Is the blockchain privacy technology about to change its approach?

In the past, everyone was studying how to "reveal less"—zero-knowledge proofs hide part of the data, mixers shuffle transaction paths, but fundamentally it's still about subtraction.

But now there's a bolder direction: performing computations directly in encrypted state. A project promoting FHE (Fully Homomorphic Encryption) is following this path, where data is encrypted from start to finish, and the calculation process is completely without decryption.

What does this mean? On-chain smart contracts can handle your assets but cannot see the specific amounts; DeFi protocols can execute strategies but don't know your holdings composition. It's not about "seeing as little as possible," but about "not seeing at all."

Moving from data minimization to zero visibility might be the next real watershed in the privacy track. Whether the technology can be implemented is one thing, but the direction has definitely changed.