What is Midnight (NIGHT)?

Deep Dive

1. Purpose & Value Proposition

Midnight addresses the privacy trilemma by allowing developers to build dApps that protect sensitive data while enabling selective disclosure for audits or regulatory compliance (Midnight Summit keynote). Its architecture targets regulated sectors like finance and healthcare, where data confidentiality and legal adherence are critical.

2. Technology & Architecture

• ZK-powered privacy: Uses zk-SNARKs to verify transactions without exposing raw data.
• Dual-state ledger: Separates public metadata (on-chain) from private data (off-chain).
• Compact language: A TypeScript-based smart contract framework simplifies ZK development for non-experts (Midnight Docs).

3. Tokenomics & Governance

• NIGHT (24B max supply): Grants governance rights and generates DUST, a non-transferable resource for transaction fees.
• DUST: Decays if unused, incentivizing active participation. This model separates speculative value (NIGHT) from operational utility (DUST).
• Fair distribution: 4.5B NIGHT allocated via community-driven Glacier Drop and Scavenger Mine airdrops, with no VC allocations.

Conclusion

Midnight reimagines blockchain privacy as a default feature rather than an optional add-on, positioning itself as a compliance-friendly layer for Web3. By integrating with Cardano and other chains, it aims to become a universal privacy substrate.

Could Midnight’s hybrid approach to privacy and transparency become the standard for enterprise blockchain adoption?