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BITE Protocol: On-Chain Decryption via Precompiled Contracts
By:
- @Stan_Kladko
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Highlights:
- BITE integrates Threshold Encryption into the Ethereum Virtual Machine (EVM), enabling on-chain decryption.
- It eliminates the need for complex off-chain protocols, making processes like multiplayer games and sealed-bid auctions simpler and more secure.
- Using precompiled contracts for decryption ensures fairness and prevents manipulation, as all inputs are revealed simultaneously.
- The protocol aims to enhance privacy and coordination in decentralized applications, making previously impractical solutions feasible.
- Community feedback is sought on the feasibility and potential applications of the BITE Protocol.
ELI5:
The BITE Protocol allows smart contracts on the blockchain to securely decrypt information without needing to trust outside systems. This means games and auctions can be run fairly and transparently, where everyone’s moves or bids are kept secret until the right moment.
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