> trust is the foundational resource of any economy
> blockchain is an institutional technology that lowers the cost of trust
also most comments here entirely missing the point: a defi protocol doesn't need to give up its transparency for users to opt into privacy
pic from my notes circa 2020
dear noobs
the point of blockchains is not transparency, and it never has been
this is a psyop that early crypto people told the feds when they kept being accused of doing crime
the point is quite literally consensus without central trust
e.g., a bunch of computers agreeing with each other on balances without needing someone in the middle like a bank
in other words, the point is public verifiability
back in the day, the only way to achieve this was for everyone to see everything
satoshi even says this in the bitcoin forums in 2010. that he thinks bitcoin/blockchain would be more effective if you could prove without revealing but that he can't see how to get around the double spend problem in this case
well now the tech has evolved, and you can verify without exposing everything via ZK
the transparency of blockchains should not be thought of as a feature except in niche cases that target performance (where the physics is in favor of transparency, i.e solana)
the point of crypto and blockchains is verifiability and distributing trust, this does not require transparency anymore in the year 2025