Privacy has become the new darling of Blockchain.

From Zcash to Zama, privacy technology has completely turned around in the blockchain space. Pantera Capital partner Paul V recently pointed out the core logic in a post: pure transparency is not enough; the future is "transparency + privacy" working in parallel.

Why? Because a system-level demand has arisen - banks, enterprises, and payment platforms have all entered the arena, but no one is willing to expose trade secrets on the public Blockchain. What they need is "selective transparency" (regulators can see, competitors cannot).

On the technical level, FHE (Fully Homomorphic Encryption) is a new weapon. The brilliance of Zama's solution lies in the fact that it runs encrypted contracts directly on the EVM without needing to switch chains. This means that private DeFi, privacy transactions, and institutional-grade settlements can all be realized on public chains.

Interestingly, Apple and Microsoft are also investing in the FHE framework—this indicates that privacy protection has transformed from a niche demand in the cryptocurrency space to a strategic direction for tech giants.

The current consensus in the industry is clear: blockchains that cannot provide privacy will suffer in institutional-level applications. Privacy is no longer an "optional feature," but a "survival configuration."