midnight’s privacy model is smart, no doubt.
Selective disclosure solves a real problem for enterprises that can’t operate in fully transparent environments.
But the trade-off is obvious the more you think about it.
Less visibility means less independent verification. And that’s been the core of blockchain trust from day one.
Instead of “don’t trust, verify,” it starts to feel more like “trust the system design.”
That might work technically.
The real question is whether people are comfortable trusting what they can’t fully see.