RESEARCHERS PROPOSE “SHIELDED BITCOIN” FOR PRIVATE TRANSFERS DIRECTLY ON BITCOIN L1 The proposed metaprotocol by @allocinitxyz would hide transaction amounts and counterparties without a soft fork, new blockchain, trusted operators or bridges. Value is represented through encrypted “notes,” with transfers published to Bitcoin alongside zero-knowledge proofs verifying their validity. Bitcoin itself only stores and orders the encrypted data, while separate software verifies the proofs and independently derives the Shielded Bitcoin state. A companion paper will detail how bitcoin can enter and exit the shielded system using L1 security vaults via PIPEs.

How about no.