The Rollup Is Privacy the Last Unsolved Problem in Digital Assets? | Rand Hindi
Apr 1, 2026
Rand Hindi, CEO and co-founder of Zama, a leader in Fully Homomorphic Encryption for blockchains. He argues public permissionless chains will outcompete private ones. He explains why Zama picked FHE over ZK and TEEs, how FHE can shield token balances and enable composable private DeFi, and the strategy and institutional partnerships for tokenizing real-world assets.
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Public Chains Will Win Over Private Blockchains
- Public permissionless blockchains will outcompete permissioned private chains just like the internet replaced intranets once encryption and privacy existed.
- Rand Hindi compares corporate intranets of the 90s to private blockchains and says HTTPS-like privacy on public chains drives migration to a single global network.
FHE Enables Private Composability On Public Chains
- Fully Homomorphic Encryption (FHE) enables computation on encrypted state, preserving composability and public verifiability on public chains.
- Rand argues TEEs are broken, ZK proofs show properties about visible data, but FHE lets DeFi primitives run on encrypted balances without revealing them.
TEEs Are Unsafe For Decentralized Blockchains
- TEEs have failed for decentralized blockchain privacy while ZK and FHE solve different parts of the problem.
- Rand says every TEE-based blockchain was hacked recently and Intel warned against TEEs for blockchain use.