heres our FHE bank. we both have accounts. the entire ledger is encrypted.
i give you 5 dollars, i have no idea what your starting and ending balance, but i am still able to initiate a transaction that will deduct 5 from mine, and add 5 to yours, and verify i actually have 5 to send, and the entire thing will be done without exchange of information about balances with any outside party. its just approved/declined by the algorithm. i can see my own balance with my own key, you can see your own balance with your own key, but we cant see each others balance. ---nor could anyone else including the bank---.
weird. and kind of scary. and most definitely illegal in the real world since the bank itself could never prove its reserve level of deposit met the percentage set by government.
heres our FHE bank. we both have accounts. the entire ledger is encrypted.
i give you 5 dollars, i have no idea what your starting and ending balance, but i am still able to initiate a transaction that will deduct 5 from mine, and add 5 to yours, and verify i actually have 5 to send, and the entire thing will be done without exchange of information about balances with any outside party. its just approved/declined by the algorithm. i can see my own balance with my own key, you can see your own balance with your own key, but we cant see each others balance. ---nor could anyone else including the bank---.
weird. and kind of scary. and most definitely illegal in the real world since the bank itself could never prove its reserve level of deposit met the percentage set by government.