Question 1

What is Midnight (NIGHT)?

Accepted Answer

Midnight is a privacy-focused Layer 1 blockchain designed to enable data-protecting decentralised applications through zero-knowledge (ZK) cryptography and selective disclosure. Its architecture separates application logic from private data and allows both shielded and unshielded transactions.

The protocol uses a dual-token system:
- **NIGHT** is the unshielded, transferable native token used for governance, block production rewards, and ecosystem incentives.
- **DUST** is a shielded, non-transferable, and decaying resource used exclusively to pay transaction fees on the network.

Midnight introduces a system where **NIGHT generates DUST** over time. This provides predictable access to network resources without requiring users to spend the native token directly. The separation between value (NIGHT) and utility (DUST) helps address regulatory concerns while preserving user privacy.

NIGHT exists as a native token on both **Cardano** (as a Cardano Native Asset) and the **Midnight mainnet**. A protocol-level bridge ensures tokens are locked on one network when active on the other, maintaining a total supply cap of 24 billion tokens.

Question 2

What is Midnight (NIGHT) token used for?

Accepted Answer

NIGHT is used for several purposes across the Midnight ecosystem:

- **Generating DUST**: NIGHT passively generates DUST, the shielded resource used to pay for transactions. The more NIGHT held, the more DUST is generated.
- **Network governance**: NIGHT will enable on-chain voting on proposals, including protocol upgrades and Treasury spending.
- **Block production rewards**: NIGHT from the Reserve pool is distributed to block producers and the on-chain Treasury as rewards.
- **Treasury backing**: NIGHT underpins the protocol-owned Treasury, which may diversify into other assets and blockchains over time.
- **Ecosystem participation**: NIGHT can be delegated, bridged, or designated to generate DUST for others, enabling sponsored or abstracted transactions.

The DUST mechanism allows:
- Users to transact without revealing metadata
- DApp operators to cover user transaction costs
- Future marketplaces for leasing or exchanging access to network capacity

DUST cannot be transferred or stored as value and decays over time, preventing speculation and reducing regulatory risk.

Question 3

Who created Midnight (NIGHT)?

Accepted Answer

Midnight was incubated by Input Output (IO), the blockchain engineering company founded by Charles Hoskinson, who also co-founded Ethereum and founded Cardano. Hoskinson conceptualised Midnight as a blockchain built for “rational privacy” in Web3.

The protocol is now being developed by Shielded Technologies, an engineering spin-out from IO. Shielded Technologies is led by Mike Ward (CEO) and Bob Blessing-Hartley (CTO). Midnight's broader governance structure is supported by the Midnight Foundation, an independent organisation tasked with long-term ecosystem development and decentralisation of the network.

