Fahmi Syed - Midnight
1. The Promise of Decentralization Explained
Fahmi highlighted the fundamental promise that blockchains offer: decentralization. He expressed that this concept was born from the realization during the 2008 financial crisis, where individuals found their access to funds restricted by centralized institutions. The vision behind blockchain technology is to enable peer-to-peer transactions devoid of mediatory gatekeeping, empowering users to control their finances directly. This historical perspective emphasizes the critical need for a financial system where no single entity or institution can limit access to one's hard-earned resources.
2. Privacy as a Central Tenet for Adoption
Fahmi proclaimed that privacy is not just a feature but a central tenet required to leverage blockchain technology for mass adoption. He stated that the prevailing notion of transparency often compromises individuals' fundamental right to privacy. The current technologies frequently conflate transparency with the notion of trustworthiness; however, Fahmi argues that a balance must be achieved where individuals have control over their data while benefiting from blockchain's capabilities.
3. Introducing Rational Privacy Concept
Fahmi introduced the concept of "rational privacy," describing it as the ability to determine when to share personal information without compromising one's safety or security. He related this to physical networking, where individuals choose to reveal their identities only when necessary. He further elaborated that this same rationale should apply in digital interactions on blockchains. By instituting rational privacy, Midnight aims to provide a more personal and secure blockchain experience that encourages user interaction without fear of unwanted exposure.
4. Separation of Ownership and Consumption in Technology
Fahmi discussed a shift in how technology is consumed, remarking that ownership is no longer essential for usage. He pointed out that no one owns a cloud server but instead consumes its resources. Similarly, he argued that the conventional blockchain model demands ownership of its tokens for usage, which limits its accessibility. Midnight aims to disrupt this pattern by separating ownership from consumption, enabling users to utilize the blockchain network without being required to hold tokens unnecessarily.
5. The Role of Knight and Dust Tokens
Fahmi introduced two specific tokens associated with the Midnight blockchain: Knight and Dust. Knight serves as a governance token while Dust represents a renewable computational resource, allowing users to interact with the network without compromising their privacy. Specifically, Dust facilitates transactions while employing zero-knowledge proofs, which maintain confidentiality. He emphasized that this model not only secures individual transactions but can also encourage a collaborative economic environment, fostering interaction and growth across the blockchain ecosystem.
6. Approach to Fair Distribution of Tokens
Fahmi discussed Midnight's strategy for token distribution, specifically classified as a "glacier drop," where the aim is equitable access for developers across various ecosystems such as Cardano, Bitcoin, and Ethereum. He emphasized that this model promotes fairness by distributing tokens to a variety of blockchain platforms while excluding insider advantages often seen in traditional funding rounds. This method is indicative of Midnight's mission to ensure inclusivity and accessibility within the blockchain community.
