There is one thought that comes to my mind over the last few days as I explored the content of #night . Full transparency is the final solution that crypto has been promoting over the years. All that one can see, all that can be proven, all on chain. This was good with systems that do not put their trust but as blockchain begins to approach more real world applications, another fact emerges not all data can and must reside in the open.
Think about financial, healthcare, identity or enterprise systems. Such environments need to be verified, yet they need confidentiality as well. That is where the idea behind Midnight is intriguing. The network is compromising rational privacy by developing a zero knowledge technology as an alternative to choosing between complete transparency and complete secrecy. Developers can have the ability to create applications that do not violate privacy but are still verifiable and acceptable as correct data can be proven.
This story is interesting to me not because of temporary price action. The markets will never stand still. The greater issue lies in the fact that the next logical step of blockchain adoption is programmable privacy. Assuming that the future indeed requires the type of systems where users can manage their data and still have institutions be able to confirm the information, then the projects of the kind, such as MidnightNetwork, may well be in the middle of the transition.
@MidnightNetwork #night $NIGHT
