Zcash has ignited the privacy race, so where is the next holy grail project in the privacy race? Zama has emerged as an open-source cryptography project focused on building fully homomorphic encryption (FHE) solutions, primarily applied in the fields of blockchain and AI. Zama raised $150 million with a valuation of over $1 billion, led by Blockchange, Pantera, and Multicoin. At the same time, the world's largest fully homomorphic encryption research team has been established, with over 90 employees and nearly half of them holding doctoral degrees, demonstrating their technical strength. Zama's core technology FHEVM (Fully Homomorphic Encryption Virtual Machine) allows developers to build smart contracts that manipulate encrypted data while maintaining full composability with existing blockchain applications. FhEVM utilizes TFHE technology, allowing for direct computation on encrypted data without the need for decryption, effectively resolving the conflict between blockchain transparency and privacy protection. It can be said that Zama is already the most representative project in the direction of FHE in the encryption industry, and it has also driven the great development of the FHE ecosystem. Seeing Rand Hindi, the founder of Zama, previously stating in an interview that "in the next 6 to 9 months, 9 projects will officially announce the use of Zama technology, all of which have received financing with a total valuation exceeding $1 billion," I personally believe that a thriving ecosystem is the foundation for the long-term development of a cryptocurrency project. Not only is the technology in place, but this time Zama also directly used FHE technology in the Dutch style auction of its own token. The entire auction design is very clever - using its own encryption technology to ensure bidding privacy and truly achieve fair price discovery. Moreover, it is a 'post sale' model where token auctions are conducted only after the main network goes live, which is already highly commendable. This issuance is also a complete replica of the "sealed Dutch auction" used during Google's IPO. ZAMA will start public offering on January 12, 26, and the entire Dutch auction process is roughly as follows: 1) Submit the highest price you are willing to purchase ZAMA at; 2) Your bid is encrypted using FHE homomorphic encryption, where the price is visible but the quantity is not; 3) After the auction ends, the system opens all sealed bids at once; 4) Sort by bid from high to low, accumulating up to a total token supply of 8%; 5) All winning bidders shall be awarded the "lowest bid price" uniformly; 6) The remaining 2% of tokens will be sold at a fixed price, which is the same as the auction price, with a maximum limit of $10000 per token. The benefits of doing so are: 1) Valuation is entirely generated by the game of real funds, and auction prices are closer to the market consensus; 2) Participants cannot see the depth of other people's bids, which is not easy to cause FOMO and lead to a surge in valuation; 3) All investors stand on the same starting line, with the same cost. As long as the bid is reasonable, they can win the lottery. Zama's public offering this time should be an innovation in the token issuance model of the cryptocurrency industry: FHE encrypted sealed bidding Dutch auction, bringing privacy bidding to mainstream public chains for the first time. Price disclosure, unified clearing price, no need to rush, and no gas war. Truly achieved the return of pricing power from institutions to the market through technological means.