<An Era Where Privacy Becomes the Default> When I first met Zama's co-founder (@randhindi) in Singapore, he said, "Now people understand why privacy is necessary without needing an explanation. Everyone wants it." As blockchain increasingly encompasses more financial activities, the 'transparency that everyone can see' has become a burden. Zama is a team that alleviates this uncomfortable transparency and prepares for the next stage of on-chain finance. Rand's analogy was clear. "Zama is the HTTPS for public blockchains." It adds a layer of encryption on top of existing blockchains like Ethereum or Solana without creating a new chain. Just as HTTPS encrypts traffic when we use websites, Zama switches transactions and data to confidential mode. There’s no need to move assets or shift to a separate network. The core technology chosen by Zama is FHE (Fully Homomorphic Encryption). He explained, "TEE has weak trust bases, MPC is not suitable for complex computations, and ZK is excellent but lacks compatibility. FHE allows computations to be performed while the data remains encrypted, and the results can be verified on-chain." In other words, Zama presents a structure that maintains the integrity of the system while protecting the privacy of transactions. "We start with finance," the founder clearly stated the first step. Zama is building on-chain financial infrastructure that real institutions can utilize, including confidential stablecoin payments, asset management, and swaps. He added, "Government services like real estate registration or elections will eventually move on-chain, and at that time, privacy will be essential." In response to a question about the relationship with regulation, he said, "We provide the tools. The policy is determined by the user." Users directly set what information to disclose and what to encrypt. "When you look at a bank account, the bank can see it, but others cannot. The same structure can be created on the blockchain." Ultimately, he explained that privacy is not in opposition to regulation but rather a matter of design. He predicted market changes this way: "Ten years ago, only 10-15% of internet traffic was encrypted, but now 95% is encrypted. Blockchain will follow the same trend." As transactions that were in the thousands per second increase to millions, most of them will be encrypted, and small fees will accumulate to create new industries. Finally, the Zama founder left this statement: "Privacy is not a temporary narrative but a necessary foundation for the industry to grow. Zama is a project that will last for over ten years to build that foundation."