What "privacy by default" actually means in practice:
— Your wallet generates a new address for every transaction automatically
— Your balance is never visible to people you haven't transacted with
— Your transaction history can't be traced back to a single permanent identifier
— Compliance is built in, not bolted on afterward
None of this requires a separate privacy coin. None of it requires a mixer.
None of it requires the user to do anything differently than they do today.
That's what "default" means. It just works. Invisibly.
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Smart contract security has always been asymmetric.
Defenders need to find and fix every vulnerability.
Attackers need just one.
AI coding agents didn't create that asymmetry.
They industrialized it.
The industry kept betting on better audits.
The attack side just got a machine that never sleeps.
Decentralization is the most overused word in crypto.
Most "decentralized" identity systems can still see:
— Who you registered as
— Which wallet that name maps to
— Every transaction tied to that wallet
That's not decentralization. That's a directory service with a marketing budget.
The bar should be: once a name is registered, the issuer has no way to see who you're transacting with, what you're sending, or what your balance is.
What happens at registration and what happens after it are two different questions.
Most systems fail both. The better ones at least solve the second.