Core Argument - The primary purpose of blockchains is consensus without central trust, not transparency [1] - Public verifiability is the key aspect of blockchains [1] - Transparency was initially necessary for public verifiability but is no longer a strict requirement due to technological advancements like Zero-Knowledge proofs (ZK) [1] Technological Evolution - Technology has evolved, enabling verification without exposing all data through ZK [1] - Transparency should only be considered a feature in specific performance-oriented cases, such as Solana [1] Industry Perspective - The crypto industry emphasizes verifiability and distributed trust, which no longer necessitates complete transparency [1] - Early crypto adopters presented transparency as a key feature to regulators to alleviate concerns about illicit activities [1]

Core Argument - The primary purpose of blockchains is consensus without central trust, not transparency, which was initially a defense against accusations of criminal activity [1] - Public verifiability, achieved through consensus, is the key aspect of blockchains, eliminating the need for intermediaries like banks [1] - Transparency should not be considered a core feature of blockchains except in specific performance-oriented cases [1] Technological Evolution - Early blockchain technology required full transparency to achieve public verifiability [1] - Zero-Knowledge (ZK) technology now enables verification without exposing all data, evolving beyond the need for complete transparency [1] Future Perspective - The focus of crypto and blockchains should be on verifiability and distributed trust, which no longer necessitates transparency in 2025 [1]