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Fair Math is a privacy computation layer based on Fully Homomorphic Encryption (FHE), designed to provide programmable confidentiality for blockchain applications. It enables developers to perform arbitrary computations directly on encrypted data without decryption, thereby protecting user privacy. Its core components include an FHE computation engine (supporting operations like addition and multiplication on ciphertexts), a privacy account layer (allowing selective disclosure of transaction details), and developer-facing SDKs and APIs. Fair Math emphasizes compatibility with the existing Ethereum ecosystem, supports integration with wallets like Safe, and adopts a modular design for on-demand privacy features.
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About Fair Math
Fair Math is a company focused on Fully Homomorphic Encryption (FHE) infrastructure. Its core product is an FHE Computer, positioned as a privacy co-processor for blockchain networks. The company provides a library of reusable, high-level FHE components (PolyCircuit) that abstract away complex cryptographic details, allowing developers to build privacy-preserving applications without deep expertise in cryptography.
Fair Math's competitive edge lies in its full-stack approach: it combines an FHE component layer, an orchestration layer for task scheduling and fault tolerance, and a network layer of heterogeneous FHE nodes that serve as co-processors for L1/L2 chains. This architecture aims to make FHE practical and scalable, addressing the key barriers of performance overhead and developer accessibility.
The market pain point Fair Math addresses is the lack of privacy in blockchain and AI applications. While blockchains offer transparency, they expose sensitive data such as transaction amounts, balances, and AI model inputs. Fair Math enables computation on encrypted data, solving the 'encryption vs. usability' dilemma. Its solutions target use cases like confidential stablecoin payments, private DeFi, and privacy-preserving AI inference.
In the past six months (Feb–Aug 2026), Fair Math has focused on open-sourcing its component library under the Apache 2.0 license and building a developer community around its PolyCircuit framework. The company has also been onboarding early partners and integration teams for its Payments module, which adds programmable privacy to existing stablecoin infrastructure without requiring new tokens or wallet changes. No major negative events have been publicly reported during this period.
Fair Math's core team includes:
Gurgen Arakelov – Founder & CEO. Previously a senior software engineer at Huawei and Samsung Electronics, with roles at ABBYY. He holds a PhD candidate position in Mathematics and Computer Science at Lomonosov Moscow State University and a Master's from Tver State University.
Elvira Kharisova – Co-Founder. She brings extensive business development experience from Kaspersky, where she managed security awareness training, channel marketing, and global education initiatives. Her background spans sales, partnerships, and product localization.
Andrey Nekrasov – CMO. While detailed public career history is limited, he serves as the Chief Marketing Officer, responsible for Fair Math's go-to-market strategy and brand positioning.