NEAR vs Zama = TEE vs FHE. Simply put, from the perspective of privacy technology, FHE is stronger than TEE in the long run. To be more specific: NEAR's privacy approach mainly relies on TEE (plus private shards/MPC signatures), while Zama uses an FHE privacy computation layer. In the long term, as a privacy technology, FHE's security assumptions are stronger than TEE. Of course, business development depends on many factors, and execution is key.