Input Output Global (IOG) which has launched the Cardano Blockchain has announced the launch of a new Privacy Blockchain and a token complementing that. The blockchain will be called Midnight and the token is named dust.
This blockchain will be a data protection-based platform and will be responsible for safeguarding sensitive personal and commercial data. The users will be able to operate more freely and securely on this blockchain.
IOG CEO Charles Hoskinson stated during an event at Edinburgh University in Scotland on Friday that Midnight is supported by zero-knowledge-proof technology, and is one of many side chains being deployed around Cardano.
He further added that this will surpass all the previous privacy-coin projects by delivering zero-knowledge-proof smart contracts.
The CEO of IOG, Charles Hoskinson said
“We need systems that provide people with the freedom to work, collaborate and interact while maintaining control and autonomy over data. 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.
The motivation for this seems to be from the Web3.0 concept where the users will get to choose the type of content they want to see. As said by the IOG that this platform will be a principled system that will protect the people's fundamental freedoms of association, commerce, and expression.
Midnight will mark a radical change in how private data is handled while developing DApps. Midnight will be developed utilizing a revolutionary data protection-first programming approach in contrast to existing programming techniques, which have included data protection as an afterthought, leaving vulnerable cracks in the architecture.
Features of this IOG’s new blockchain
According to Hoskinson, the "Kachina" study from IOG, which explores privacy-enhanced smart contracts, is now being implemented in the real world. He continued by mentioning that Midnight will be working with Hyperledger, for instance. A consortium of big businesses investigating private and permissioned ledgers for things like supply-chain management. So that it can demonstrate how this has sparked interest in the once-hyped world of enterprise blockchains.
By combining private and public processing with zero-knowledge cryptography, the platform will build a trustless environment that will protect sensitive personal and business data.
It will function as a sidechain of the Cardano blockchain, inheriting its security and decentralization attributes while greatly extending Cardano's value and presenting valuable new use cases for people and businesses wishing to transact, publish, or share data.
As a result, a robust network of data-protected connectivity with trustless, rule-based interactions will be possible, anchored in the Cardano ecosystem.
Midnight is designed especially for the purpose of writing smart contracts in various different languages like Typescript. This will help the users to create smart contracts much more easily.
Through the platform, businesses will be able to immediately exchange mission-critical data, such as financial data, with one another while demonstrating that they have complied with regulatory obligations without disclosing any other private information.
In a linked world, users will also be able to protect their personal information. Protecting personal data has been a major worry for many. Especially, at a time when worries about the abuse of private data and "surveillance capitalism" from "big tech" are common.
The new platform is essential to IOG's mission of advancing the creation of safe blockchain technologies. It follows a string of declarations that demonstrate the company's dedication to blockchain data security, such as the funding of a brand-new research facility.
This facility is headed by Dr. Markulf Kohlweiss and is devoted to the creation of Zero-Knowledge Protocols, which are essential for building more secure blockchain networks. IOG has also named Dr. Vanishree Rao, a specialist in the Zero-Knowledge Protocol, as its Head of Applied Cryptography.
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