The privacy chain track is about to change dramatically.

It seems that old players like Monero, Zcash, Secret, and Oasis still hold their ground, but their problems are becoming more and more apparent. Monero is the most "hardcore" — default enforced anonymity, ring signatures + stealth addresses + RingCT stacked together, making on-chain tracking virtually impossible. Privacy enthusiasts love it, but this is also its fatal flaw: regulators cannot audit, and all compliance channels are completely blocked, resulting in it being delisted one by one from mainstream exchanges.

Zcash aims for a compromise approach, offering optional privacy (zk-SNARKs shielded transactions), which sounds more "compliance-friendly." But reality is harsh — most users still prefer transparent addresses, causing shielded pools to collapse. Accounts that actually use shielded transactions stand out as especially conspicuous, as if to say "I have something to hide." Zcash has ultimately become a tool for occasional private payments by individuals, unable to support complex institutional-grade operations.

Dusk Network's approach is entirely different. It uses PlonK zero-knowledge proofs as the underlying layer for default privacy, but the core is verifiable proofs and selective disclosure — privacy when needed, transparency when required. When issuing securities, institutions can protect trade secrets while automatically generating regulatory reports, and KYC/AML requirements can be met at any time. This is the true foundation for onboarding trillions in RWA (Real-World Assets).

Even more impressive is the Zedger protocol, which allows issuers to choose their privacy level — it can be a fully black-box private placement or a partially traceable public offering. Coupled with Hyperstaking privacy staking, assets can maintain privacy attributes while satisfying audit requirements. Monero pursues cryptographic absolute privacy, Zcash seeks theoretical compatibility, and Dusk prioritizes practical usability — among these three routes, only the last one truly suits institutional needs.