Midnight is developed as a privacy sidechain on Cardano, which will enable developers, businesses, and individuals to use data-protecting DApps to safeguard their personal and business data.
Cardano creator and lead developer Charles Hoskinson has announced the development of Midnight, a sidechain focused on data privacy.
In a tweet, Hoskinson welcomed Midnight to the growing Cardano ecosystem. Hoskinson introduced the launch of this new blockchain network during an event in Scotland, held at the University of Edinburgh.
The new sidechain focused on privacy and anonymity will use zero-knowledge (ZK) proof technology to achieve its goal, which will strive to make possible the creation and development of completely anonymous and private decentralized finance (DeFi) protocols, using smart contracts private ones that will be auditable.
According to Hoskinson's presentation, Midnight will allow access to government regulators and auditors when necessary, in order to ensure transparency and to break the myth that financial privacy in cryptocurrencies favors money laundering and organized crime. However, because of this, privacy advocates criticize that the new network is not really private.
What is Midnight?
The CEO of Input Output, the company in charge of developing Cardano, explained that through Midnight, developers will be able to quickly create and deploy decentralized applications or data protection DApps using many programming languages, including Typescript.
In addition to this, the website of the new network, highlights that companies will be able to share critical information and data without fear of leaks or censorship. Individuals or users of the new sidechain blockchain will also be able to share their confidential and sensitive information, securely and privately, when operating in a connected world, it said.
Midnight is currently in full development and its launch date has not yet been set. However, Hoskinson stressed that its creation is focused on meeting the needs of companies looking to enter the world of blockchain technology, but who want a guarantee of data protection. Hoskinson cited as an example those companies that explore blockchain to strengthen or secure supply chains.
The creator of Cardano also indicated that Midnight will work with Hyperledger, a project created by the Linux Foundation that uses blockchain alongside distributed ledger technology (DLT) to help companies apply and implement blockchain in their production spaces.
Cardano expands its blockchain ecosystem
Currently, the Cardano blockchain ecosystem has more than 1.100 projects and applications built on its infrastructure, covering the wide range of versatility that the blockchain offers.
Cardano is also developing a new stablecoin, called USDA, which will be backed by the US dollar and will be available in 2023.
During the event held at the University of Edinburgh, Hoskinson also announced the launch of the Edinburgh Decentralization Index, which is being developed to help measure the decentralization of cryptocurrencies. The Cardano founder confirmed that his company conducted a $4,5 million investment in the University of Edinburgh in order to expand its blockchain research center.
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Main image by Joshua Miller, Twitter
