Privacy Trilemma in Single Global State Chains | Jatin Pandya | ETHMumbai 2026

So hey everybody I know it's been a very long day for all of you. You have been through some conversations talks panels a little bit of like you know energy from the food whatnot right and it's Bombay so you definitely have the humid temperature if you're not from here it might be killing you right now you know or if you're from here it's just another Tuesday for you. So I'm from here for me it's like the only thing that I don't mind is that the humid is there but I don't like too much of heat if you're flying down from you know US or somewhere. So there is like a really bad weather change. So I understand you know you might be going through a kind of phase where right now so just get just get it done you know so we can move on with the day.

So thank you so much for still being here and listening to me. Um you have already heard about let's make this blockchain faster, let's onboard more dabs, let's build more better ecosystems, you know, let's make things more scalable. For me, I just want to focus on a kind of topic that not a lot of people might talk about or they might talk about but without having any valid tech behind it. So I just want to include a general conversation straight to the people here who are still relevant to the ecosystem who still feel that there is a potential in web3 right the amount of people here shows that it is slower right now but I still want to share something with you I am definitely from an institutional background right now for those of you who don't know me I am Jatan I work in Canton Foundation as a developer relations manager if you have already heard of Canton that's date if you have not again a new chain to explore right so canton is one of the biggest institutional blockchain out there with organizations such as JP Morgans of the world goldman satches of the world HSBC London stock exchange you know close to 280 billion flowing through the whole network every day doing trillions millions in gas and all that right so definitely a blockchain which has been around for a long long time but for the institutions of the world now trying to go into the cryptonative the cyber punk ecosystem that we have here with Ethereum and everything right again this is the thing I just said you know why do we even listen to this guy on the stage why is it just another random guy here with like a fancy Twitter account you know uh or just another x number of followers that we should just care about if I'm not wrong right so why am I am one of the people you should definitely listen to when I talk about institutions amongst anybody else, right? I am from this whole cyberpunk EVM cryptonative web3 world, right?

I have spent a really good amount of time almost close to 3 years in the decentralized world that we see as this web 3. Now I am working with the institutions of the world. Right? So as somebody who has made the transition from here to here knowing how both the worlds think what is the gap you know so I think that's why I'm the right person to talk about the stopping more than anybody else to be very frank with you okay so I don't know okay so I'm just going to jump to it you know here is a fact that everybody here know but I'm still going to talk about it to be very frank with you. The Ethereum revolution we are doing ETH Mumbai we have Devcon by Ethereum right uh you have Solanas of the world you have arbitrums of the world right you have this whole Ethereum revolution that happened the numbers don't lie to be very honest with you I mean I have always been the math nerd so the one thing that I know is that your posts on Twitter can lie by using bots but the numbers which are happening on chain they won't lie to you okay As per you can just ask German I think this is close to the right number but as as per the latest scene on Ethereum you have close to 900k active wallets you have 6 trillion annual onchain volume Ethereum plus L2s or some I think somewhere around that number it could be more it could be 7 million right now okay you have more than 67 billion plus of total value lock in D5 protocols and all that on the major L1 plus L2 so this is a revolution The Ethereum revolution that happened, it changed a lot of things out there for everybody.

To be very honest with you, it gave a lot of us our jobs right now because it proved that you can put the banks of the world, right? Your entire banking use case in an opensource GitHub code and people still will trust it, process billions of dollars through it and actually continue to create a use case out of it. So this Ethereum revolution changed how we think of the world or how we used to think of the world. Right? The the whole Ethereum revolution is the term that I generally used to say the whole originating point of web 3.

I know people love to say that they are in web3 for more than you know 15 years or 20 years because they are around since the hyper laser days you know or the cororeium days. But for me honestly after co the actual revolution started when we saw billions and trillions actually flowing down to blockchains open sourced we created our own decentralized democratic banks and I think that's not a short thing every person here is sitting right now at this place is because of this big revolution that happened for a decentralized audience right but is that enough I don't think that is enough for a people who are currently working in the same industry. Everybody is trying to create a new use case out of it. So what is the one thing but here is a question transparency is a feature until it's not. That is basically the line of the slide and I was trying to come up with something which is more punchier but I don't want to be on Twitter right now with all the controversies going on around me that oh Jatin wrote something like this.

So I tried to write a title here which is not too much punchy that I'll get the punches from the crowd. Okay. So why I am saying this? Why why isn't Goldman or JP Morgan is on unis swap right now? Why aren't they doing their margin call on a unis swap main pool?

Why isn't Goldman going through unis swap right now against all the bots which are doing right now? Is that a fear of front running your own clients? I mean, anybody thought why do we talk about billions and trillions in your marketing pitch decks instead of actually seeing the money in the whole web 3 cyberpunk ecosystem that we currently have. I mean, everybody is happy, right? If you're employed in web 3, you are already getting a good bug out of it.

But anytime someday if you have ever felt that why don't we see the biggest banks of the world to maybe use any public chain right now is there a flaw is there a design requirement that is not met but the numbers are there right imagine the numbers like we had 64 billion in volume you had 900k plus active accounts you had 6 7 8 trillion plus where where is the problem you So this talk is exactly to tell you where is the problem. I'm not going to broadcast about that hey I am from XYZ chain we solve this problem for you that's why we have the banks of the world. I'm just going to tell you how the mindset change from the design of the Ethereum and the public blockchains of the world to the institutions of the world. You know because I'm not going to pitch you because I know you're already smart enough to know what's and what's not based on the more than just a proof of concept. Right?

