Cardano To Launch Its Privacy-focused Blockchain Midnight | Bitcoinist.com

Bitcoinist

After privacy-focused projects like Monero failed to combat rising privacy issues in the blockchain industry, Cardano, a crypto project backed by the technology company Input Output Global (IOG), is preparing to launch a new privacy-focused blockchain. 

The digital world has seen fast growth in recent years, and almost every country interacted with new technologies such as Blockchain, web 3 and cryptocurrencies. However, privacy protection, one of the most crucial online problems, remains a vulnerability in the industry.

How To Get Free Crypto  
Win an all-expenses-paid VIP trip to the FIFA World Cup and $30,000 in exclusive prizes with Punt Casino – the Road to Qatar awaits!
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Speaking at an event at Edinburgh University, Charles Hoskin, CEO of Cardano Blockchain, revealed that the company would launch a new token known as dust to run this separate and privacy-focused ecosystem. The company’s new blockchain, named Midnight, is expected to prove a better version than previous privacy-focused coin projects. 

The main objective behind the development of Midnight is to give individuals, companies and developers privacy and security over commercial and personal data alongside serving them with fundamental freedom. While considering privacy a major concern, the project utilizes zero-knowledge-proof technology. 

Unlike the previous privacy protocols, the newly formed blockchain features government authorities’ involvement based on permissions granted by the system. As a result, it gives users control over their privacy and secrecy.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Tech tycoons and crypto celebrities always welcomed privacy products while the government authorities remained aggressive over concerns about how possibly a product can help bad actors move funds illegally.

Coinbase Banner  

One of its previous examples is the ban on the Ethereum-based privacy tool Tornado Cash; officials alleged the crypto mixer facilitated North-Korean hackers to launder crypto funds.

Cardano’s ADA price is currently standing at $0.30. | Source: ADAUSD price chart from TradingView.com

Cardano CEO Criticized Monero, Zcash 

Today, privacy protection has become the primary concern of every legal company. However, Hoskin said that adding privacy to blockchain projects was difficult, so it slowed down the adoption of cryptocurrencies. 

Criticizing the previous privacy blockchain projects, the CEO admitted Zcash and Monero, saying they used weird stuff like Zk snarks signatures which limited the developers’ reach to modify the project’s infrastructure as per the need. He pressed that writing instructions in an understandable language like JavaScript enables experts to ensure privacy. 

Hoskin added;

Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures. 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.

Emurgo, another firm backing the Cardano, announced the launch of a Cardano-regulated stablecoin named USDA, expected to roll out at the beginning of 2023. USDA is the first stablecoin project under Cardano, fully backed with fiat assets. 

FreeBitcoin Banner  

Fintech Managing Director at Emurgo, Vineeth Bhuvanagiri, noted in a statement on Friday;

The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community.

Featured image from Pixabay and chart from TradingView.com

Go to Source
Author: Alyz


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.