Nillion is a decentralized network for Encrypted Markets. Instead of broadcasting an instruction before it executes, a user seals it to a condition and posts it onchain, where it stays unreadable, to other traders, to agents, and to the network itself, until that condition is met. At that moment a threshold of independent nodes unlocks it and it executes automatically. Covenants is the primitive that makes this possible, bringing privacy to the parts of a market that have always run in the open: the order, the strategy, and the logic behind them.