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	0.04531USDT	-7,78%	77 194 745,00NIGHT	60 282	0.04913USDT	0.05123USDT
2	NIGHT-USDT NIGHT_USDT	gateio	A	0.04524USDT	-7,60%	74 371 058,00NIGHT	97 314	0.04895USDT	0.05111USDT
3	NIGHT-USDT NIGHT-USDT	okex	A	0.04531USDT	-7,77%	53 605 259,10NIGHT	42 261	0.04913USDT	0.05121USDT
4	NIGHT-USD NIGHTUSD	kraken	AA	0.04531USD	-7,61%	40 203 720,06NIGHT	9 465	0.04904USD	0.05117USD
5	NIGHT-USDT NIGHTUSDT	bybit	A	0.04532USDT	-7,77%	32 252 728,80NIGHT	23 768	0.04914USDT	0.05120USDT
6	NIGHT-USDT NIGHTUSDT	bullish	AA	0.04532USDT	-7,74%	28 550 268,15NIGHT	22 319	0.04912USDT	0.05120USDT
7	NIGHT-USDC NIGHTUSDC	bullish	AA	0.04530USDC	-7,74%	26 947 972,65NIGHT	20 660	0.04910USDC	0.05120USDC
8	NIGHT-USDT NIGHT-USDT	kucoin	BB	0.04529USDT	-7,72%	15 587 439,47NIGHT	10 413	0.04908USDT	0.05123USDT
9	NIGHT-USDC NIGHTUSDC	binance	AA	0.04528USDC	-7,72%	10 909 993,00NIGHT	5 034	0.04907USDC	0.05115USDC
10	NIGHT-EUR NIGHTEUR	kraken	AA	0.04028EUR	-7,87%	7 295 680,73NIGHT	1 633	0.04372EUR	0.04579EUR
11	NIGHT-TRY NIGHTTRY	binance	AA	2,24TRY	-7,26%	6 658 896,00NIGHT	1 804	2,41TRY	2,51TRY
12	NIGHT-USDT NIGHTUSDT_SPBL	bitget	BB	0.04513USDT	-7,97%	6 381 301,01NIGHT	1 905	0.04904USDT	0.05120USDT
13	NIGHT-EUR NIGHT-EUR	okex	A	0.04052EUR	-7,36%	1 134 033,70NIGHT	1 849	0.04374EUR	0.04566EUR
14	NIGHT-USDC NIGHT-USDC	okex	A	0.04509USDC	-7,96%	1 093 843,70NIGHT	779	0.04899USDC	0.05111USDC
15	NIGHT-U NIGHTU	binance	AA	0.04456U	-9,67%	297 003,00NIGHT	66	0.04933U	0.05016U
16	NIGHT-TRY NIGHT-TRY	okex	A	2,22TRY	-8,32%	121 559,44NIGHT	91	2,42TRY	2,52TRY
17	NIGHT-USD NIGHTUSD	cexio	BB	0.04449USD	-9,74%	1 201,56NIGHT	2	0.04930USD	0.04964USD
18	NIGHT-USDT NIGHTUSDT	cexio	BB	0.04689USDT	-4,97%	494,76NIGHT	1	0.04934USDT	0.04934USDT
19	NIGHT-USDC NIGHTUSDC	cexio	BB	0.04998USDC	1,14%	459,42NIGHT	1	0.04941USDC	0.04998USDC
20	NIGHT-USDT NIGHT_USDT	p2pb2b	D	0.04531USDT	-7,74%	21 912 947,00NIGHT	30 748	0.04911USDT	0.05122USDT
21	NIGHT-USDT night_usdt	xtpub	-	0.04531USDT	-7,77%	14 514 478,33NIGHT	10 076	0.04913USDT	0.05117USDT
22	NIGHT-USDT night_usdt	lbank	C	0.04533USDT	-7,70%	12 907 184,30NIGHT	86 338	0.04911USDT	0.05119USDT
23	NIGHT-USDT sNIGHTUSDT	phemex	C	0.04540USDT	-7,44%	12 465 605,20NIGHT	6 181	0.04905USDT	0.05127USDT
24	NIGHT-USDT night_usdt	digifinex	D	0.04529USDT	-7,76%	11 274 005,10NIGHT	14 951	0.04910USDT	0.05120USDT
25	NIGHT-USDT NIGHTUSDT	toobit	C	0.04533USDT	-7,73%	10 015 546,00NIGHT	16 290	0.04913USDT	0.05119USDT
26	NIGHT-USDT NIGHTUSDT	bitrue	D	0.04530USDT	-7,76%	7 504 429,56NIGHT	22 411	0.04911USDT	0.05119USDT
27	NIGHT-USDT nightusdt	huobipro	C	0.04130USDT	-9,53%	4 919 869,08NIGHT	3 848	0.04565USDT	0.04735USDT
28	NIGHT-USDC NIGHT_USDC	p2pb2b	D	0.04522USDC	-7,85%	2 395 845,00NIGHT	2 188	0.04907USDC	0.05115USDC
29	NIGHT-USDT NIGHT_USDT	bydfi	-	0.04500USDT	-7,99%	2 292 061,36NIGHT	4 893	0.04891USDT	0.05110USDT
30	NIGHT-USDC NIGHTUSDC	mexc	C	0.04529USDC	-7,76%	1 545 163,63NIGHT	3 331	0.04910USDC	0.05106USDC
31	NIGHT-USDC NIGHT_USDC	cryptology	D	0.04498USDC	-8,38%	1 786 462,73NIGHT	3 724	0.04910USDC	0.05113USDC
32	NIGHT-USDT NIGHT_USDT	cryptology	D	0.04503USDT	-8,33%	1 782 366,05NIGHT	4 931	0.04912USDT	0.05118USDT
33	NIGHT-IDR nightidr	indodax	E	787,00IDR	-9,02%	128 061,67NIGHT	150	865,00IDR	901,00IDR
34	NIGHT-USDT NIGHTUSDT	coinex	C	0.02795USDT	0,00%	0NIGHT	0	0.02795USDT	0.02795USDT
35	NIGHT-USDT NIGHTUSDT	hitbtc	E	0.02279USDT	0,00%	0NIGHT	0	0.02279USDT	0.02279USDT