From Hiding to Proving
Privacy-first systems once believed total opacity was the answer. Hide everything, trust no one. But real markets don’t run on mystery. Institutions need liquidity, and liquidity needs verifiability.
The next phase isn’t about revealing data—it’s about proving rules are followed without exposing information. Privacy with proof beats privacy by obscurity.
Black boxes isolate. Private but compliant systems attract long-term capital.
Credibility, not hype, is what lasts.
WAL
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