Rand

Private by Default? What We Learned at the Zama × Web3Bridge Workshop 👨‍💻 Yesterday, we brought builders, researchers and curious minds together in Lagos for a workshop centred around one theme: Confidential Onchain Finance. We didn't want a panel where everyone simply nods along and takes turns giving speeches. So, we built the entire session around a single question and allowed people to disagree: Can finance be private on a public ledger and still be trusted? Why this question? We opened with a simple picture. Imagine your salary, rent payments and savings balance pinned to a public noticeboard that anyone in the world can read, forever. That's how most blockchains work today. Then we asked the room two questions: Who would put their entire financial life on a fully public ledger? And who thinks criminals would love a fully private one? Those two questions capture the whole tension in a nutshell. Transparency makes blockchains trustworthy, but it can also make them unsuitable for institutions. Privacy addresses that problem, but it also makes regulators nervous. Why confidentiality matters The panel started with the problem. When every transaction is public by default, things break. Salaries leak. Trading strategies get front-run. Balances and identities get stitched together by anyone who cares to look. We asked who needs confidentiality most: everyday users, businesses or institutions. We also discussed what's actually ready today versus what's still a lab experiment, across zero-knowledge proofs (ZK), fully homomorphic encryption (FHE) and multi-party computation (MPC). FHE allows you to compute on encrypted data, while ZK allows you to prove that something is true without revealing the underlying data. The Trust Dilemma This is where the real debate happened: privacy versus compliance. Is privacy in crypto a feature or a red flag for regulators? Can we build "compliant privacy" through mechanisms such as selective disclosure or viewing keys for auditors, or is that a contradiction? And perhaps the hardest question: who should hold the keys to access private data? Users, regulators, or no one? We also brought the conversation closer to home. What does confidential finance mean for people in Nigeria and across Africa, where financial surveillance and fraud are both very real concerns? For many people here, remittances and stablecoins aren't just theories. They're how money moves. Then we sped things up with 15-second answers to questions like: - What's the biggest myth about onchain privacy? - Should privacy be the default or a choice? Privacy should be the default, not a privilege users have to opt into. People shouldn't have to choose between using technology and protecting their personal information. Transparency should be by choice; privacy should be by default. From debate to building After the roundtable, the CEO of @Web3bridge presented on confidential onchain finance. I followed with a presentation on @raycashxyz , and @DefiPreacherr rounded off the day with a hands-on technical workshop. We spent the morning debating whether confidential finance was possible. Then we explored how Zama's technology is making it possible and practical. By the afternoon, participants were getting hands-on experience with how the technology works and how it can be integrated into their applications. Where I've landed Wanting privacy doesn't mean you have dirty hands or something to hide. It simply means you want the freedom to decide what information you share, with whom, and when. Privacy on a public ledger isn't about hiding. It's about choosing who sees what. The conversation isn't finished, but it's certainly clearer now than it was yesterday morning. Huge thanks to @Zama, @randhindi @Web3Bridge , our panelists @Ebunayo08, @DefiPreacherr and @_peacejoel__, and everyone who showed up, participated and challenged ideas. What do you think: should onchain finance be private by default? 👇