When it comes to the privacy track, many people's first reactions are "shady" or "money laundering tools." But this stereotype distorts the entire track. I want to use a specific project to correct this perception.

Privacy and secrecy are fundamentally not the same thing. Privacy is the bottom line of normal business operations. Think about it—if Apple's supply chain procurement contracts were all on the blockchain and accessible for anyone to see, competitors could instantly analyze on-chain data to deduce costs, new product release dates, and supplier lists. A hedge fund adjusting its positions transparently on the chain means that market-savvy players could "front-run" you immediately—such blatant arbitrage mechanisms, which institution would dare accept?

The current issue is that institutions entering the blockchain space require a strict prerequisite—"selectable transparency." This is where zero-knowledge proof technology comes into play. Imagine installing a one-way glass on the blockchain: transaction details are hidden from the public (protecting business secrets), but open for regulatory audits (meeting compliance requirements). The insiders can operate with confidence, outsiders can't see through, but regulators hold the key.

This is what is called "compliant privacy"—and it is also the only viable path for RWA to truly land. When we evaluate a privacy project, we are not asking whether it helps criminals, but whether it can provide legitimate financial institutions with the infrastructure for business confidentiality. This is the logical foundation of value investing.