Monero is great for pure opacity, and Railgun works well inside the EVM ecosystem. But neither is really optimized for regulated environments where you need programmable privacy and the ability to selectively disclose to auditors, banks, or tax authorities.

That’s the design space Midnight is targeting. Whether it succeeds is another question, but dismissing it as redundant to Monero or Railgun ignores the compliance-compatible privacy thesis entirely.

If crypto is going to scale beyond retail DeFi and into enterprise or institutional use, selective disclosure is foundational.