If blockchain data is private, who should have the power to reveal it?
Imagine a payment system in which balances and transfers are hidden from the public.
While users would enjoy privacy, the system would still need to support legal or compliance requests in specific cases.
This creates a different trust problem.
If the issuer holds a viewing key, the privacy of users depends on the issuer not abusing it.
However, if a regulator or auditor holds it, that power is transferred elsewhere.
If nobody can reveal the underlying data, compliance may have to rely on proofs rather than transaction history.
So the question I keep coming back to is not just how to make blockchain state private.
It's also about who should control the ability to selectively make it visible again.
For those who have worked with private transactions, zero-knowledge systems, or regulated payment infrastructure, where would you locate the authority to disclose information, and which failure mode would concern you the most?