I know you don't use and trust the ZKS of the world anymore especially after Amazon street I guess right that it's more fragile to break than anything so now we are all questioning ourselves what is the best way to design this system so that people can actually trust it we talk about I don't know privacy we talk about like how can we actually process the design right but we don't talk about the solution we don't talk about the problem anymore. As I said here, you are you are continuously being a part of this conversations, this panels, this talks about why it's best to make it fast, why it's best to scale it like this, like this, you know, vertical, horizontal, I don't know. Anybody just start with something like diagonal, you know, square, rectangle scaling, just just throw in more and more terms. But nobody asks about like what is the next step from here. You know, you all talk about billions of dollars.

You talk about the potential to hit trillions. But after so many years, why aren't we able to onboard the people who have the trillions and billions of dollars? You know, why we are still talking about this thing as a part of overall like, you know, privacy or all that stuff. Again, trying to keep it short for you guys because I know that's the thing that you want. Being very relevant and straightforward and blunt here.

Goldman Sachs can't broadcast their trade positions to all the unis swap bots out there who are just looking to get something out of it. You know, you talk about DTCC. DTCC has to meet a regulatory and compliance check, right? That's why they just can't put everything the deposits the collaterals it cannot be put on a public ledger. There is a big compliance risk there.

It's not as easy as like oh let's just put them on blockchain. It is good for you but might not be good for them. Right? JP Morgan asset managers can't leak their margin calls. Anybody here who is even a small finance nerd who likes to see how these things work, I recommend you this movie called margin call.

It is a very critically acclaimed movie. It tells you how making everything public, you know, about your securities and the whole 2008 issues that happened with the collaterals, how it actually can hurt you as a bank, you know, it can sink the market for years. So, nobody, no institution with the right mind and the right compliance or a right legal team will tell you to go to a 100% publicly available ledger. No matter how many securities or texts about the ZKS of the world or privacy of the world would you put on it if it's not in their hands the design is not in their hands they won't do it right again so generally all the public blockchains the traditional blockchains that we generally see makes you choose two of it right either you can choose privacy you have some chains here talking about we give you the privacy and they give you scalability but they can't give you composibility. If you're 100% private then the composibility breaks.

If they give you composibility and privacy the one thing which you can see blindly is that there is a problem with scalability right? If you go to all three then there is definitely a crack in the privacy. So you always have to sacrifice by picking two. Every chain now forces a tradeoff and I'm just going to straightly say it that this is the reality whether we accept it or not no matter how much we tweet about it. Okay, every transaction visible to everybody is by a design.

Okay. So right now on all the single blockchains you have this thing called the global state problem. What we saw was a privacy trilma. scalability, privacy and composibility. When you have a global state public blockchain, you always come across a problem.

Every single bank, observer, hedge fund, even as the biggest sec collateral and deposit security organization like DTCC, it's all available on a single global state. So what if we redesign it so institution can also participate it you know if they don't need to think much about it. So this is a potential solution. Okay. When you have a multi-party trade going on, you only have multiple parties being able to control and be visible with everything.

Privacy of their thing is protected. There is a quadrillion dollar opportunity here for everybody. You know, instead of just tapping into the current D5 TVL, you have the private markets, the fixed income markets, derivatives. the market out there which relies on privacy by the institutions it's way way way more than you think. The model of multi-party uh technical arrangement where people see what they want to see or what they want to allow others to see is something which gives you the perfect design to do that.

You allow people to see what they want to see and they will disclose the things that they want to disclose. You give them the power on the smart contract level instead of telling trust me bro. Okay, that is the design that we need to on board the people. I know you might not believe on me but there is already a proof of the concept in production right now flowing close to 280 billions in settlements on the ledger on the network. But that's where I come from and that's why this is something that I wanted to choose and show that this is not something just a concept but it's actually happening right there.

The DTCC, Goldman Sachs, BNY, JP Morgan, you know all these big banks of the world that you see, oh I think and we should have them on chain they are actually using a blockchain and the concept is the same concept that I have been talking about. A major redesign needs to happen to onboard these people who actually have the millions and trillions of dollars. And I think the design needs to happen on the smart contract level. And I think eventually if we want to on board the next big trillions and quadrillions of dollars into the web three and public blockchain side, we have to focus on the design which is privacy by the right, not privacy by the assumption. That is the original line.

You can quote me on it. But yeah, that is pretty much that I had. So if you are a builder here who actually want to tap into the quadrillions of dot, I don't even know how many zeros that is. But I all I know is I think everybody here loves money including me. So if you're a builder here who wants to be a part of that particular pool and just go out of the same railroads which are happening right now.

Everybody's in a bubble, you know, using the same millions of dollars to talk about the billions that they don't even originally have. burst out of this into that particular pool of trillions and quadrillions. All you need to do is just build using the three things transparent finance, selective privacy and everything that institutionalize and make sure that you follow the design that on board the D5 people of the world, the trade people of the world, but also the Goldman Sachs of the world. So, and yeah, that's just me keeping it short and simple, very simple, six, seven slides to be honest with you. I'm Jatin.

You can just connect me with on Twitter and I'm here around. If you actually want to talk about what matters instead of hype and marketing, I'm your guy. Thank you.