Private by default, verifiable on demand
Amounts are hidden Pedersen commitments and receivers get fresh one-time addresses, so on the transparent layer amounts and recipients are hidden while account identities stay pseudonymous public handles, far less exposed than an open ledger but not the full unlinkability of the shielded pool. A shielded pool, active at genesis, proves note ownership and value conservation in zero knowledge, so transfers within the pool cannot be linked to one another. Entering or leaving the pool discloses that amount at the boundary; transfers that stay inside the pool do not.
When you need to prove something, selective disclosure lets you show a payment happened, show it was under a threshold, or hand an auditor a view key to your own history. Each proof is off-chain and shared point to point with one chosen party, never published on-chain.