In the cryptocurrency industry a few years ago, everyone was actually quite casual. Transferring, interacting, and doing DeFi are all small amounts of money, so transparency means transparency, and no one really cares. But these two years have clearly changed, with more money and more people participating. When institutions enter the market and real business is put on the chain, their first reaction is not "how much profit", but a very practical statement: being too transparent on the chain is like running naked. The amount of money in the account, when to adjust the warehouse, and who to have financial transactions with are all clearly monitored. This environment is simply not suitable for long-term, compliant work. That's also why I started paying attention to @ 0xMiden. It is not like many privacy projects that just cover up transactions, but directly switch to a different accounting method. Previously, you entrusted all the details to the chain and calculated the entire network together; Additionally, choosing to publish Miden on @ 0xPolygon means that you need to calculate your account clearly on your phone or computer and only provide proof of 'I got it right'. Chain doesn't care how you do it, it's only responsible for confirming that the matter is legal and the result is correct. Without going out for details, privacy naturally becomes available, and the more people there are, the smoother it becomes. In everyday life, the current public blockchain is like publicly reconciling accounts in a hall, while Miden is more like everyone having their own small ledger and only providing vouchers when necessary. What should be made public can be made public, and what should not be made public should only be shown to those who should. This is not to evade regulation, but to enable real business logic, institutional funds, and long-term operations to truly go live on the blockchain. In 2026, when privacy becomes a necessity, this design may not be a bonus, but rather an entry barrier.