Again Noted few things from BRIAN SΞONG's article He point out that the actual debate isn't really: "Privacy vs Transparency" Institutions actually need both. They don't want every balance, payment, trade, or business relationship exposed to the public. But they also can't use systems that become complete black boxes. Then a question may come to your mind, Where does the privacy live? Different projects are solving this in different ways. He mentioned 3 projects: Tempo, Canton, and Miden Guardian, Lets understand ↳ Tempo : Tempo creates a private execution zone. It is like a private room where transactions happen. People can see assets enter and leave, but they can't see everything happening inside. ↳ Canton : Canton focuses on private workflows between approved parties. Each participant only sees the information they're supposed to see, making it useful for banks and regulated financial processes. ↳ Miden Guardian : Miden takes a different approach. Instead of hiding an entire environment or workflow, it hides information at the account level. Your account can prove transactions are valid without revealing all of its data. Guardian then adds the things institutions need in practice: ˃ recovery ˃ account synchronization ˃ policy controls ˃ auditability ˃ compliance workflows The goal is to keep sensitive information private while still allowing the right people to access what they need when required. So what's the actual difference? The difference is where privacy lives. ˃ Tempo puts privacy around a private execution environment. ˃ Canton puts privacy around workflows between approved parties. ˃ Miden Guardian puts privacy at the individual account level, while Guardian adds the recovery, coordination, and compliance tools institutions need. And that's important because institutional privacy isn't one single problem. `Some institutions need private payment rails. `Some need private workflows between organizations. `Some need private self-custodial accounts with recovery, policy controls, and auditability. Different problems needs different privacy models.