If 2024 was the "Year of Large Models" for AI, then 2025 will be the "Year of Assetization" for AI Agents. When agents are no longer merely text-generating chatboxes but begin holding private keys, managing funds, executing cross-chain arbitrage, and even engaging in complex business negotiations, a long-ignored structural contradiction comes fully into view: existing internet protocols and blockchain ledgers are fundamentally incapable of supporting a "machine economy built on mutual distrust." Under the Web2 HTTP paradigm, data flow relies on centralized services, exposing AI Agents to risks of control or interruption—revealing the limitations of traditional architectures in flexibility and autonomy. In the Web3 public chain paradigm, extreme transparency pushes agents to the opposite extreme: "execution as exposure." In the dark forest-like on-chain environment, an AI Agent with transparent strategies and open intentions is inevitably hunted relentlessly by MEV bots, high-frequency traders, and adversarial algorithms. Transparency, once a mechanism of trust, has been perverted into a survival curse against advanced intelligence. It is against this backdrop that the mission of privacy technology has undergone a fundamental leap: it is no longer a tool to conceal illicit activities or evade regulation, but rather a means to empower AI Agents with the ability to preserve "private property (data)" and "independent thought (strategies)" within an environment of distrust. For the past decade, the cryptography community has sought to decouple "computation" from "visibility." From early homomorphic encryption theories, to ZK's breakthrough at the verification layer, to today’s full homomorphic encryption (FHE) aiming to eliminate plaintext dependencies during data usage—we stand on the brink of the internet protocol’s evolution from HTTPS to HTTPZ: from "transport encryption" to "end-to-end encrypted computation." Mind Network is a quintessential example of this paradigm shift. It does not stop at a single privacy narrative but seeks to build a complete "zero-trust computation闭环" through the HTTPZ protocol, MindChain, and the x402z payment standard. This passage is excerpted from Web3Caff Research’s 19,000-word report (Part 1): “FHE Infrastructure: Mind Network—When AI Agents Hold Private Keys, Who Defines the Security Boundaries of the Machine Economy?” A Comprehensive Breakdown of Its Vision, Engineering Feasibility, Technical Pathway, Ecosystem Status, Business Logic, and Endgame Form. View the full version 👇 https://t.co/C3eADxw4Un