The company IOG, which is behind the Cardano blockchain, has released a new privacy-focused blockchain called Midnight and a cryptocurrency called Dust to go along with it.
“Hello Midnight https://midnight.iohk.io welcome to Cardano,” said Charles Hoskinson.
Hello Midnight https://t.co/Dy3BK45qUs welcome to Cardano
— Charles Hoskinson (@IOHK_Charles) November 18, 2022
The new privacy blockchain called Midnight
Powered by zero-knowledge-proof technology, Midnight is one of the many side chains now deployed around Cardano that offer zero-knowledge-proof smart contracts, according to IOG CEO Charles Hoskinson during an event held in Edinburgh University on Friday.
“Midnight will be a data protection-based blockchain that safeguards sensitive commercial and personal data, protecting fundamental freedoms of association, commerce, and expression for developers, companies, and individuals,” cited the website.
According to him, the system will balance privacy protection with the ability of regulators and auditors to access the system under certain conditions.
“Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures,” Hoskinson said to Coindesk.
“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,” added him.
The community responses
A few Twitter users still aren’t sure how this new feature works, “Got confusing / conflicting answers on what it is from IO. Some things are still WIP, distribution method hasn’t been decided yet, it leverages the L1 consensus mechanism and connects to Cardano via a bridge. Tokens never leave their native chain. Uses a burn / mint bridge,” said one Twitter user.
Others are still wondering whether Midnight offers services to enterprises and if it will generate revenue for them.
This be honest, I don’t understand midnight. How does this benefit ADA holders? Does Midnight have or in the future provide services to enterprises. Will it bring revenue in?
— Welcome (@Crypto__N1te) November 18, 2022
“This be honest, I don’t understand midnight. How does this benefit ADA holders? Does Midnight have or in the future provide services to enterprises. Will it bring revenue in?.”