Midnight maintains a close relationship with Cardano, using its validator network (Stake Pool Operators) to secure the protocol at launch. The network’s consensus design aligns with the Cardano Partner Chains framework.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	NIGHT-USDT NIGHTUSDT	binance	AA	0.04651USDT	-4.75%	82,973,047.00NIGHT	56,589	0.04883USDT	0.05060USDT
2	NIGHT-USDT NIGHT-USDT	okex	A	0.04652USDT	-4.72%	63,601,256.60NIGHT	67,076	0.04883USDT	0.05061USDT
3	NIGHT-USD NIGHTUSD	kraken	AA	0.04648USD	-4.85%	51,065,238.26NIGHT	13,167	0.04885USD	0.05067USD
4	NIGHT-USDT NIGHT_USDT	gateio	A	0.04648USDT	-4.80%	49,882,733.00NIGHT	57,094	0.04882USDT	0.05059USDT
5	NIGHT-USDC NIGHTUSDC	bullish	AA	0.04640USDC	-4.92%	47,354,824.20NIGHT	29,334	0.04880USDC	0.05060USDC
6	NIGHT-USDT NIGHTUSDT	bullish	AA	0.04645USDT	-4.77%	46,724,900.23NIGHT	29,167	0.04878USDT	0.05056USDT
7	NIGHT-USDT NIGHTUSDT	bybit	A	0.04648USDT	-4.73%	33,529,725.10NIGHT	27,101	0.04879USDT	0.05059USDT
8	NIGHT-USDT NIGHT-USDT	kucoin	BB	0.04649USDT	-4.77%	17,291,767.90NIGHT	8,373	0.04882USDT	0.05062USDT
9	NIGHT-USDC NIGHTUSDC	binance	AA	0.04650USDC	-4.71%	9,142,108.00NIGHT	4,944	0.04880USDC	0.05060USDC
10	NIGHT-USDT NIGHTUSDT_SPBL	bitget	BB	0.04644USDT	-4.74%	8,588,937.06NIGHT	3,373	0.04875USDT	0.05052USDT
11	NIGHT-TRY NIGHTTRY	binance	AA	2.29TRY	-4.59%	6,777,191.00NIGHT	2,039	2.40TRY	2.49TRY
12	NIGHT-EUR NIGHTEUR	kraken	AA	0.04151EUR	-4.27%	5,733,121.74NIGHT	1,312	0.04336EUR	0.04489EUR
13	NIGHT-USDC NIGHT-USDC	okex	A	0.04637USDC	-5.01%	3,775,044.50NIGHT	2,596	0.04881USDC	0.05058USDC
14	NIGHT-EUR NIGHT-EUR	okex	A	0.04154EUR	-4.24%	655,871.80NIGHT	1,635	0.04338EUR	0.04492EUR
15	NIGHT-TRY NIGHT-TRY	okex	A	2.31TRY	-2.65%	161,832.49NIGHT	98	2.38TRY	2.47TRY
16	NIGHT-U NIGHTU	binance	AA	0.04641U	-4.84%	81,228.00NIGHT	66	0.04877U	0.05046U
17	NIGHT-USD NIGHT-USD	okex	A	0.03173USD	0.00%	0NIGHT	0	0.03173USD	0.03173USD
18	NIGHT-USD NIGHTUSD	cexio	BB	0.04724USD	-5.86%	2,076.31NIGHT	3	0.05018USD	0.05018USD
19	NIGHT-USDT NIGHTUSDT	cexio	BB	0.04732USDT	-6.55%	1,793.08NIGHT	2	0.05064USDT	0.05064USDT
20	NIGHT-USDC NIGHTUSDC	cexio	BB	0.04984USDC	-0.69%	636.12NIGHT	1	0.05019USDC	0.05019USDC
21	NIGHT-USDT NIGHT_USDT	p2pb2b	D	0.04653USDT	-4.69%	21,232,309.00NIGHT	27,589	0.04882USDT	0.05060USDT
22	NIGHT-USDT night_usdt	digifinex	D	0.04652USDT	-4.76%	13,482,029.51NIGHT	21,263	0.04885USDT	0.05060USDT
23	NIGHT-USDT sNIGHTUSDT	phemex	C	0.04646USDT	-4.68%	12,849,334.50NIGHT	6,085	0.04874USDT	0.05062USDT
24	NIGHT-USDT night_usdt	lbank	C	0.04652USDT	-4.65%	11,645,888.60NIGHT	86,157	0.04879USDT	0.05057USDT
25	NIGHT-USDT NIGHTUSDT	toobit	C	0.04650USDT	-4.77%	10,206,390.00NIGHT	15,808	0.04883USDT	0.05059USDT
26	NIGHT-USDT night_usdt	xtpub	-	0.04654USDT	-4.81%	9,541,117.29NIGHT	6,575	0.04889USDT	0.05061USDT
27	NIGHT-USDT NIGHTUSDT	bitrue	D	0.04650USDT	-4.75%	7,838,964.15NIGHT	22,635	0.04882USDT	0.05058USDT
28	NIGHT-USDT NIGHT_USDT	bydfi	-	0.04651USDT	-4.71%	2,343,313.51NIGHT	3,773	0.04881USDT	0.05064USDT
29	NIGHT-USDC NIGHT_USDC	p2pb2b	D	0.04643USDC	-4.84%	1,949,482.00NIGHT	2,177	0.04879USDC	0.05060USDC
30	NIGHT-USDT nightusdt	huobipro	C	0.04300USDT	-4.38%	1,957,105.20NIGHT	1,521	0.04497USDT	0.04655USDT
31	NIGHT-USDC NIGHTUSDC	mexc	C	0.04653USDC	-4.65%	1,150,672.12NIGHT	3,175	0.04880USDC	0.05065USDC
32	NIGHT-USDT NIGHT_USDT	cryptology	D	0.04653USDT	-4.71%	865,364.62NIGHT	2,918	0.04883USDT	0.05057USDT
33	NIGHT-USDC NIGHT_USDC	cryptology	D	0.04652USDC	-4.73%	856,203.62NIGHT	3,261	0.04883USDC	0.05057USDC
34	NIGHT-IDR nightidr	indodax	E	824.00IDR	-5.61%	422,855.48NIGHT	258	873.00IDR	907.00IDR
35	NIGHT-USDT NIGHTUSDT	coinex	C	0.02795USDT	0.00%	0NIGHT	0	0.02795USDT	0.02795USDT
36	NIGHT-USDT NIGHTUSDT	hitbtc	E	0.02279USDT	0.00%	0NIGHT	0	0.02279USDT	0.02279USDT