I wrote an article about Primus Season 1 but didn't submit it. Seeing so many people on the leaderboard, I need to step up my game this time. Oh, and as always, remember to complete the XP task: https://s.kaito.ai/xKLA1Sx A few days ago, I saw a scenario where an institution wanted to prove its reserves were sufficient but didn't want to disclose all its specific positions and client information. Public blockchains are supposed to be fully public by default, while traditional finance is supposed to be confidential, creating a mismatch. What @primus_labs is doing is trying to simultaneously achieve both confidentiality when necessary and the validity of claims. They use zkTLS to prove the authenticity of data returned by web pages or APIs without exposing the original content; then they use FHE to perform calculations directly on encrypted data, ensuring that sensitive information like balances and amounts are never decrypted. Proof of Reserves is a prime example. Institutions can prove their reserves are sufficient without disclosing all their specific positions and client information. Confidential Vault follows a similar approach: converting stablecoins into a crypto version, allowing for transfers and deposits into a vault to earn yields, while the specific amount and holding size remain hidden on-chain. The money is still yours, redeemed 1:1; the only difference is who can see the change. One point I'm particularly interested in is that it doesn't pursue complete anonymity, but rather strikes a balance between confidentiality when necessary and the validity of claims. You need to prove you have the money, the qualifications, and the reserves so others can verify the claim's authenticity; however, they don't need to know your exact amount, its origin, or your future plans. For institutions, this granular control is more practical than complete concealment or complete transparency. Of course, it's still in its early stages, and its actual implementation and performance remain to be seen. But in terms of direction, it is indeed answering an increasingly real question: when institutions want to put their financial activities on-chain, how can sensitive information be both confidential and verifiable?