Cardano’s team has been working on developing a new privacy-focused blockchain, called Midnight.
It will also have its own native token – Dust. The company’s commercial arm is working on delivering a new stablecoin – USDA.
The new blockchain will operate with zero-knowledge-proof smart contracts and will be running as Cardano’s sidechain.
This means that transactions will only be completed without disclosing identifiable data.
Unlike some other confidentiality blockchain projects, Midnight will feature the option to grant various permissions to government authorities.
Emurgo is Cardano’s commercial arm, and its announcement of a new stablecoin means Cardano is ready for its first stablecoin project. It will be fully backed with fiat currencies, and will be named USDA. The launch window is early 2023.
Cardano is a crypto endeavor backed by technology company Input Output Global (IOG), which reportedly set out to improve on similar projects that have failed, such as Monero.
A new privacy-focused blockchain that has its own token, as well as a new stablecoin, entirely backed by fiat currency – this is a lot of work, with many announcements to make.
Also, it’s a lot to be proud of, especially during the current uncertainty that seems to have engulfed the entire industry.
However, multiple of these privacy-focused blockchain projects have already proven to be extremely difficult to pull off. Reasons for this range from failing because of complexity to facing aggressive moves by the government.
Aside from the development of features to grant the government access to the blockchain, Cardano chief executive Charles Hoskinson said: “We need systems that provide people with the freedom to work, collaborate and interact while maintaining control and autonomy over data”.
This is why Hoskinson’s statement that “you can have a private DEX (decentralized exchange) or go mine an anonymous data set” rings true.
The Midnight blockchain’s main objective is to provide security but its design philosophy enables native freedom on the platform at the same time.
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