Symphony COO joins IOG CEO Cardano Blockchain Project

Input Output Global (IOG) is a software research and development company that played an important role in the development of the blockchain platform Cardano. In its recent announcement, the company named Eran Barak as CEO of its latest data protection protocol, Midnight.

This new protocol will offer new features that mainly include advanced security features to improve the privacy and protection of users’ data on the Cardano network. This recent move by IOG is aimed at strengthening its position in the blockchain industry by addressing the growing demand for data protection and security concerns.

Eran Barak has had a successful career in the financial services industry, serving in several senior roles. Before being appointed CEO of the IOG’s new data protection protocol, Midnight, he worked as Chief Operating Officer at Symphony.

Symphony is a company that specializes in compliance-related workflows for financial services. With Barak’s expertise, he is expected to add significant value to IOG’s efforts to improve protection on Cardano’s network.

What is the new Cardano Blockchain project expected to do?

The development of the Cardano blockchain project, Midnight, is currently underway. The platform is being developed for applications on a global scale. It is designed for developers, companies, governments and individuals to operate securely.

This project’s unique programming model will prioritize data protection that will safeguard sensitive personal and commercial data while ensuring regulatory compliance is in place.

Midnight is a platform that will use zero-knowledge encryption (ZK Proofs) with a mix of private and public computation to create a trustless environment. The platform is expected to be useful in many fields, such as finance, supply chain management and healthcare.

The newly appointed CEO of the business unit developing Midnight, Barak, will lead and expand the project. This blockchain protocol was announced in late 2022.

Midnight will act as a side chain for Cardano

The Cardano blockchain project will function as a side chain of Cardano. This also means that the project will be able to utilize the blockchain’s security and decentralized functions.

The project will take advantage of these aspects and help people and organizations transact, publish and share sensitive information efficiently, while ensuring safety and security.

Charles Hoskinson, CEO and co-founder of IOG, stated:

Since its founding, IOG has continued to push the boundaries of innovation in the blockchain space. Midnight looks not only to challenge the assumptions of what digital identity and personal ownership of data entails, but to give users the tools they need to build confidential systems…bringing a product like Midnight to market requires someone who understands the heart of the product and benefits it will provide a global, digital ecosystem.

Featured image from UnSplash, chart from TradingView.com