Ah, to be honest, it's really torturous for me to write articles every day for this creator task. I don't know how to write, and it usually takes me a long time just to post on social media. Now I have to write such a long post with technical analysis, I feel like I'm going to lose all my hair. Sometimes I stare at the screen for half an hour, and what I type is still not coherent, and there are even typos.
But since I participated in the @MidnightNetwork event, I thought I couldn't give up easily! Even if it reads like a chronological account, I have to persist. After all, I really have high hopes for the Midnight project. If I give up just because I'm lazy or afraid of not writing well, that would be a shame.
In the past, I thought blockchain had to be either completely public for anyone to see or completely anonymous with nothing to check. It felt like there was no choice. But after watching the introduction of Midnight, I discovered that there are actually these kinds of operations! The zero-knowledge proof technology they're using allows the data to be verified as real while keeping the specific content hidden. This is quite impressive. For example, if I want to prove I have money to buy something but don't want people to know how much I have, this can achieve that. This is a lifesaver for big companies or banks going on-chain since no one wants to expose all their business secrets online, right?
I also stubbornly researched their technical details a bit. Although I don't understand some of the terms, the general idea is as follows:
They developed something called a 'hybrid dual-state architecture.' In simple terms, it divides the chain into two layers: one layer is public, used for governance and assets that don’t need to be confidential; the other layer is private, specifically for running encrypted smart contracts. These two layers communicate through something called 'verifiable proofs,' which is particularly fascinating.
And that programming language; previously, writing privacy contracts seemed particularly difficult and required understanding a lot of cryptographic code. But Midnight created a language called Minokawa, which is said to be somewhat like TypeScript. This means that ordinary programmers can more easily start writing privacy applications without necessarily being cryptography experts. I think this is very important because for the ecosystem to develop, many people need to come and develop it. I've heard they also used some BLS12-381 curve, which has doubled the verification speed and reduced transaction sizes, preventing network congestion.
Speaking of tokens $NIGHT , it really took off when it went live on Binance. I researched that dual-token model for quite a while; the general idea is that one is used for governance and value preservation, called NIGHT, and the other is for paying transaction fees, called $DUST. This design seems to be aimed at preventing high fees from scaring away users. The planner seems quite clever, considering everything thoroughly.
Regarding investments, I have some thoughts I've been pondering:
Although the price shot up high when it first launched, I saw someone in the community say that there will be airdrop unlocks later, which might bring some selling pressure. So the short-term volatility will definitely be high. Those looking to trade short-term should be a bit careful not to chase high prices and get caught. But I think if you're holding for the long-term, the logic of this project is very solid. Right now, the world is tightening regulations on privacy coins; pure anonymous ones like Monero are easily delisted, but something like Midnight, which can maintain 'compliant privacy,' is favored by large institutions. As long as there are more applications in the ecosystem in the future, people will need to stake NIGHT to generate DUST, which will reduce circulation and naturally support the price. Plus, with big names like Charles backing it, there will definitely be more opportunities for collaboration with traditional finance. My current strategy is to buy a little in batches whenever the price dips and then hold onto it, betting that it will become the leader in the privacy sector.
I know this article is a bit messy, and the sentences might not flow very well, but this is truly what I typed word for word. In doing tasks, the focus is on participation and persistence. Even if the early bird gets the worm, as long as you don't give up, you can always learn something. I hope the #night ecosystem gets better and better, and I can progress along with it! Tomorrow I'll continue to write despite the difficulties, let's go! 🚀🚀🚀