Let's talk about the recent hot FHE track. I also started to seriously study this direction only after Zama became popular.
I found that it's really more than just "privacy". In the past, on-chain privacy solutions basically had three paths: coin mixing (high compliance pressure), ZK (can prove but can't count), and off-chain computation (trust issues). FHE achieves true "computing on encrypted data", where the data does not need to be decrypted, remains confidential throughout, and the results can be verified—this is indeed the pinnacle of cryptography, and in scenarios like AI Agents that need to handle sensitive data, it is simply a necessity.
During my research, besides Zama, I also discovered the Mind Network project. Interestingly, its code is $FHE, and its ambitions are clear. More importantly, Zama is actually one of its investors. This indicates two things: first, Zama is actively building an ecosystem, and second, it recognizes the path Mind is taking for application implementation.
In my view, these two projects are not in competition but are excellent complements:
· Zama is more like Intel, focusing on tackling the core issues of underlying computational efficiency and security.
· Mind Network is more like AWS or Apple, focusing on solving "who exactly can FHE serve" and turning it into truly usable products and services.
Especially in the AI Agent track, this difference will be dramatically amplified. Recently, $FHE has shown strong performance, frequently collaborating with Chainlink, Pippin, and others. It is more like one of the earliest teams in the FHE track to seriously consider the "application + token economic model".
My judgment is: it may not have succeeded yet, but it is on a path that is more likely to realize value than a "purely technical narrative". The success or failure of such targets does not depend on a single candlestick but on who can best meet real-world demands if FHE truly explodes.
I will continue to monitor its on-chain data and ecological progress. This direction is worth your time to study in depth.
DYOR.
#FHE
