The company that developed the Cardano blockchain, known as Input Output Global (IOG), has announced the launch of a new network called Midnight, which would prioritise users’ anonymity, as well as a currency known as dust to accompany the network.
IOG CEO Charles Hoskinson stated on Friday during an event that took place at Edinburgh University in Scotland that Midnight, which is supported by zero-knowledge-proof technology, is one of the many side chains that are currently being deployed around Cardano. Midnight will go beyond previous privacy-coin projects by delivering zero-knowledge-proof smart contracts, Hoskinson said.
According to him, the system would be designed such that it protects users’ privacy while still providing a backdoor for government regulators and auditors to access the system when they are given permission to do so.
Privacy coins have long been lauded by crypto libertarians, but authorities have approached them with caution out of concern that the technology may make it easier for criminals to commit financial crimes. However, privacy is something that every company is legally required to investigate in the modern day, according to Hoskinson, who also emphasised that the complexity of finding out how to add privacy to blockchains has impeded the widespread use of this technology.
According to Hoskinson, a paper on privacy-enhanced smart contracts that was written by the IOG and published by the organisation two years ago, given the term “Kachina,” is now becoming a reality in the real world. This has generated interest within the once-hyped world of enterprise blockchains, he added, and Midnight will be working with Hyperledger, for example, which is a consortium of large firms exploring private and permissioned ledgers for things like supply-chain management. He explained that this has generated interest within the once-hyped world of enterprise blockchains.
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