Yuval Rooz

But my point is an RWA and an L2 will subject you, in my opinion, on a centralized sequencer to the same risk with the DTCC.

Yeah, so the unfortunate of finding different names for different things.

So here's where privacy becomes important.

Tricky.

So when you want to do and I'm taking maybe a bit of a sidetrack to explain.

So there are certain there are certain things that, you know, there's an approach that using encryption, you could solve for privacy.

There's all kinds of regulations, again, whether we like them or not, they exist, that would say, hey, David, if I took your personal information, I encrypted it with the best encryption in the world, and I send it to Ryan, I have invalidated your privacy.

That's it.

And I'm going to say, well, but Ryan cannot decrypt it.

And they would say, well, not today, but potentially in a year.

Maybe if Ryan sends it to his Chinese friends, they will decrypt it today.

Like the reality is I have given your information.

Maybe it's not readable today, but it's readable in tomorrow.

And the reason why this side story is important is because the approach we take

for privacy is that, David, if you and I do a transaction on Canton, Ryan will never have the zeros and ones associated with this transaction on his node.

It will never even make it there.

And therefore, what we're trying to say by that is that the validators, not super validators, and we'll get to the super validators in a second, it's the nodes at the edge.

They are the ones that actually do the validation on the business logic of a smart contract.

It is not the super validators.

The super validators in the case of Canton do two operations.