Home
News
Cardano To Lead Privacy Blockchain Space Via New ‘Midnight’ and Latest Token
- CEO of Input Output Global said about the new privacy-focused Blockchain.
- They mocked two birds with one stone, benefiting both Cardano ecosystem and users.
- The newly formed one may compete with the previous ones.
‘Midnight’ in Limelight
Charles Hoskinson, the CEO of Input Output Global (IOG) and founder of Cardano Blockchain, initially addressed the launch of a new blockchain called Midnight. He also noted the launch of a new token known as dust to support the newly created network. On 18 November, Hoskinson said at a ScotFest event at Edinburgh University.
As per the official website, Midnight will be a data protection-based blockchain that protects sensitive commercial and personal data, protecting fundamental freedoms of association, commerce, and expression for developers, companies and individuals.
By providing zero-knowledge-proof technology, Midnight will far exceed the limits of beforehand privacy-coin projects. Their objective is to serve users more freely and to protect their commercial and personal data keeping their privacy in mind.
Web2 facilitated the users to share and connect with each other but has given rise to problems such as loss of data ownership, centralized control, etc. Web3 solved most of the faults, but its solutions either disclose too much data or need to be more abundant in some matters.
But the newly formed ‘Midnight’ will be game-changing in online interaction, enabling customers to choose their disclosure and secrecy over the data.
Company Focused on Security
Hoskinson remarked about the encryption procedure of two previous privacy coins- “Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures.”
He added- “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.”
It will expand the sphere of usage for companies and users finding to share, publish and arrange data. This is only possible due to Cardano’s blockchain’s security and decentralized qualities.
It is found that ‘Midnight’ will prove to be a new cycle of how dApps are related to confidential information. Hoskinson stated -“We need systems that provide people with the freedom to work, collaborate and interact while maintaining control and autonomy over data,”
He added further “When we don’t have these basic rights, our ability to connect with the rest of the world is hampered or controlled by forces beyond our control.These are values we hold dear at IOG and why we have been working tirelessly to create a new solution which enshrines and upholds these freedoms, giving users autonomy over how their data is used and the visibility of their transactions.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
