Charles Hoskinson, founder of Cardano, used the TOKEN2049 stage in Singapore to criticize smart contracts and promote Night Mode, a privacy-first framework built on Midnight. The platform relies on three complementary technologies: zero-knowledge proofs, multi-party computation and trusted execution environments. The NIGHT token, which handles governance and utility, has a fixed supply of 24 billion units, while DUST is a shielded token used for transaction fee payments. Hoskinson invested approximately $200 million in the project’s development, with the genesis block launching on March 17, 2026. An integration with Solana wallets for private swaps was also announced as part of a broader cross-chain strategy.
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