Launch of New Privacy Blockchain and Token by Cardano

Launch of New Privacy Blockchain and Token by Cardano

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The company behind the Cardano blockchain, Input Output Global (IOG), is launching a new, privacy-focused blockchain called Midnight and a token called dust to go along with the new network.

About Midnight

IOG CEO Charles Hoskinson stated during an event at Edinburgh University in Scotland that Midnight, which supports by zero-knowledge proof technology, is one of many side chains deployed around Cardano. Midnight will surpass previous privacy-coin projects by delivering zero-knowledge proof smart contracts.

When authorization is granted, the system will tread a fine line between protecting the privacy and providing regulators and auditors with a backdoor into the system, he added. In an interview with CoinDesk, Hoskinson compared the evolution of Midnight’s privacy-coin technology to that of Zcash and Monero’s use of Snarks and ring signatures.

β€œThis 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.”

Charles Hoskinson

References

www.coindesk.com

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