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.
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.
“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.”Charles Hoskinson