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Foresight News reported that privacy blockchain project Midnight announced the establishment of the Midnight Foundation, which will be led by Fahmi Syed, who has been appointed as chairman. Recently, he supported the development of IO's Midnight project. Prior to this, he served as the Chief Financial Officer of Parity Technologies, the team behind Polkadot and Kusama. The core development of Midnight Network itself is led by Shielded Technologies, which is an engineering spin off of IO, the developer of Cardano. Midnight is designed specifically for secure smart contracts, supporting decentralized applications that are resistant to censorship and compliant. It uses zero knowledge proofs and a collaborative token economy architecture (with NIGHT as the utility token and DUST as the blocked transaction resource) to achieve privacy, security, and decentralization.