Privacy in crypto will win in two forms:
1. Private money — encrypted assets
2. Private computation — encrypted smart contracts
The second category is especially important for institutions because each one of them has its own idiosyncratic requirements—bespoke business logic, compliance rules, etc.
For them, providing privacy to their users isn’t as simple as just encrypting everything. They need to be able to encode who can see what and under which conditions.
That means privacy cannot just be binary. It must be programmable.
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