Cardano New Privacy Blockchain and Token Are Launching Soon
Input Output Global (IOG), which developed the Cardano blockchain, is releasing a new blockchain that focuses on privacy, called "Midnight," alongside a new token, "Dust" which will be available soon.
The company's chief executive officer, Charles Hoskinson, announced this last Friday while speaking at Edinburgh University in Scotland.?
“Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures,” Hoskinson told CoinDesk.
“This is a completely new way of writing and running private smart contracts and private computation. So, you can have a private DEX (decentralized exchange) or go mine an anonymous data set or these types of things.”
A sidechain of the Cardano platform, this blockchain will provide zero-knowledge smart contracts. In other words, it will allow parties to set up transactions without revealing any personal information.
Most countries have taken advantage of digital technologies like blockchains, Web3 and cryptocurrencies in recent years. The blockchain industry is facing privacy issues, and Cardano is addressing them with its new blockchain.?
Providing users with the privacy they need is one of the benefits of Midnight blockchain, according to Charles Hoskinson, as authorities will still have access to the system if permission is granted. As a result, authorities can still examine the Midnight blockchain if they suspect illegal activity.
The development of Midnight is still in progress. The parent group of Cardano, IOG, has announced that it plans to provide updates on its development, including a fiat-backed stablecoin.
CBW - External Analyst