Shadow Realms: Decrypting Privacy with Penumbra’s Henry de Valence
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Henry de Valence), one of the deepest thinkers of privacy and the founder of Penumbra) joins the podcast for a comprehensive discussion on privacy. Can Gurel), a research lead at Delphi Digital, joins as a co-host given his recent in-depth Privacy report). 

**In this episode, we covered: **

• The importance of privacy for humans and in crypto

• Financial privacy as a human right

• The limits of what can be built on a fully transparent chain

• Different ways teams deal with regulation in the ever-evolving crypto landscape

• Whether we can expect most liquidity to be in private form in the next 5-10 years

In the technical segment, we dove into various infrastructures of private design, including privacy built on L1s, L2s, dApps and via smart contracts like Tornado Cash. We discussed Penumbra's unique two-phase protocol for privacy vs. concurrent-access-to-state and the potential of threshold decryption as a go-to MEV solution. Our conversation also covered private staking designs, challenges with IBC, and the exciting possibilities enabled by interchain accounts with Penumbra.

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**Links **

• Penumbra⁠)

• Henry de Valence)

• Tommy Shaughnessy)

• Can Gurel)

• Can’s Privacy Report)

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- Website: https://members.delphidigital.io/home)

- Twitter: https://twitter.com/Delphi_Digital)

- Youtube: https://www.youtube.com/@Delphi_Digital)

Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token. Delphi’s transparency page can be viewed here).