Ethereum is transparent by design, and that’s a problem if you don’t want your entire financial life on display.

Rand Hindi, co-founder of Zama, joins us to explain how fully homomorphic encryption (FHE) can turn Ethereum into an encrypted, confidential blockchain where contracts stay composable and UX feels exactly the same.

We get into why blockchains were public in the first place, why “anonymous addresses” were never enough, how FHE compares to ZK and MPC, and what a world of private DeFi, encrypted stablecoins, and on-chain “digital immortality” could look like. 

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TIMESTAMPS

0:00 Intro

0:24 Why Are Blockchains Public?

9:11 Privacy vs Confidentiality

11:13 Zama: Privacy on Ethereum

15:05 Fully Homomorphic Encryption (FHE)

19:34 Multi-Party Computation (MPC)

23:50 FHE vs ZK

37:25 FHE Critiques

40:08 Nation State Attacks

45:58 Combining ZK & FHE

49:20 Privacy Season

51:39 Compliance

1:00:18 Zama

1:04:03 Confidential Tokens

1:08:12 How it Works

1:11:30 Zama Token & Protocol

1:14:09 Privacy Competitors

1:17:36 Fhenix

1:19:46 Rand’s Background

1:23:07 AI Privacy

1:26:42 Longevity

1:33:01 Crypto & Privacy in 2026

1:33:33 Closing & Disclaimers

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RESOURCES

Rand Hindi

https://x.com/randhindi 

Zama

https://www.zama.org/ 

Fhenix

https://www.fhenix.io/ 

Unit Ventures

https://github.com/randhindi/unit-vc 

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Not financial or tax advice. See our investment disclosures here:

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