Recently, I have been increasingly understanding why a project is so eye-catching — it doesn't create a track out of thin air, but genuinely tackles real-world problems. For example, in the area of securities issuance, the traditional approach makes people love and hate it: a bunch of intermediaries, lawyer fees, custody costs, burning money to an absurd level. Blockchain inherently has the opportunity to revolutionize this system; the key is how to do it. I particularly agree with a project's approach, which is to eliminate all these links — technically ensuring that regulators can understand the transaction logic, while also protecting sensitive data on the privacy layer. This is the so-called "pragmatism" approach, not blowing bubbles, but directly targeting the industry's real pain points. This down-to-earth working style is much better than superficial concepts.