When I first got into Web3, I always thought that "transparency" was the most important thing on the chain.
It was only later that I gradually realized that transparency can also become a problem if there is no privacy.
For example, once your wallet address is associated, many actions can almost be tracked by others. This is fine for ordinary users, but if it involves corporate data or identity information, it becomes very sensitive.
So now more and more projects are researching ZK technology, hoping to ensure verifiability while not making all data public.
Designs like Midnight are actually trying to find a balance:
to maintain the trust mechanism of the blockchain while preventing data from being completely exposed.