Having dealt with regulators and privacy coins firsthand, I’m struggling with how an issuer could prove to a regulator that the issuer was being compliant if they rely on a Secret ICO and KYC process as outlined above. The missing pieces required to make something like this work are dependent far more upon government buy-in than upon technological innovation (although that is also an important piece). Just getting U.S. regulators to agree on using this would be a heavy lift. I can’t even imagine China and many other jurisdictions agreeing to use it (not unless they had a backdoor into the system, which I suspect would undermine everything you are trying to accomplish). Still a very interesting idea and I know you mentioned that it would take time. I’m just not sure time will be enough.