the account-model chain with encrypted balances (2024, blockDAG L1). where UTXO chains shield by hiding coins in a pool, xelis keeps ordinary accounts whose balances are homomorphic ciphertexts (twisted ElGamal): a transfer subtracts from one ciphertext and adds to another, verified by range proofs, with no plaintext balance ever touching the chain
the lesson: the account model turns private the moment balances become ciphertexts — encryption composes with execution instead of hiding from it. the same regime strata hosts with jali $R_q$: arithmetic that runs where the data stays sealed