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Midnight is a privacy-preserving Layer 1 blockchain developed by Input Output Global (IOG) and conceptualised by Charles Hoskinson. It uses zero-knowledge cryptography and selective disclosure to protect user and application data. The ecosystem runs on a dual-token model: NIGHT, the unshielded native token used for governance, block production rewards, and incentives; and DUST, a shielded, non-transferable, and decaying resource used to pay for transactions
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.
NIGHT was launched on 2025-11-25
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.
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.
