Cardano Founder to Release “Private Blockchain ‘Midnight’, Token ‘Dust'”
Cardano has announced that it is developing a new blockchain and token with enhanced privacy features.
According to CoinDesk on the 19th (local time), Cardano blockchain developer ‘Input Output Global (IOG)’ released privacy-enhancing blockchain ‘Midnight’ and token ‘Dust’ the day before at an event at the University of Edinburgh. Plans announced.
Cardano founder and IOG CEO Charles Hoskinson said, “Cardano is committed to providing access to regulators and auditors while preserving privacy.”
The technology implements the concept proposed in the paper ‘Kachina’ published by the IOG two years ago, and is a realistic alternative that can satisfy a society that values anonymity and regulators concerned about financial crimes.
He explained, “Midnight is one of Cardano’s many sidechains under development and applies zero-knowledge proof technology. We plan to go one step further from the previous Privacy Coin project and offer zero-knowledge proof smart contracts.”
Cardano’s creators said the system would “work in a way that allows regulators and auditors access to the system while preserving privacy.”
“Midnight is a further development of privacy coin technologies like Snarks, Zcash, and Monero that basically make everything anonymous through ring signature technology,” he explained.
And, he added, “it will be a completely new way of creating and running private smart contracts and private computations.”
CEO Hoskinson said, “There is a need for ‘programmability’ that allows ‘privacy’ features to be added to the blockchain through a common programming language.” We need to be able to provide privacy,” he said.
He said the concept is gaining interest in the once popular ‘enterprise blockchain’ sector.
Cardano’s founder said, “Midnight will not only respond to general cryptocurrency needs, but also work with a consortium of large companies researching private and permissioned ledgers for supply chain management, such as ‘Hyperledger’.”
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