Empire Quadrillions: Privacy or Perish | Eli Ben-Sasson, Shaul Kfir, & Eric Saraniecki
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Dec 3, 2025 
In this discussion, Eli Ben-Sasson, a blockchain innovator and co-founder of Zcash, and Shaul Kfir, a leading cryptographer, dive deep into the crucial topic of privacy in crypto. They explore how privacy is essential for institutional adoption, arguing that current blockchain transparency is a design flaw. The duo debates whether privacy should be a foundational element of blockchain architecture and highlights the technical barriers to its adoption. They also predict that better user experiences and real-world assets will trigger a breakout for privacy in the crypto space.
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ZK ≠ Privacy By Default
- Many projects market ZK for scalability but do not enable transaction privacy by default.
ZK Proofs' Privacy Feature Is Optional
- ZK proofs provide integrity and optionally privacy, but rollups often use only the integrity aspect.
Account Models Leak Privacy
- Even with ZK proofs, existing account models leak linkage; private architectures need new data models.