When it comes to blockchain privacy, most retail investors' first reaction is about transaction amounts not being visible and address information being kept confidential. But these are actually superficial.

Recently, while studying privacy solutions like Miden, I suddenly realized— the real privacy issue is not at the transaction level, but at the identity level.

Why do I say that? Because transaction privacy is straightforward—it's just about whether the amount is correct and the address is not exposed. But identity privacy involves much more complex issues: how to securely map real-world personal identities onto the blockchain, while not compromising the transparency of the entire ecosystem—that's a tough problem.

In other words, even if every transfer you make is protected by privacy protocols, if your identity information is linked to your on-chain address, then the so-called privacy is essentially meaningless. So, the real battle for privacy is actually at the identity level.