Nillion Partners With Choose K To Build The Future Of Encrypted Order Books

PUBLISHED

01.23.2024

AUTHOR

Charlie Rogers

CATEGORY

Ecosystem

Nillion is pleased to announce that Choose K has partnered with Nillion to develop secure applications such as encrypted order books by leveraging Nillion’s multi-party computation (MPC) technology and infrastructure. Choose K is a pioneer in the utilization of cryptography to build production-ready private and secure workflows in financial services.

An Overview of Choose K

Choose K is at the forefront of transforming financial services by leveraging secure computation like multi-party computation (MPC) and homomorphic encryption (HE) to build scalable private and secure workflows. Choose K solutions let businesses collaborate, analyze, and transact without disclosing data.

In web2, traditional finance has over 70 dark pools pulling market share from just over a dozen stock exchanges in the US. It is clear traders are concerned about information leakage. Such concerns regarding manipulation of orders or poor execution of trades to favor particular customers or proprietary trades are not solved within modern technical stacks.

In web3, the cost of sandwich attacks has been estimated to be in the hundreds of millions of dollars in the last 3 years. Secure computation augments existing incentive-oriented techniques currently being used in workflows, making it possible to simplify an increasingly complex ecosystem.

The Choose K partnership with Nillion enables solutions to these problems and others, including:

  • MEV: Decentralized finance workflows can mitigate challenges associated with maximal extractable value (MEV) by working with encrypted transaction data. Mempools can remain private while still enabling parties to gather transactions according to their chosen criteria.
  • Order Books: Order books of encrypted transactions can be leveraged in both web3 and web2 by exchanges and financial institutions to reduce incentives and opportunities for bad behavior.
  • Voting and Auctions: Voting systems and auctions can be upgraded to leverage MPC, allowing such decentralized workflows to operate directly on encrypted data. This can protect contributors’ sensitive inputs and better align incentives.
  • Storing & Computing Encrypted Data: MPC and HE allow organizations to store and process private, encrypted data in real time without decrypting that data, recruiting “trusted” third parties, or relying on special hardware.
  • Identity Management: Secure computation allows firms to compare encrypted customer data across partners, enabling KYC and AML workflows without disclosing sensitive information.

About Nillion

Nillion is humanity’s first Blind Computer. It is powered by a decentralized network of nodes that enables “Blind Computation” through the coordination and orchestration of privacy enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE) and zero-knowledge proofs (ZKP). Nillion believes Blind Computation will become the internet’s base layer for all private data as PETs continue to mature. Nillion has attracted a notable initial cohort of Blind Computation builders across AI, DeFi, medical data, custody, wallets, global identity, messaging, and more.

The Nillion development company, Nilogy, was incubated by CoinList’s seed program. Nilogy’s Founding CTO was the Founding Engineer of Uber (Conrad Whelan), the Chief Strategy Officer was the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Chief Business Officer is the Founder of Indiegogo (Slava Rubin), the General Counsel was the Associate General Counsel of Coinbase (Lindsay Danas Cohen), along with builders hailing from Consensys, LayerZero, Polygon and Google.

Learn more by visiting the Nillion website or following us on Twitter, Telegram or Discord.