Charles Hoskinson Introduces Dual Coin Setup with “$Midnight” and “$Dust” Crypto Similar to $MILK and $MYIELD and Partner Chains
Having co-founded Ethereum ($ETH) and Cardano ($ADA) in the past, Charles Hoskin now announces that they are leveraging their accumulated knowledge to unveil a blockchain version 4.0, presented as a dual-token model named Midnight, accompanied by its counterpart, “Dust.”
Midnight is envisioned to operate as a hybrid system, enabling both miners and Proof-of-Stake (POS) holders to validate the network. In theory, even Bitcoin ($BTC) and Ethereum ($ETH) miners could potentially participate in this validation process. This inclusive approach is expected to serve as a powerful incentive for many to engage with Midnight and Dust.
Midnight offers the potential for more reliable price forecasting. Instead of trading the primary coin, you transact with a coin specifically designated as the “exchange coin.”
Take, for instance, $MILK, which operates on a dual-token system ($MILK and $MYIELD). $MILK has seen year-to-date gains surpassing 400%, and analysts speculate that the coin may reach prices as high as $1,000 in this market cycle alone. With a maximum supply of only 10 million coins, over 6.2 million coins currently in circulation, and more than 1 million coins locked in staking, along with a fully operational DEX, aggregator, staking, liquidity pools, and an expanding ecosystem encompassing $MILKopolis, Got MILK Crypto, and The Creation Station Studios (which boasts over 9,000 working actors as members) in partnership with $MILKopolis…
But what exactly is Midnight?
Midnight is a pioneering blockchain dedicated to safeguarding data. It enables developers to swiftly and securely construct apps that comply with regulations, ensuring the protection of both personal and commercial data.
So, how does Midnight guarantee data protection?
Midnight employs zero-knowledge technology, allowing for data transactions without exposing sensitive information. This crucially maintains user anonymity and data integrity, ensuring personal information never leaves the user’s device.
Within the realm of zero-knowledge proofs (ZKPs), Midnight leverages ZK Snarks, effectively separating an app’s public and private data sources. This means sensitive data remains under the ownership of the respective systems or devices.
Furthermore, ADA holders engaged in staking with SPOs linked to Midnight will be eligible for an airdrop of “Dust.” In anticipation of this event, Cardano ADA holders are likely to increase their holdings.
There has been speculation regarding Midnight’s potential impact on Cardano. It could potentially pose a challenge if a significant number of users migrate to Midnight, especially if Midnight offers superior tokenomics compared to Cardano. However, at first glance, Midnight does not seem to be positioned as a “community coin.” Instead, it proposes a hybrid approach that balances privacy and transparency, appealing to both the commercial world and retail traders seeking greater decentralization.
Yet, this also brings about a potential drawback, as it may deter individuals who prioritize increased decentralization.