Explore a groundbreaking cryptography paper presented at Eurocrypt 2017 by Prabhanjan Ananth and Amit Sahai. Delve into the concepts of Projective Arithmetic Functional Encryption (PAFE) and Indistinguishability Obfuscation from degree-5 randomizing polynomials. Learn about the detailed template for constructing indistinguishability obfuscation, the efficiency of PAFE, and sub-linear functional encryption for Boolean circuits. Examine the construction of sub-linear FE, instantiation of degree-5 randomizing polynomials, and slotted encodings. Gain insights into the intuition behind PAFE construction, and discover potential future directions in this field of cryptography.