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Something I hadn't really considered before (I'm sure old news to security folks) is that there's an information-theoretic security principle with content-addressable storage that is reminiscent of object-capability security. You can't "guess" content hashes in an ideal oracle CAS (i.e. no timing leaks/side channels). So you can only access content by querying the CAS if you either already have the content or if you received a content hash from someone or somewhere else.