What is encrypted, and where
The text you paste is encrypted on your own device with AES-GCM-256 and a 256-bit key generated in your browser. Only the ciphertext is sent. The key is appended to the link after the #, the fragment, which browsers do not send to any server, not to LinkPilot and not to the edge that serves the reveal page. The recipient's browser reads the key from the fragment and decrypts the text locally.
The practical result: our servers, database and backups hold ciphertext they cannot open. The link is the only key, so a link in the wrong hands is the one risk, and the burn on first reveal and the expiry are what limit it.