Midnight
Crypto Overview
Overview
Midnight (NIGHT) is a privacy-focused Layer 1 blockchain built on Cardano's eUTXO model that aims to enable both public and private smart contract capabilities. The project was announced in November 2022 and is being developed by IOG (Input Output Global), the same company behind Cardano.
Purpose and Utility
The primary purpose of NIGHT is to serve as the native token for the Midnight blockchain platform, enabling users to pay for transaction fees and participate in governance. The platform aims to provide selective privacy features for sensitive commercial and personal data while maintaining regulatory compliance.
Business Model Assessment
The business model appears to focus on legitimate use cases around data privacy and regulatory compliance. The platform aims to allow businesses and individuals to protect sensitive information while still enabling transparency where needed. There is no indication of the platform being designed for or primarily used in impermissible activities.
Development Status
The project is still in active development, with regular updates from IOG. While the mainnet has not launched yet, the development team has a strong track record with Cardano. The token is not yet available for trading.
Token Distribution
As the token has not launched yet, detailed information about token distribution is not publicly available. However, IOG has a history of implementing fair token distribution mechanisms with long vesting periods, as evidenced by their work with Cardano.
Technology and Revenue Model
The platform's revenue model appears to be based on transaction fees and network usage, rather than interest-based mechanisms. The selective privacy features are designed to comply with regulations while protecting user privacy.
Crypto Impact
To assign a comfort level investing in Midnight from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Midnight.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.