- Cardano is preparing to launch a new token DUST.
- Midnight is a brand-new side chain from Cardano that focuses on data privacy.
Input Output Global (IOG), a Cardano-backed firm, is preparing to launch Midnight. A new zero-knowledge data protection-based sidechain, and dust (DUST) a native token. The failure of the privacy-based blockchain Monero raised privacy concerns in the industry. During IO Scotfest, an event organized by IOG and Edinburgh University in Scotland, Charles Hoskinson, the founder of Cardano core developers Input Output Global (IOG), revealed the side chain.
Midnight’s key goals are to provide consumers, developers, and businesses with privacy and security over commercial and personal data while also providing them with fundamental freedom. While privacy is a big concern, the project employs zero-knowledge-proof technologies.
Unlike past privacy frameworks, the newly constructed blockchain involves government agencies based on licenses provided. As a result, consumers have greater control over their privacy. And crypto operators are always keen to allow the privacy feature as a means of preventing undesirable behaviors.
Hoskinson added that
“Midnight has built privacy-coin technology in which everything is anonymous by default, like Zcash and Monero have.” This is an entirely new approach to creating and executing private smart contracts and private computing. So you can have a private DEX or go mine an anonymous data set, for example.”
Emurgo, another Cardano backer, announced the launch of USDA, a Cardano-regulated stablecoin that will be available in early 2023. USDA is Cardano’s first stablecoin initiative, fully backed by fiat assets.