Cardano Launches Its Privacy-Focused Blockchain Midnight
After privacy-focused projects like Monero failed to combat growing privacy concerns in the blockchain industry, Cardano, a crypto project backed by technology company Input Output Global (IOG), is preparing to launch a new privacy-focused blockchain.
The digital world has experienced rapid growth in recent years, and almost all countries interacted with new technologies such as Blockchain, web 3 and cryptocurrencies. However, privacy, one of the most crucial online issues, remains a vulnerability in the industry.
Speaking at an event at Edinburgh University, Charles Hoskin, CEO of Cardano Blockchain, revealed that the company would launch a new token known as dust to power this separate and privacy-focused ecosystem. The company’s new blockchain, called Midnight, is expected to be a better version than previous privacy-focused coin projects.
The main goal behind the development of Midnight is to provide individuals, companies and developers with privacy and security over commercial and personal data alongside giving them basic freedom. Although privacy is considered a major concern, the project uses zero-knowledge secure technology.
Unlike the previous privacy protocols, the newly created blockchain has government government involvement based on permissions granted by the system. As a result, it gives users control over their privacy and confidentiality.
Tech tycoons and crypto celebrities have always welcomed privacy products, while authorities remained aggressive over concerns about how a product could possibly help bad actors move money illegally.
One of the earlier examples is the ban on the Ethereum-based privacy tool Tornado Cash; Officials alleged that the crypto mixer made it easier for North Korean hackers to launder crypto funds.
Cardano CEO criticized Monero, Zcash
Today, privacy has become the primary concern of any legal firm. However, Hoskin said that adding privacy to blockchain projects was difficult, so it slowed the adoption of cryptocurrencies.
Criticizing the previous blockchain projects for privacy, the CEO admitted Zcash and Monero, saying they used weird things like Zk snarks signatures that limited developers’ reach to change the project’s infrastructure as needed. He pushed that writing instructions in an understandable language like JavaScript enables experts to ensure privacy.
Hoskin added;
Midnight has developed private coin technology where everything was anonymous by default, something Zcash and Monero did with Snarks and ring signatures. 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 to an anonymous dataset or this kind of thing.
Emurgo, another firm backing Cardano, announced the launch of a Cardano-regulated stablecoin called USDA, which is expected to roll out in early 2023. USDA is the first stablecoin project under Cardano, fully backed by fiat assets.
Fintech CEO of Emurgo, Vineeth Bhuvanagiri, noted in a statement on Friday;
The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future of our society.
Featured image from Pixabay and chart from TradingView.com
