When it comes to a certain privacy public chain project, many people are used to dismissing it with a single phrase—"compliant privacy public chain." Honestly, this label isn't wrong, but it's too lazy and tends to obscure what’s truly interesting. What’s genuinely worth paying attention to in this project isn’t a specific feature but its reflection on a more fundamental question: why is it so difficult to integrate finance into blockchain?

Let’s look at reality first. In recent years, blockchain has developed rapidly, but only a small part of traditional finance has truly embraced it. The reason is quite straightforward: the financial system is fundamentally built on three pillars—rules, identity, and responsibility. But most general public chains? From the outset, they are designed with openness, anonymity, and permissionless access in mind. This approach works well during the innovation phase, but once real assets like securities, funds, and claims come into play, it starts to feel out of place. It’s not a technical problem; it’s a matter of fundamentally different starting points.

This project takes the opposite approach. Instead of forcing finance into the framework of general public chains, it acknowledges that finance has its own rules and designs the underlying architecture based on this understanding. That’s why it starts from Layer 1, directly embedding compliance, privacy, and identity elements into the chain’s structure, rather than relying on application layers to fix issues later. From the perspective of financial institutions, this approach actually aligns better with their needs: the underlying layer must be stable, and the rules clear, so that upper-layer business can confidently follow.

Speaking of privacy, many people’s first reaction is "invisibility." But in finance, the real need is actually "being transparent with order." Which data should be publicly disclosed to regulators, which should only flow between trading parties, and which should be completely hidden from the market—this classification system has long been mature in traditional finance. This project doesn’t deny transparency; instead, it uses technical means to bring this layered transparency onto the chain. It’s auditable, verifiable, but not openly exposed. It may seem unremarkable technically, but it’s very pragmatic.

From another perspective, I prefer to see this project as a practical implementation of a methodology—when blockchain no longer just serves the native crypto community but truly faces the constraints of real-world finance, how should the underlying architecture make trade-offs? It may not be flashy, but it’s sufficiently clear-headed.