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Without a key the bronze lane is opaque to anyone observing the chain.
Gold lane — transparent
What any blockchain auditor sees
Gold inputs
Gold outputs
Bronze lane — private
What any blockchain auditor sees
Bronze inputs
Bronze outputs
Privacy contrast — what each lane lets an observer do
| Capability |
Gold lane |
Bronze lane |
| Trace value flow | ✓ | ✗ |
| Identify sender / recipient | ✓ (ML-DSA fingerprint) | ✗ (1-of-64 anonymity set) |
| See per-tx value | ✓ | ✗ (Pedersen-blinded) |
| Sum total supply | ✓ | ✓ (balance proof closes) |
| Verify tx well-formedness | ✓ | ✓ (range + Lelantus proofs) |
| Prevent double-spend | ✓ (outpoint set) | ✓ (key-image Q) |