“who wins privacy?” - not privacy coins → v isolated and limited by regulations - not consortium chains → private but siloed (useful, not scalable) - not FHE → powerful but too early (feature, not foundation???) whoever gives devs and institutions privacy + verifiability + interop without ruining UX or compliance wins also - regulatory survivability (selective disclosure, auditability) - dev UX (EVM or widely used stacks) - performance (near instant + cheap) - network effects (assets/liquidity where users already are) product closest to that is @zksync prividium the winning architecture is ZK rollups with selective disclosure (private when you need it, public-verifiable when you must)