One problem I have noticed in this market is that when the token price increases sharply due to speculation or market demand, the usage fee also increases, because the token is always the core and the gas fee for every transaction. This seems to be a common issue of most projects in the blockchain ecosystem.
At the present time, when legal terms and regulatory sanctions are gradually pouring into crypto, the openness of the market is being affirmed, large investors and economic organizations are gradually moving into this market and of course no organization will build its infrastructure on a platform where operating costs depend on speculative fluctuations of the market. To solve the barrier problem for development, @MidnightNetwork has recognized and solved that key issue. Instead of relying only on the basis of one token, Midnight has divided the system into 2 separate components, representing the system are $NIGHT anh DUST
$NIGHT represents the main economic value of the ecosystem, it is the "spinal marrow" of the entire structure and DUST is the resource of this system. It plays the role of "blood" and "sweat" to form a complete body - operating and consuming DUST instead of NIGHT. When truly researching deeply about the project, I find this extremely interesting.
Although Midnight is not the first blockchain to experiment with this model, previously we also had a few similar blockchains such as Neo with NEO and GAS. As well as the Vechain network with VET and VTHO, however in Midnight this becomes far more necessary than all previous projects because the strength of Midnight is targeting enterprises.
Talking in detail about NIGHT:
$NIGHT is the native token and governance token of @MidnightNetwork The right to create network resources: as mentioned above, Night is still the "spinal marrow" of the main structure, activating this mechanism means that just by holding NIGHT, the system automatically creates DUST "blood" similar to how a human body operates. The second thing I found is that NIGHT is used to: vote proposal, participate in network governance and can also decide protocol changes. In addition, Night allows Cardano stake pool operators to participate in operating the network and earn rewards in NIGHT
There is an extremely interesting point here that I found is that NIGHT is not a privacy token, NIGHT transactions are public. Privacy in Midnight comes from DUST and the familiar zero-knowledge system, not from the token.
DUST the "bloodstream" of the structure
DUST is not a tradable token but a Resource. Paying gas, compute resource, network capacity. All operations consume DUST, as I said above, DUST is the "bloodstream" and the "sweat gland".
The mechanism to create DUST is extremely simple: Holding Night, the system operates and generates DUST, DUST is used to maintain and be consumed and continue to regenerate. Do you realize it? the way I call NIGHT the spinal marrow and DUST the bloodstream is like that.
However an important characteristic is that DUST cannot be sent between wallets, meaning it cannot be traded. The regeneration of DUST is based on holding NIGHT just like when you are young and your body is healthy, circulation will be better than when you are old. And similar to the biological mechanism of humans, one thing applied in MIDNIGHT is that DUST cannot be stored long term, meaning if not used it will gradually decrease, this is a mechanism that I think is quite good to prevent speculators from spamming the network and accumulating it. However, Dust is not really scarce, I still call DUST "blood". Developers can hold NIGHT to create DUST and use DUST to pay fees for users. Quite interesting, sometimes I also encounter problems and also want to receive some amount of "blood" to maintain.
Exactly the things I mentioned above create a wonderful structure, no different from a beautiful entity that god created humans, for this reason the success of NIGHT at the present time is quite obvious when it has solved an extremely core problem in operating the infrastructure of an organization.
I will still accompany NIGHT and hold it, what about you?