Even if we crack scalability and interoperability for blockchains by 2025, it won’t bring the world on-chain. Why? Businesses and users need privacy—at least Web2 levels (we’re far from that in Web3).

The catch? Web3 can’t just replicate Web2 privacy. (Hint: it can go beyond—but that’s a topic for another post.)

Take “private” validiums: ZK chains where validators hold the full state but don’t share it. Sounds like Web2-style "privacy from peers," right? But relying on centralized operators undermines decentralization.

So… why even start with a chain? 🤔

without private transactions, blockchains will create dystopia. as the current system breaks down due to entropy, more people will be trapped in the financial panopticon