[Multicoin Capital Partner Kyle Samani: More Optimistic About FHE Compared to TEE and ZKP] According to a report by Jinse Finance, on October 23, Multicoin Capital partner Kyle Samani joined the recent privacy discussions in the crypto community by posting on X, stating that assets are more important than privacy. For 99% of people, the risks of volatility far outweigh the benefits of privacy. There are three main methods to achieve on-chain privacy: Trusted Execution Environment (TEE), Zero-Knowledge Proof (ZKP), and Fully Homomorphic Encryption (FHE). When considering which method is optimal, three variables are crucial: A. Permissionless; B. Ability to execute arbitrary DeFi; C. Scalability of algorithms + chips. However, TEE does not work in permissionless environments, and B is precisely where ZKP fails. He cited the recently surging privacy project Zcash as an example: when you submit an anonymous Zcash transaction, the transaction cannot actually be seen or interact with anyone else's assets, making DeFi impossible. On the other hand, FHE allows computation on encrypted data, and privacy DeFi built on FHE structures is very straightforward. Therefore, he expressed that he is more optimistic about FHE.