Balaji Srinivasan: The third phase of the crypto industry is the privacy phase On December 3, former Coinbase CTO Balaji Srinivasan stated at the Binance Blockchain Week 2025 event in Dubai that the crypto industry can be roughly divided into three phases: the early phase focused on proof-of-work systems to ensure security, followed by the programmable phase driven by platforms like Ethereum, and now gradually entering a new phase centered on privacy and zero-knowledge proofs (ZK) to achieve higher levels of privacy protection and data security. Source: Binance Blockchain Week 2025