A live session on X was held on November 17, 2024, by Charles Hoskinson where he discussed the Midnight token airdrop. Several questions were raised and it was clearly addressed. Charles announced that the airdrop would be launched soon but the official date was not declared. However, he promised he would share more detailed information later.
Do you know what is midnight? Come let me upskill you with a brief description of midnight.
Midnight is basically a privacy-focused blockchain developed by Input Output Global (IOG), the team behind Cardano. The project aims to provide a safe method for managing sensitive personal and business data while adhering to legal regulations. This is introduced to enable individuals and businesses to interact on the blockchain without disclosing personal details unnecessarily.
Midnight ensures privacy
Midnight employs state-of-the-art cryptographic techniques such as zero-knowledge proofs (ZKPs). They allow users to show they have certain information without actually sharing it.
Cardano midnight airdrop
Cardano’s midnight airdrop is part of the Midnight blockchain. As we said earlier, midnight is developed by IOG, Cardano’s parent company. Thus, it enables users and businesses to interact securely on the blockchain while protecting data privacy and complying with regulations.
Midnight and Cardano
The connection between Midnight and Cardano creates many new opportunities; below are a few of them.
Privacy-preserving DeFi: Imagine a world where users can participate in DeFi transactions while maintaining their financial details confidentially. Midnight could enable secure and anonymous lending, trading, and borrowing, this creates a more inclusive and protected DeFi ecosystem.
Enhanced regulatory compliance: Midnight aims to keep data private and could captivate institutions to follow strict data protection rules. This could make Cardano’s growth easier and have a bigger impact on the financial world.
Empowering users with data ownership: Midnight users have full authority over their data. Users are the prime people to decide what to share and whom to share with, and it promotes a new way of managing data that puts users first in the blockchain world.
Airdrop considerations
1. Official sources only
Any information about airdrops can only be received from official IOG channels to avoid scams or misinformation.
2. No action required (Likely)
The interesting fact is that legitimate airdrops don’t require any kind of action from the user side and be sure you are not scammed by sending ADA or Connect wallets to participate.
3. Long-term vision (Likely)
Avoid relying on the short-term benefits of the airdrop and instead focus on the long-term potential integration of Midnight and Cardano.
Working of Midnight Token Airdrop
So many details about the Midnight token airdrop remind a mystery, yet below mentioned are some of the data disclosed so far.
- Eligibility: The airdrop will be based on the amount of ADA staked on Cardano and holdings on other major blockchains.
- Distribution: Tokens will be distributed among people who actively participate in the system.
- Safety: The IOG advises keeping an eye on official announcements to avoid scams. Legitimate airdrops won’t ask users to send tokens or connect wallets to unknown sites.
Midnight airdrop eligibility
The hints about the eligibility criteria were raised by Charles. He shared vital information about the Midnight airdrop during an AMA session on November 17.
Midnight plans to introduce a dual-token model comprised of both NIGHT and DUST. Governance and stalking purposes will be facilitated by NIGHT tokens, while DUST will act as the primary currency for transactions on the Midnight blockchain.
Charles confirmed that DUST airdrops are eligible for ADA holders, and this was referred to as a ‘glacier drop’. Glacier Drop involves the distribution of Midnight’s Dust tokens to ADA stakeholders. However, to fully obtain the tokens, recipients need to participate in mining on the Midnight blockchain.
Midnight development progressing
Midnight uses zk-SNARK technology to secure transactions, ensuring that sensitive data remains confidential. The project’s main focus is on ensuring ADA holders are alerted about this and make them prepared for participation.
More announcements about this will be made during the next phase of development. Every phase of the development is operating smoothly, and the zkApp was introduced on the sidechain.
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