New Launch: Secure Consensus by Voting with FHE

4 min readSep 24, 2024

Tokenized Voting Power: Unlocking the Revolutionary Force of FHE and AI

Following the development of Mind Network’s pre-mainnet phase, we are very pleased to announce the launch of MindV, which firstly introduces a FHE voting solution to ensure consensus and data security for AI and Proof-of-Stake (PoS) Networks.

Fully Homomorphic Encryption (FHE) enables direct computation on encrypted data without decryption, bringing unprecedented security and encryption features to the integral voting systems within the blockchain ecosystem. Creating a ‘shared private state’ in which consensus can be achieved represents a massive security upgrade for the industry. The billion dollar question has been, for some time, in which web3 processes can FHE be performant right now?

For most AI and PoS networks, consensus-based voting mechanisms typically involve staking native tokens and delegating to validators.

However, in practice, voting systems often face a dilemma: either sacrificing voter privacy to ensure accurate vote counting or protecting privacy at the cost of result verification.

The advent of FHE voting elegantly resolves this predicament. Creating a shared private state for AI and PoS consensus means augmenting the security of the industry and the millions of users that (will) rely on these networks.

Decoupling Voting from Restaking: Introducing Total Governance Value (TGV)

Mind Network has introduced the innovative concept of Total Governance Value.

TGV refers to the process whereby voting rights are decoupled from staked assets and assigned to networks/systems that are in need of governance and consensus. Users can obtain $vFHE by holding staked assets, allowing them to participate in securing the consensus for other networks that they wish to support.

The first batch of TGV partners includes top networks such as Puffer、Etherfi、Mellow、Manta Network、Stakestone、Solv、Bouncebit、Swell and Pencils. Through partnerships with these protocols, Mind Network offers a risk-free yield scenario for staked assets while ensuring the independence of voting by separating staking from voting rights, thus enhancing the consensus security of the entire network.

“We’re incredibly excited to support Mind Network’s mission to revolutionize Web3 security and privacy. Their FHE-powered infrastructure has the potential to unlock new levels of trust and efficiency for AI. The innovative vFHE voting mechanism shows worthy support for expanding Ether.fi’s reach and more utility for not only our token but also our ecosystem. We are excited to see what’s in store for Mind Network.” — Mike Silagadze, Co-founder of EtherFi

“Mind’s innovative FHE voting mechanism represents a groundbreaking advancement in the Web3 space. By seamlessly integrating PoS and AI, they create new value use cases for Bitcoin staking. At Solv, we believe that offering diverse staking yield opportunities is essential for driving the mass adoption of Bitcoin staking. We’re excited to collaborate with the Mind team and look forward to jointly introducing more innovations to the ecosystem and advancing the industry as a whole.” — Ryan Chow, Founder of Solv Protocol

How to get $vFHE?

The general process for participating in FHE Voting on Mind Network is as follows:

Hold restaked assets from Restaking Partners
Connect your wallet at https://dapp.mindnetwork.xyz/ to view the amount of redeemable vFHE
Choose to Redeem and receive vFHE in your wallet
Use vFHE for FHE voting within the Mind Network ecosystem (delegate or become a Voter) to earn rewards (coming soon)

Tutorial link: https://docs.mindnetwork.xyz/minddocs/products/mindv/dashboard#redeeming-vfhe

A key distinction between vFHE and the previous Mind XP is that there’s no need for locking or cross-chain operations. Simply hold the partner’s LST/LRT assets, and Mind Network will issue vFHE tokens to the corresponding address on Mind Chain based on the quantity and duration held.

It’s worth noting that the previous Mind XP has been deprecated and converted 1:1 to the new system.

Key Concepts:

vFHE: An ERC20 token representing voting rights, obtained by holding relevant restaked assets or participating in Mind Network restaking.
Redeemable vFHE: The amount of vFHE rewards earned from holding restaked assets, accumulating as contributions to the restaking ecosystem increase, unlocked through Redeem.
TGV (Total Governance Value): Measures the total value of assets behind voting rights on the network. In Mind Network, voting rights are separated from asset ownership.

In addition to native yields from restaking protocols, holding vFHE will unlock new earning opportunities:

Fixed yields: Native returns from restaking partners
Mind Network Airdrop: potential future airdrop rewards from Mind Network
Subnets Consensus verification rewards: future airdrop opportunities from the Mind Network FHE ecosystem
Ecosystem yields: Additional earnings from participating in activities, ecosystem validation, protocols, etc., using vFHE

Following the launch of Redeem function, we will soon open FHE partner networks. Users will be able to participate in and build Mind Network’s FHE ecosystem by using vFHE. Through innovative FHE technology, Mind Network is reshaping the security and functionality of AI and PoS networks.

About Mind Network

Mind Network is the first Fully Homomorphic Encryption (FHE) layer for AI and Proof-of-Stake (POS) Networks. The layer accepts restaking tokens from ETH, BTC, and AI bluechips and operates as an FHE validation network, bringing consensus, data, and cryptoeconomic security to Decentralized AI, DePIN, EigenLayer, Symbiotic, and Babylon AVS, and many critical POS networks.

Mind Network is backed by Binance Labs, Hashkey, Big Brain, Chainlink, and received an Ethereum Foundation Grant for their FHE research on Ethereum.

For more insights and updates on Mind Network’s innovations, visit their website and socials: