Monad Keone Hon：隱私、合規、可組合性三難兼顧的新解方

0:00隱私與透明的對話

0:00大家好，很高興來到這裡。我是 Monad 的共同創辦人 Keone Hon，今天要跟大家聊聊隱私。不過這次我想從一個稍微不同的角度切入，跟你們平常聽到的可能不太一樣。剛剛我在後台還跟 FOMO 的共同創辦人 Paul 聊了一下，他等一下就會上台。我覺得我們兩個的主題形成一個很有趣的對比——我這場聚焦在隱私，而他下一場則會談透明。希望大家可以留下來，聽聽我們兩個不同的觀點，其實這兩者並不衝突。Hello, great to be here. My name is Keone Hon, co-founder of Monad, and I'm here to talk to you today about privacy, but it's a slightly different angle of privacy from maybe some of the other things that you've heard about. I was actually just chatting backstage with Paul, co-founder of FOMO, who's going to be up right after this. And I think there's a really interesting sort of contrast between, or seeming juxtaposition between the focus of privacy that we'll be talking about here and the transparency that he'll be talking about in the next one. So I hope you stick around both to hear from me on what we're thinking about with privacy, but also you see the juxtaposition in the next one. I think they're actually not contradictory.

1:03科技驅動的隱私需求

1:03我想先強調一點，就是我非常喜歡加密貨幣的一個原因，是因為加密貨幣本質上是一項科技上的努力。而科技運動最棒的地方在於，最終即使一開始並不是所有的元素都已經到位，你也可以從一個小小的、可運作的東西開始，然後隨著時間推移逐步擴展和成長。接著，你就能開始修正那些還缺少的部分。I want to start by emphasizing that one of the things that I really love about crypto is that crypto is a technology effort, and the great thing about technology movements is that at the end of the day, even when not everything is, not all the pieces are there immediately, you can start with a tiny morsel of something that works and over time scale and grow. And then start to fix some of the things that are missing.

1:37對我來說，身為一位技術人員，加密貨幣一直讓我覺得非常令人興奮的一點，同時也是目前還缺乏的一環，就是如何解決一個非常基本的問題：如果我去咖啡店買一杯咖啡，任何人都可以看到我的交易，任何人都可以看到我在那個時刻進行這筆交易，然後再去區塊鏈上查詢，甚至可以透過時間分析反推出我的地址，這實在是很瘋狂。所以很明顯，我想我們都會同意，隱私在我們整體的加密貨幣、整體的區塊鏈解決方案中是非常需要的。這一點非常明確，而且也很明顯，這個問題到目前為止還沒有被解決。And for me, as a technologist, one of the things that I've always felt was really exciting about crypto, but also something that was missing, was the problem of answering the very basic question that you might have of, if I go to a coffee shop and I buy a coffee, it's crazy that anyone can see my transaction and that anyone can see me making that transaction at that moment and then go look at the blockchain and sort of, like, reverse engineer and figure out what my address is by doing timing analysis. So clearly, I think we could all agree that privacy is very much needed in our overall crypto, in our overall blockchain solution. It's very clear that this is needed, and it's also very clear that this is a problem that has not been solved to date.

2:28新三難困境：隱私、合規、可組合性

2:28但我今天在這裡要跟大家談的是一條前進的道路，一種解決方案，能夠為使用者帶來機密性，也能為那些需要為其使用者提供機密性的企業帶來機密性。同時，還能夠接入共享流動性、可組合性，以及強大的 DeFi，還有我們熱愛加密貨幣的所有特點，並且帶來一個能夠兼顧各種優點的方案。所以我們今天要討論的，就是如何解決這個在機密性、合規性與可組合性之間的新三難問題，而我們會嘗試在大約十分鐘內完成這個主題。我想，先說明一個顯而易見的事實，那就是機構有義務將某些資訊保密。But what I'm here to talk to you today about is a way forward, a way to solve this problem of giving confidentiality to users and giving confidentiality to businesses that need to give confidentiality to their users. While still being able to also plug into the shared liquidity and composability and powerful DeFi, and really all of the things that we love about crypto, and give something that gives the best of all worlds. So we're here to talk today about solving this new trilemma between confidentiality, compliance, and composability, and we're going to try to do it in about 10 minutes. So I think just to state the obvious, institutions have an obligation to keep some information private.

3:14你知道，如果你是一家銀行，那麼將所有客戶的精確餘額保密，這是極其重要的。如果你是一家交易公司，那麼將你即將發出的訂單意圖保密，對於你有效執行策略的能力有著重大影響。或者，如果你是任何需要發薪或支付供應商的企業，你就有非常強烈的需求要將某些資訊保密。因此，當我們思考加密貨幣在現實世界的採用時，發展最為迅速的其中一項就是穩定幣。And, you know, if you're a bank, that means that keeping the exact balances of all of your customers private, that's extremely important. If you're a trading firm, then keeping your intents to the orders that you're going to send, keeping those private has a significant impact on your ability to go and effectively run your strategies. Or if you're any business that needs to make payroll or needs to pay suppliers, you have this very strong need to keep some information private. And so when we think about the adoption of crypto in the real world, one of the things that has progressed the furthest is stablecoins.

3:55你知道，現在穩定幣的資產管理規模和採用率都創下歷史新高，這很合理，因為使用穩定幣時，你真的需要能夠稽核穩定幣的總餘額是否與銀行裡的總資金相符。所以有些事情更容易適合放在公開區塊鏈上，因為一切都很透明，而穩定幣正是這個領域的尖兵。但如果要把全球其他的金融活動都帶上鏈，我們就需要一些不太一樣的東西。因此，機構其實需要三個要素。他們需要機密性，也就是要能保護他們使用者的資訊隱私。他們需要合規性，也就是要能夠實施他們自己的政策。You know, we have all-time highs in stablecoin AUM and adoption, and that makes sense because with stablecoins, you really need to, you know, be able to audit the total balance of stablecoins matches the total amount of money in the bank. So it's easier for certain things to fit into a public blockchain where everything is transparent, and stablecoins are really tip of the spear. But to bring the rest of the world's financial activity on chain, we're going to need something a little bit different. And so institutions really need all three. They need confidentiality, so they need to keep their user information private. They need compliance, so they need to be able to impose whatever policies they have.

4:43無論他們有什麼 KYC 義務，他們都必須能夠回應審計人員或監管機構等的查詢，所以他們需要合規性。但他們同時也需要可組合性。你知道，他們是一個機構，而該機構內部的網路也需要與許多網路外部的事物進行介接。而加密貨幣真正強大的地方在於，它為我們帶來了令人難以置信的共享流動性。它以 DeFi 的形式為我們提供了非常強大的金融工具，無論是 DEXs、借貸協議，還是新的金融工具或前端，讓使用者可以用來賺取收益或進行投資。Whatever KYC obligations they have, and they need to be able to respond to inquiries from auditors or regulators and so on, so they need compliance. But they also need composability. They're, you know, an institution and their network internal to that institution needs to interface with many things that are outside of the network as well. And the really powerful thing about crypto is that it gives us incredible shared liquidity. It gives us really powerful financial tools in the form of DeFi, whether that's DEXs, whether that's lending protocols, whether that's, you know, new financial tools or front ends that users can use to earn yield or to invest.

5:31因此，這三件事情對於打造、提供給這些機構所有使用者最佳體驗來說都非常重要。而目前的每一種選擇，基本上最多只能兼顧其中兩項。And so all of these three things are really important to building the, to delivering the best experience for all of the users of these institutions. And right now every option kind of picks at most two of these.

5:46現有方案的限制

5:46所以一條公有區塊鏈，也許我們就從最基本的地方開始說，公有區塊鏈本質上並不是保密的。它天生就是完全透明的。任何人都可以看到任何交易、任何餘額、任何智慧合約的狀態。這其實非常強大，我們可以在這個基礎上建立非常強大的基礎元件，像是用樂高積木一樣堆疊出樂高城堡。但它真的不是保密的。第二種我們看到有些人使用的，是所謂的許可鏈或營運者區域。這些區塊鏈是專屬於某一家企業的，是私有的，就只有那個機構在營運。當然，這樣可以帶來隱私，但當然也就沒有可組合性。So a public blockchain, maybe just to start from the top, a public blockchain. You know, is not confidential. By nature, it is fully transparent. Anyone can see any transaction, any balance, any state of any smart contract. And that's really powerful, and we can build really powerful primitives on top of that and build sort of the Lego castle from Lego blocks. But it, you know, is really not confidential. A second thing that we've seen some people using are sort of permission chains or operator zones. So these are blockchains that are specific to one enterprise that are private, like they're just operated by that one institution. And of course they give you privacy, but of course they don't give you composability.

6:36他們使用的方式是所有東西都需要跨鏈橋接進出。這些系統需要大量的維護工作，才能持續運作，而且在更廣泛的世界裡其實並不太有用。這基本上只是對我們現在傳統金融體系的複製而已。最後，我也想簡單提一下，我們有隱私池、ZK 隱私層。這些可以提供機密性，但其實它們的可組合性並不高。通常這些都是針對非常特殊的使用情境，並不具備一般 EVM 智能合約的能力。而合規性這一塊也是好壞參半。有些系統可以像是提供審計員金鑰這類的功能，但整體來說，這方面的表現也是參差不齊。They use everything is bridged in and out. There's a high amount of maintenance that's required in order to continue to operate these, and they're really not very useful in the broader world. It's really kind of a replication of what we already have today in traditional finance. And then lastly, just to mention really briefly, we have privacy pools, ZK privacy layers. And so, you know, these give confidentiality, but they're not really that composable. Usually they're for a very bespoke use case, they don't have general EVM smart contract capabilities. And then the compliance piece is kind of a mixed bag as well. Some of them have the ability to, you know, share with like an auditor key or something like that. But in general, it's very much a mixed bag there as well.

7:28Monad Private Settlement：三難兼顧的解方

7:28我今天真的非常興奮要跟大家介紹我們在 Monad 技術團隊內部正在推動的一項新計畫，這個計畫叫做 Monad Private Settlement。Monad Private Settlement 能讓機構在三個不同層面上同時獲得最佳的體驗。它延續了作為 Monad Layer 1 網路一部分所帶來的可組合性，但同時也提供了機密性，因為在這個私有結算領域內，所有資訊預設都是保密的，並且在私有結算領域內發生的所有交易也都是保密的。So I'm really extremely excited today to tell you about a new effort that we have going on within the Monad technology effort, and this is called Monad Private Settlement. And Monad Private Settlement gives institutions the best of all worlds across these three different considerations. It continues to give the composability that comes from being a part of the Monad Layer 1 network, but it also gives confidentiality because by default, all information inside of this private settlement domain is confidential, and transactions that are occurring inside the private settlement domain are confidential.

8:13最後，它擁有非常強大的合規能力，使得機構能夠控制最終運作這個私有結算領域的驗證者集合，以及任何報告義務、存取控制等等。因此，Monad 私有結算領域其實是部署在 Monad Layer 1 內部的智慧合約，所有資訊都經過加密。我們有幾種不同的模型來實現這種隱私保護，稍後我會再詳細說明。但我認為這裡最重要的重點是，這個方案解決了這個三難困境，讓機構在這些不同的考量之間，能夠同時獲得各方面的最佳優勢。And lastly, it has really powerful compliance capabilities so that an institution can control the set of validators that ultimately operate this private settlement domain, as well as any reporting obligations and access control and so on. So Monad private settlement domains are smart contracts that live inside the Monad layer one, where all information is encrypted. And we have a couple of different models for how that privacy is enforced, which I'll talk about in a little bit. But I think the real takeaway here is that this solves this trilemma and gives institutions the best of all worlds across these different considerations.

9:00跨域結算的實際案例

9:00好，那我來舉個例子，因為我認為這是最容易理解的方式。你可以想像有兩個不同的 Monad 私有結算領域。一個是由某家銀行營運，並以歐元計價；另一個則是第二家銀行營運，並以美元計價。所以，這兩個領域可能分屬不同的司法管轄區，也可能有不同的一組驗證者來最終保護那個網路，以及不同的政策規範。但它們都是建構在 Monad layer one 之上，所有的排序、訊息傳遞和結算，都是由 Monad layer one 來完成的。Okay, so maybe just to walk through a bit of an example, because I think that's the best way of understanding this. You might imagine that there are two different Monad private settlement domains. There's one that is operated by a bank that denominates in euros, and then there's a second one that, a second bank that denominates in dollars. And so each of these two domains might have a different jurisdiction. They might have a different set of validators that is ultimately securing that network, a different set of policies. But they're both built within the Monad layer one, and all ordering, message passing, and settlement is done by the Monad layer one.

9:46因此，處於這個共享結算層的好處在於，我們可以在這些不同領域之間實現原子性可組合性。舉個例子，如果有一位使用者在第一家銀行擁有以歐元計價的餘額，但他需要支付給另一位在美國銀行擁有以美元計價餘額的使用者，那麼——我等一下會詳細說明這個例子——他們就可以在這兩個領域之間完成這筆付款，同時以Monad第一層作為這筆交易的結算層。And so the benefit of being in this shared settlement layer is that we get atomic composability between these different domains. So, as an example, if we had a user who had a balance in the first bank in euros, but they needed to pay another user who had their balance in the U.S. bank, who was denominated in dollars, then. And I'll walk through an example in a second, but they could make this payment across these two domains while using Monad layer one as the settlement layer for this.

10:33Monad 技術基礎與優勢

10:33在我實際舉例說明之前，我想先退一步，解釋為什麼這件事在 Monad 上有其獨特的運作方式。對於還不認識 Monad 的朋友來說，Monad 是一條非常高效且極為穩健的 Layer One 區塊鏈，過去四年半一直在開發中。我是在 2022 年初，和另外兩位共同創辦人一起創立 Monad。在那之前，我是一名高頻交易的量化交易員，專門打造高效能的系統。為了能在全球範圍內進行交易，我們每天在主要交易所的交易名目金額達到 200 億到 400 億美元。之後，我們離開了我們的公司 Jump Trading，並在 2022 年開始打造 Monad Layer One。I want to take a step back before I actually jump into an example and explain why this really works uniquely on Monad. For those of you who don't know, Monad is a really performant and very robust layer one blockchain that's been in development over the past four and a half years. I started Monad along with two other co-founders in early 2022. Before that, I was a quant trader in high-frequency trading, building high-performance systems. To trade at world scale, we traded 20 to 40 billion dollars of notional per day in major exchanges. And then we, you know, we left our company, Jump Trading, and started building Monad Layer One in 2022.

11:12自那時起，Monad 推出了許多新技術，最終讓 Monad 成為一個效能非常優異的基礎層，能夠在其上建構許多其他改進。特別是，Monad 引入了非同步執行，將共識與執行解耦。我們引入了平行執行，讓系統的所有資源都能被非常有效率地利用。我們推出了 MonadDB，這是一個全新且高效存取狀態的資料庫。我們還推出了 Monad BFT，這是一個全新的共識機制，能實現 300 毫秒的極快區塊時間，以及 600 毫秒的最終確定性。我們引入了許多新技術，而我們現在擁有的，就是一個非常強大的基礎，能夠進一步推動創新。And since that time, Monad has introduced a lot of new technology that ultimately makes Monad a really performant base layer upon which many other improvements can be built. So in particular, Monad has introduced asynchronous execution, which decouples consensus from execution. We introduced parallel execution so that all of the resources of the system can be utilized really efficiently. We introduced MonadDB, which is a new database that's really efficient for accessing state. We introduced Monad BFT, which is a new consensus mechanism that achieves really fast block times of 300 milliseconds and finality of 600 milliseconds. We introduced many new technologies, and what we have right now is a really powerful foundation upon which to further innovate.

12:03因此，Monad 的私有結算能夠與 Monad 第一層區塊鏈完美結合，這是因為它具備了極快的區塊產生時間、極快的最終確定性，以及一個自從 10 個月前主網上線以來就維持 100% 上線率的去中心化全球驗證者組合。And so Monad private settlement works extremely well with the Monad layer one, because of all these properties of really fast block times, really fast finality, and a decentralized global validator set that's had 100% uptime since going live on mainnet 10 months ago.

12:24為什麼不是 Ethereum？

12:24最終，過去對於那些歷史愛好者或是對於多年來各種區塊鏈技術架構有興趣的人來說，你們應該知道，在過去幾年以太坊生態系中，大家對於基於 rollup 的方案一直很感興趣。但其中一個真正的痛點就是，以太坊的區塊時間非常慢，最終確定性也非常慢，特別是 12 秒的區塊時間以及 12 分鐘的最終確定性。所以，任何像 Monad 私有結算這樣的系統或架構要在以太坊上運作都非常困難，因為每次你需要來回執行交易時，都必須等待 12 分鐘。Ultimately, in the past, for those of you who are sort of students of history or fans of the different blockchain technology constructions that have been created over the years. You know, there's been interest in based rollups in the Ethereum ecosystem over the past couple of years. But one of the things that was really a sticking point was that Ethereum has extremely slow block times and extremely slow finality, in particular 12-second block times and 12-minute finality. So it's really hard for any sort of system or any sort of construction like Monad private settlement to work on Ethereum, because you would be waiting 12 minutes every time you needed to go back and forth and execute a transaction.

13:09正如你們即將在我很快要展示的範例中看到的，這兩個實體之間在嘗試跨越兩個不同的私有結算領域進行結算時，會有一些來回的互動。因此，快速最終性和高效能真的非常必要。And as you'll see in the example that I'll run through very briefly, you know, there is a little bit of back and forth between these two entities that are trying to settle across two different private settlement domains. And so this fast finality and high performance is really needed.

13:27跨銀行原子結算流程

13:27最後用一個簡單流程收尾：假設用戶 A 在歐元銀行有餘額，用戶 B 在美元銀行有餘額。用戶 A 可以在自己的私有結算域內發起一筆完全保密的支付指令，這筆交易透過 Monad L1 原子執行，完成跨域結算。這就是 Monad Private Settlement 的威力。All right, so I think I'll just end with an example really briefly. We have a user who has a balance in Bank A, which is in euros, a user who has a balance in Bank B, which is in dollars, and we have a sequence for how the user who's in Bank A can basically instruct a payment that's fully confidential in Bank A's Monad settlement domain, private settlement domain. That transaction gets sent over Monad L1 and gets executed atomically. I think that's it for the presentation.

14:05隱私與透明的共存與展望

14:05謝謝大家的聆聽，也歡迎繼續收看 Paul 下一場關於透明的分享。我認為這兩個主題其實是互補的，因為我們最終的目標都是讓加密產業壯大，讓機構能信任並融入這個生態。要做到這點，我們必須提供一套同時兼顧隱私、合規、可組合性的解決方案，讓機構既能保護用戶、滿足監管，也能享受共享流動性帶來的好處。謝謝大家！Thank you so much for—Thank you for having me, and I hope you enjoy the next presentation as well, where Paul will be talking about transparency. And I think they really fit together because at the end of the day, what we're all trying to solve for is growing crypto, and we need institutions to be able to trust, to be able to fit into crypto. And the way that they do that is by us meeting them where they are and offering them a solution that delivers confidentiality, compliance, but also offers them the composability and the benefits of being part of the shared liquidity layer. So thank you so much.