Staring at Midnight Network, don't look at the model rooms, first check the 'franchise rights'
I see Midnight as a factory that has just obtained a 'precision data processing' franchise license. NIGHT is its equity certificate, and DUST is the only energy consumable in the factory. Whether this factory can continue to operate depends not on its advertised privacy vision, but on whether its energy cycle logic can close the loop.
First, check the efficiency of energy generation. The more NIGHT you hold, the more DUST power the factory will automatically supply you. What I'm watching is: if you sell NIGHT, will the original DUST battery pack really 'leak' to zero immediately? If DUST can be privately misappropriated or hoarded, then this 'energy does not flow out' closed loop will go bankrupt. Who is paying the electricity bill? Can people without NIGHT afford electricity? If it all relies on project party subsidies, this business won't last long.
Next, look at the hard costs of the processing workshop. The official says that when DUST is consumed, it is directly destroyed and not given to anyone. I have to ask: since the 'workers' (block producers) cannot receive DUST as energy, what are they after? I opened the accounts and found that they are receiving dead wages from the NIGHT reserve pool. I need to keep an eye on that 24 billion total 'wage reserve pool': if the inflation rate can't be figured out, or the speed of money distribution can't keep up with the consumption of work, these workers will eventually stop the machines and go home to sleep.
Finally, calculate the premium on quota trading. The so-called 'capacity market' is essentially renting out excess electricity. I am concerned about whether that 'cross-chain observer' is reliable: if you use ETH from the neighboring factory to buy DUST energy here, where does the cut go—into the national Treasury, or is it secretly swallowed by intermediaries? With opaque accounts and control in one hand, this franchise right is just a piece of waste paper.
I am a bit timid, only trusting whether the accounts are balanced. Now holding some NIGHT is just to buy a ticket to enter, to see if this factory can actually deliver the first batch of data processing jobs. If the code doesn't run and the logic doesn't make sense, I will just consider it as watching a cross-chain joke.
@MidnightNetwork $NIGHT #night
I see Midnight as a factory that has just obtained a 'precision data processing' franchise license. NIGHT is its equity certificate, and DUST is the only energy consumable in the factory. Whether this factory can continue to operate depends not on its advertised privacy vision, but on whether its energy cycle logic can close the loop.
First, check the efficiency of energy generation. The more NIGHT you hold, the more DUST power the factory will automatically supply you. What I'm watching is: if you sell NIGHT, will the original DUST battery pack really 'leak' to zero immediately? If DUST can be privately misappropriated or hoarded, then this 'energy does not flow out' closed loop will go bankrupt. Who is paying the electricity bill? Can people without NIGHT afford electricity? If it all relies on project party subsidies, this business won't last long.
Next, look at the hard costs of the processing workshop. The official says that when DUST is consumed, it is directly destroyed and not given to anyone. I have to ask: since the 'workers' (block producers) cannot receive DUST as energy, what are they after? I opened the accounts and found that they are receiving dead wages from the NIGHT reserve pool. I need to keep an eye on that 24 billion total 'wage reserve pool': if the inflation rate can't be figured out, or the speed of money distribution can't keep up with the consumption of work, these workers will eventually stop the machines and go home to sleep.
Finally, calculate the premium on quota trading. The so-called 'capacity market' is essentially renting out excess electricity. I am concerned about whether that 'cross-chain observer' is reliable: if you use ETH from the neighboring factory to buy DUST energy here, where does the cut go—into the national Treasury, or is it secretly swallowed by intermediaries? With opaque accounts and control in one hand, this franchise right is just a piece of waste paper.
I am a bit timid, only trusting whether the accounts are balanced. Now holding some NIGHT is just to buy a ticket to enter, to see if this factory can actually deliver the first batch of data processing jobs. If the code doesn't run and the logic doesn't make sense, I will just consider it as watching a cross-chain joke.
@MidnightNetwork $NIGHT #night