The bull case for privacy: ZK proofs, TEEs and the projects behind them
Thread685 words
Bullish call$SCRT−99.9%since this piece, moved against the call · 4 more callsHow it played out ↓Mega thread arguing privacy will become central to crypto. Explains zkSNARKs and trusted execution environments, then maps projects to each approach: Zcash, Manta, Dusk and Mina on ZK, Phala and Secret on TEEs, and Haven for private assets.
Key claims
Zcash was the first widely available zkSNARK application
Phala uses a TEE-blockchain hybrid for confidential computation
GDPR-style rules conflict with storing private data on a public chain
0/ Mega thread on why I think #privacy will be an increasingly important topic in the #crypto space and why I’m really bullish on some projects & their tech!🔒
$SCRT $MANTA $PHA $DUSK $XHV $MINA
Privacy (0/20) 🧵👇
1/ With blockchain & #crypto, a large part of the attraction of the technology is its promise of decentralization, fairness and transparency. However, with transparency comes a lack of privacy
2/ While transactions and messages on the blockchain can be pseudonymous, true privacy is much harder to achieve. Few people want their private details broadcast in a public (even though encrypted) way, whether it is their financial transactions or health records
3/ Additionally, being compliant with certain data privacy regulations (e.g. GDPR) currently means that no private data should not be stored on a permissionless, public blockchain, due to the potential risk of decryption at some point in the future.
4/ For greater use in the real world, these issues of #privacy and data security on a blockchain hence need to be addressed
5/ One important privacy technology are zero knowledge proofs. Zero-knowledge proofs allow one individual to prove to another that a statement is true, without disclosing any information beyond the validity of the statement.
6/ The main objective of these proofs is to reveal as little data as possible between the two parties, which comes with the added benefits of less data needing to be transmitted/stored
7/ This concept plays an important role in #zkSNARK systems. @Zcash was the first widely available application of zkSNARKs $ZEC
8/ When talking about zk-SNARK proofs, SNARK stands for "Zero Knowledge Succinct Non-Interactive Argument of Knowledge"
9/ “Succinct” means that the proofs are small in size & can be quickly verified. “Non-interactive” means that little to no interaction is needed between prover & verifier. "Argument" is mostly a formalism, while "knowledge" refers to the prover actually having the evidence
10/ The privacy of $ZEC is hence derived from the fact that transactions in the network remain encrypted but are still verified as valid using zero-knowledge proofs. Therefore, those that are enforcing consensus rules don’t need to know all of the data underlying each transaction
11/ @MantaNetwork, @DuskRegDefi or @MinaProtocol are exciting examples of smart contract layer 1 platforms leveraging on this technology👀🚀
$MANTA $DUSK $MINA
12/ Another interesting tech approach to #privacy are “trusted execution environments” (TEEs). In very simple terms, #TEEs can be described as an area within a computer system that no one can access except with a trusted agreement
13/ The #TEE runs within the main processor but outside the normal operating system, providing a way to store data or execute code privately and without modification
14/ As each TEE holds its own cryptographic keys, it only discloses its content to third parties that fulfill all the criteria defined to keep it trustworthy
15/ @PhalaNetwork uses a TEE-Blockchain hybrid architecture for privacy. They aim to provide a confidential computation and data protection service to other #Substrate-built blockchains $PHA
16/ This will enable them to access confidential smart contracts running inside a #TEE enclave in the central processing unit, functionally isolated from the external operating system and the hardware, ensuring security and confidentiality
17/ @HavenXHV is a Proof-of-Work blockchain network based on the cryptonote protocol that was originally started as a fork of $XMR and has a strong focus on private digital assets.
18/ @HavenXHV uses what is known as a ‘mint & burn’ process to convert between all supported assets on the network. So, when a user converts from $XHV to $xUSD, they mint $xUSD and burn the equivalent $USD worth of $XHV
19/ @HavenXHV provides genuine hope for true privacy, liberation from oppressive regimes & inflation. It allows for private txs & minting of various synthetic assets, that are stored in untraceable, digital offshore vaults. Out of reach to governments & regulators $XHV
20/ More detailed threads on zkSNARKs, $SCRT, $MANTA & $DUSK to follow over the next days, so make sure to follow & turn on notification 🔔
#PrivacyMatters
Make sure to check out those 👇👀
$SCRT: x.com/mrkusama_eth/status/1486014300527505408
$DUSK: x.com/mrkusama_eth/status/1486103606201921551
$MANTA & zk-stuff: x.com/mrkusama_eth/status/1486383616447889409
How the calls played out · since 21 Jan 2022
Prices as of 23 Oct 2026This piece takes a view on $SCRT, $MANTA, $PHA, $DUSK, $MINA, so those moves are read against the call. Other assets it covers are shown as context, not as calls.
−99.9%
Moved against the call · over 4.8 years
- At publication
- $7.70
- Now
- $0.00704
- vs BTC
- −100.0%
- After 1 month
- −22%
- After 3 months
- −36%
- After 1 year
- −90%
- High since
- 0.0% 21 Jan 2022
- Low since
- −99.9% 23 Oct 2026
−97%
Moved against the call · since it listed on 19 Jan 2024, 24 months after this piece
- At listing
- $2.16
- Now
- $0.065
- vs BTC
- −98%
- After 1 month
- +35%
- After 3 months
- −15%
- After 1 year
- −62%
- High since
- +81% 13 Mar 2024
- Low since
- −97% 19 Aug 2026
−81%
Moved against the call · over 4.8 years
- At publication
- $0.326
- Now
- $0.0632
- vs BTC
- −90%
- After 1 month
- −22%
- After 3 months
- −16%
- After 1 year
- −58%
- High since
- +50% 28 Dec 2024
- Low since
- −94% 02 Aug 2026
−85%
Moved against the call · over 4.8 years
- At publication
- $0.751
- Now
- $0.113
- vs BTC
- −93%
- After 1 month
- −44%
- After 3 months
- −56%
- After 1 year
- −87%
- High since
- 0.0% 21 Jan 2022
- Low since
- −95% 19 Dec 2025
−98%
Moved against the call · over 4.8 years
- At publication
- $3.35
- Now
- $0.0728
- vs BTC
- −99%
- After 1 month
- −28%
- After 3 months
- −31%
- After 1 year
- −83%
- High since
- +3.1% 08 Apr 2022
- Low since
- −99% 01 Jul 2026
Mentioned for context
No reliable price feed for $XHV.
Since then
Zero has written 31 more pieces on Manta Network and Phala and Secret Network and Dusk and Mina and $MANTA since this one.
- Liquid staking MANTA via Bifrost to farm ecosystem airdropsBullish call on $MANTA
- Manta Pacific launch guide: architecture, metrics, ecosystem and tokenomicsBullish call on $MANTA
- Manta Pacific as a bull-run epicentre and the launch of Manta ModularistOn Manta Network
- Manta Pacific metrics: $560M bridged, 4th largest rollup by TVLOn Manta Network
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.