Bankless The Holy Grail of Crypto Privacy: Encrypted Ethereum, FHE & Living Forever | Rand Hindi, Zama Co-Founder
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Dec 1, 2025 
Rand Hindi, co-founder of Zama, is a privacy-focused entrepreneur blending encryption and blockchain. He discusses how fully homomorphic encryption (FHE) can transform Ethereum into a confidential platform, tackling the challenges of public blockchains. Rand explains the superiority of FHE over other cryptographic methods like ZK and MPC for ensuring security and usability. He also explores potential scenarios for private decentralized finance and digital immortality, while sharing insights from his work in AI and bioinformatics.
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Why Blockchains Are Public
- Public blockchains made data public to enable public verifiability, not as an intentional feature.
- New cryptography like FHE removes the need to reveal data while preserving verifiability and decentralization.
ZK Can't Preserve Composability
- Zero-knowledge proofs prove correctness without revealing inputs but break composability for on-chain state.
- For programmable private shared state you need MPC or FHE instead of pure ZK.
Anonymous Addresses Were Never Enough
- Rand describes anonymous addresses as an insufficient privacy myth exposed by analytics like Arkham.
- He argues banks won't adopt on-chain stablecoins unless balances and transactions are confidential.