- Cardanoโs Midnight is pitched as the final piece for mass adoption.
- The project intends to unite different networks via its decentralized privacy model.
- The “Glacier drop” flips the script on token distributions.
Cardanoโs Midnight is being hailed as a fourth-generation blockchain designed to solve the issue of decentralized privacy. By addressing the lack of privacy in blockchain, Midnight aims to pave the way for broader enterprise adoption and mass market use.
Though Input Output has been working on Midnight for six years, only recently have details started emerging. Charles Hoskinson revealed that holders of major cryptocurrencies will receive Midnight tokens through an upcoming “Glacier drop,” sparking significant anticipation.
Cardano Founder Wants a Fair Token Launch
As Midnight enters the testnet phase, Hoskinson revealed at Token2049 in Singapore that the project will feature a Glacier drop to distribute tokens to 135 million accounts across major crypto networks. He explained that if users want the tokens, they will “mine” them, and the Midnight network will launch through this participation process.
Sponsored
Hoskinson highlighted that the Glacier drop marks a shift from typical airdrops, where tokens are only distributed to native holders. Insiders often receive cheap tokens with plans to dump them on retail investors later.
Midnight CEO Eran Barak recently confirmed that the project is designed to be community-led. He stated that 100% of the token supply will be allocated to retail users across major crypto chains, reinforcing Midnightโs commitment to a fair distribution model without insider advantages.
While the exact details on who qualifies for the airdrop and which chains are considered “major networks” remain unclear, Stake Pool Operator “Stake With Pride” recently shared an estimated distribution model. This model suggested that Bitcoin, Ethereum, Solana, and BNB Chain users are among the major chains included in the Glacier drop.
Dual Token Privacy System
The Midnight litepaper revealed that the protocol operates on a dual-token system. The unshielded NIGHT token is designed for governance and block rewards, while the shielded DUST token facilitates transactions within the network.
Notably, the litepaper stated that DUST tokens cannot be transferred, addressing concerns about privacy technology being misused for illicit activities. However, the specific NIGHT-DUST interaction process will be detailed in the upcoming full whitepaper.
Conflicting reports exist regarding whether eligible users will receive NIGHT or DUST tokens in the Glacier drop, but Hoskinson recently stated that it would be DUST tokens being airdropped.
Similarly, details on mining airdropped tokens are thin on the ground. However, the process is expected to be computationally light. Further details are expected upon the release of the full whitepaper.
On the Flipside
- Midnight is a “hybrid application,” meaning users from Bitcoin, Ethereum, and other chains can interact with it and settle in their native token.
- Regulators have not confirmed that Midnightโs dual token privacy model is compliant.
Why This Matters
By solving decentralized privacy and incentivizing cooperation between blockchain communities, Midnight may be the catalyst for turning cryptocurrency into a mainstream product.
Charles Hoskinson intends to unify crypto with Midnight.
Cardano Founder Backs Midnight to Unite Crypto Space
Rumors swirl that Binance is about to list Cardano Native Tokens.
Binance Listing Cardano Tokens? Rumors Swirl Ahead of Summit
