311: Midnight, Dust & the Future of Private Blockchains with guest speaker Fahmi Syed

What if privacy wasn’t a barrier but the key to blockchain’s mass adoption?In this episode, I speak with Fahmi Syed, a financial industry veteran turned Web3 leader, now driving innovation at Midnight—a privacy-first blockchain backed by Charles Hoskinson. Fahmi shares how his journey from hedge funds to Parity, then to Midnight, shaped his belief that rational privacy is not just important, but essential for the next wave of blockchain adoption.We talk about Midnight’s unique dual-token model, why current chains fall short on privacy, and how selective disclosure using zero-knowledge proofs could unlock real-world use cases for enterprises and individuals alike. Whether you’re a builder, investor, or just curious about Web3’s next evolution, this is an episode you won’t want to miss.Key Learnings & Timestamps00:45 – Fahmi’s journey from hedge funds to Parity and Midnight02:10 – The two things holding blockchain back: privacy and identity04:00 – Why pseudo-anonymity isn't true privacy05:55 – The rising demand for digital privacy (beyond just finance)07:40 – Real-world risks of transparency in financial trading10:15 – Rational privacy and what Midnight is solving12:00 – Where other privacy chains fell short (Monero, Zcash, etc.)14:15 – Protecting data and metadata on-chain17:00 – How Midnight supports transparency without sacrificing privacy22:10 – Building a blockchain with dual state: public and private24:00 – Midnight’s dual-token model: Night and Dust explained28:00 – What Web2 gaming taught us about dual currencies33:00 – The Glacier Drop and Scavenger Mine explained34:15 – Midnight’s roadmap for the next 6-12 monthsConnecthttps://www.linkedin.com/in/fahmi-s-694b5414b/ https://x.com/midnightfdnhttps://www.linkedin.com/company/midnight-foundation/https://www.midnight.gd/⁠ DisclaimerNothing mentioned in this podcast is investment advice and please do your own research.Finally, it would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.Be a guest on the podcast or contact us - https://www.web3pod.xyz/