According to Foresight News, the privacy blockchain project Midnight has announced the establishment of the Midnight Foundation, which will be led by Fahmi Syed, who has been appointed as chairman. Recently, he supported the Midnight project development of IO. Prior to this, he served as the Chief Financial Officer of Parity Technologies, the team behind Polkadot and Kusama.
The core development of the Midnight network itself is led by Shielded Technologies, a spin-off engineering company of IO, the developer of Cardano. Midnight is designed for confidential smart contracts, supporting censorship-resistant and compliant decentralized applications. It uses zero-knowledge proofs and a collaborative token economic architecture (with NIGHT as the utility token and DUST as the shielded transaction resource) to achieve privacy, security, and decentralization.
