Explore a comprehensive presentation on functional encryption, focusing on the transition from deterministic to randomized functions based on simple assumptions. Delve into key concepts including functional encryption algorithms, proxy and audit examples, and the intricacies of randomized functional encryption. Examine correctness definitions, bad randomness scenarios, and a generic transformation process. Learn about key generation algorithms, hiding properties, and encryption techniques. Conclude with a summary of findings and explore open questions in this cutting-edge field of cryptography.