#真实世界资产代币化 Seeing Ali Yahya, a partner at a16z, discuss the moat of privacy, I was reminded of several key turning points I have witnessed over the past decade.

I still remember 2017, when the entire industry was speculating on concepts and speed, and no one truly cared about what privacy was. It wasn't until real-world assets started to be tokenized that everything changed. Think about it—when a company wants to put supply chain data, financial records, or medical information on the blockchain, what is the first reaction—privacy. How many chains can truly provide privacy protection now? Most still follow the misguided path of "transparent ledgers."

Over the years, I’ve seen too many projects start with "we will add privacy features," only to end up with empty promises. Privacy is not just a feature package; it’s an architectural choice. Either it’s designed from the ground up, or it’s a patch afterward—and patches never match the experience of built-in solutions. The hurdle of cross-chain privacy is even more daunting, and most projects haven't figured out how to do it.

Ali’s judgment hits the core. Real-world scenarios like on-chain finance, supply chain, and asset tokenization cannot succeed without privacy—it's a dead end otherwise. The few chains that truly excel in privacy will eventually dominate the market; this is not prophecy, but inevitability. History has shown me that in every cycle, the ultimate winners are never the fastest, but those who solve real problems in a solid way.

The privacy track is still quite quiet now, but that precisely indicates that the opportunity is still brewing.