Announced by IOK and after four years of waiting and development, the Midnight devnet is finally prepped for its debut. 🎂
What is Midnight? The easiest way to describe is as a privacy chain on Cardano.
But I shamelessly asked ChatGPT to describe the difference between Cardano’s normal blockchain and their upcoming Midnight sidechain. Here’s what ChatGPT says:
Alright kiddo, imagine you have two toy boxes:
Cardano’s Normal Network Toy Box: This is a big toy box where everyone can see and play with the toys. When you put a toy in, all your friends can see it and know it’s there. It’s like a big, open playground.
Midnight Toy Box: Now, this is a magical toy box. When you put a toy inside, it becomes invisible! Only you know what toy you put in, and if you want to show it to a friend, you can use a magic spell to make just that toy appear. It’s like having a secret compartment in your toy box.
Use Case Examples
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Identity Verification Reinvented: Imagine a world where KYC and AML checks are a breeze, thanks to ZKPs. No more data overload, just seamless verifications.
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NFTs with a Privacy Twist: NFTs are all the rage, but what if they could be private? Midnight ensures your tokenized assets remain under wraps while still allowing necessary interactions.
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AI & LLMs Level Up: AI and LLMs are already game-changers, but with Midnight, they can access rich datasets without compromising privacy.
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Decentralized Credit Scoring: Get your credit score without revealing your life story. That’s the magic of Midnight’s ZK tech.
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Anonymous Voting, Decentralized Style: Vote without oversharing. Blockchain ensures transparency, and Midnight’s ZK tech ensures privacy.
Perks for the Pioneers Early birds joining the Midnight devnet will:
- Be at the forefront of data protection tech evolution.
- Relish IOG’s research-driven, security-first development approach.
- Influence Midnight’s trajectory.
- Engage with Midnight’s dedicated engineers.
- Boost their DApp’s visibility.
- Showcase their innovations in exclusive webinars.
Cardano’s DeFi Growth Outpaces Its Peers
A rarity and almost unique condition of Cardano’s DeFi space is the consistent growth throughout 2023.
Cardano’s DeFi space just hit a whopping $160 million in total value locked (TVL). That’s a near 10% jump in the cash parked there. What’s it mean? Well, Cardano’s looking even juicier for DeFi enthusiasts and those sweet, sweet liquidity pools.
TVL rocketed by 9.26% in the past week. We’re talking $161 million locked and loaded, with a 1.86% bump in just a day and a 0.67% monthly climb. Sure, the 30-day growth might seem tiny, but in a world where many chains are watching their cash flow out, Cardano’s still pulling in the gains.
Interestingly, the Top 5 protocols are all unique, too:
Cardano’s flexing its DeFi muscles, even if it’s still testing the waters. Fun fact: that $161 million? It’s 1.75% of ADA’s beefy $9.17 billion market cap – a number continues to grow. 🌌