FHE lets you compute on data without ever decrypting it. The result stays encrypted. Only the owner decrypts it and gets exactly what plaintext math would have produced. The idea is from the late 1970s. Craig Gentry built the first real scheme in 2009. It is still heavier than normal math, but it is no longer a lab joke. On-chain that means a contract can run a balance, a payroll, or a vote without seeing the numbers. Privacy comes from the cryptography, not from a validator promising not to look. @primus_labs has been dragging this into product since 2023. FHETransform turns a normal EVM contract into a confidential one: inputs, state, and outputs stay ciphertext. Heavy crypto runs on off-chain FHE nodes. The chain only handles compact ciphertext handles and access control. Keys sit in a TEE for now. The plan is threshold MPC later.The point is not a new private chain. Stables and treasuries already live on Ethereum. Primus wants privacy bolted onto those rails, without moving liquidity to Canton or Arc. Confidential, with controllable disclosure for compliance.Separately they are building zkFHE. Plain FHE hides the data, but does not prove the node computed honestly instead of returning garbage. Their HasteBoots protocol (Usenix Security 2026) attaches a correctness proof to the result. Not production yet. That is the actual hole.Compute on someone else’s money without seeing someone else’s money. That is the trick. https://t.co/Pmiz0FqTT2