Recently, I came up with a pretty interesting question—when talking about digital assets, people always mention "transparency" as if it's the ultimate solution. But in reality, it's quite the opposite. The real issues are often hidden behind excessive transparency.

Looking at how traditional finance operates makes this clear. Equity structures, institutional trading strategies, settlement information—these core data are never disclosed arbitrarily. It's not about operating in a dark box, but a necessary condition for market stability. Large transactions and complex capital operations must be handled this way to proceed smoothly, otherwise, they could trigger volatility or even crashes.

Many blockchain projects haven't understood this point. Their default logic becomes: all operations must be publicly visible to the entire network. Every transfer, every address holding, every on-chain interaction—fully transparent. This works fine in a lab environment, but once real assets and large capital are involved, problems arise.

Dusk clearly addresses this core pain point. Its design philosophy is completely different—privacy isn't an optional feature but the foundational infrastructure for asset on-chain. Whether it's asset issuance, position changes, or final settlement, ordinary users can't see it, but regulatory authorities can review and provide complete verifiable evidence when needed. This is the true practical balance.

Imagine issuers no longer need to worry about competitors spying on their equity details, and investors don't have to fear being tracked in real-time—this selective transparency design is what allows institutional assets to truly flow onto the chain.