Fully Homomorphic Encryption (FHE) has maintained a strong level of interest in the privacy protection field over the years. Recently, Zama launched a token public sale through a major fundraising platform, officially opening at 8:00 AM (UTC) on January 21. The fully diluted valuation is set at $55 million.

What do you think of this valuation? Compared to recent similar projects—Rainbow with a valuation of $100 million, and Obol at $125 million—Zama clearly leaves plenty of room for upside, which is quite attractive for early participants. The conservative pricing strategy itself demonstrates the project's sincerity.

Speaking of technical strength, Zama's team configuration is truly impressive. Co-founder Pascal Paillier is one of the inventors of fully homomorphic encryption technology. CEO Rand Hindi has over twenty years of experience in AI and encryption industries, having gone through four complete encryption cycles. The team also includes 37 PhDs focused on technology development—this kind of lineup is rare in Web3 projects.

Why choose FHE over zero-knowledge proofs (ZK) or multi-party computation (MPC)? The key difference is that FHE combines security, composability, and verifiability all in one. Its encryption strength can resist future quantum computing attacks. More importantly, it supports DeFi operations like staking, swapping, and lending to be conducted in fully private environments, whereas other privacy technologies have their own application limitations. Currently, Zama's technology has already entered the practical application stage…