zama, backed by Multicoin Capital and Protocol Labs, secured $73 million to advance its Fully Homomorphic Encryption (FHE) technology, allowing for data processing without decryption. Zama’s CTO Pascal Paillier compared FHE to a magical box, where data remains encrypted yet accessible for computation without exposure. Their goal is to democratize FHE usage through user-friendly tools, enabling confidential smart contracts without compromising transparency.

The Spanish data protection agency, AEPD, has temporarily suspended Worldcoin, a cryptocurrency project co-founded by Sam Altman, due to concerns over data privacy infringements. AEPD alleges that Worldcoin's parent company, Tools for Humanity Corporation, collected insufficient information and data from minors without proper consent, among other violations. Worldcoin contests these claims, stating compliance with GDPR regulations and ongoing communication with supervisory authorities.

A new study by Aleo reveals a lack of trust in crypto firms despite consumer demand for data protection. Two-thirds of respondents expressed willingness to switch to products offering data security, yet only 10% showed significant trust in crypto companies. Aleo's Executive noted the irony of this situation, given blockchain's potential to enhance privacy and security. The study was conducted with 2,200 participants in October 2023.

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This newsletter is for informational purposes only. It is not intended to be a substitute for professional financial advice or interpreted as investment advice. Cryptocurrencies are volatile assets and you should always do your own research before making any informed decisions when investing or trading.

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