Cardano could be set for a rise in user activity based on comments referring to the release of Midnight’s whitepaper, dubbed the “Nightpaper.” The release details a new privacy-centric blockchain designed to address the requirements of regulated sectors while safeguarding user privacy concerns.
The Nightpaper reveals an update along with the debut of the NIGHT token. The token is a component within Midnight’s platform built on Cardano’s native asset (CNA). The NIGHT token is set to function as a governance tool for overseeing activities on the Midnight chain and ensuring openness among network users.
Cardano community reacts to Midnight Chain’s Nightpaper
The release of the Nightpaper has been met with optimism across the Cardano community. The sentiment among those who have reacted to Midnight’s privacy-focused architecture is that it will bring a wave of new users to the network.
Philip DiSarro, CEO of Anastasia Labs, shared his positive comments, suggesting that the NIGHT token could attract more users than any decentralized application (dApp) previously deployed on Cardano. According to DiSarro, Midnight’s infrastructure could generate more network activity than even the notable projects launched since Cardano’s Alonzo hard fork.
You guys have absolutely no idea how many people this will onboard onto Cardano. Night is launching as a Cardano native token. This easily has the potential to drive more traffic to the chain than the combined volume of every single dApp that has launched since Alonzo. https://t.co/eqnv1XtfLQ
— phil (@phil_uplc) September 18, 2024
The Nightpaper also details Midnight’s plan for the future by highlighting progress points in its growth journey. The project commenced its Devnet phase in November 2023. It plans to move to Testnet before launching its Mainnet.
Currently, more than 100 developers known as “Midnight Pioneers” are actively engaged in creating privacy applications during the Devnet phase. These developers are testing the platform’s capability to manage information while ensuring compliance with requirements.
Midnight will adopt a two-token approach. The NIGHT token will be responsible for governance matters such as reward distribution and participation in consensus mechanisms.
The NIGHT token is paired with the DUST token on the network to process transactions smoothly and securely. According to the whitepaper, DUST is different from gas tokens as it provides an environment that safeguards user information during transactions.
