I kept reading, trying to find the innovative way of encrypting large amount of data while not revealing the same key to all participant - some SSS variant or fast FHE or maybe a cool new PRE.
Also, all value added features besides shipping the bytes are gone when something like this is in effect. Search, preview, co-edit, metadata extraction.
I guess I’m disappointed / venting because of crushed hopes. I’m in this field and hoped something new and exciting is starting. Not trying to criticize the engineering work, which looks quite well done, just sad there isn’t new algorithmic development.