I keep thinking about a simple question a compliance officer once asked: if we settle this on-chain, who exactly can see it?

Not in theory. Not in a whitepaper. In practice.

In regulated finance, information is tiered. Traders don’t see everything. Clients don’t see each other. Even regulators don’t see everything all the time — they see what they are entitled to see, when they need to see it. That structure isn’t accidental. It’s how markets function without participants front-running each other or exposing sensitive positions.

Public blockchains flatten that structure. Transparency becomes absolute. And then institutions start improvising. They build permissioned overlays. They batch transactions off-chain. They rely on legal agreements to recreate confidentiality that the infrastructure itself doesn’t provide. It works, technically. But it feels brittle. Every extra layer adds cost, operational risk, and human error. I’ve seen enough systems patched together to know how that story usually ends.

So when people talk about privacy by design, I read it less as ideology and more as practicality. If settlement, reporting, and compliance are native constraints, then confidentiality can’t be an afterthought. It has to be engineered alongside auditability.

If something like #fogo a high-performance L1 using the Solana Virtual Machine — is positioning itself as infrastructure, its real test isn’t throughput. It’s whether institutions can operate normally on it without exposing their business model to competitors, while still satisfying regulators.

If that balance holds, banks and asset managers might quietly adopt it. If it doesn’t, they’ll default back to private systems they already trust.

@Fogo Official $FOGO