After privacy-focused projects like Monero failed to tackle growing privacy concerns in the blockchain industry, Cardano, a crypto project backed by tech firm Input Output Global (IOG), preparing to launch a new privacy-focused blockchain.
The digital world has grown rapidly in recent years and almost every country has interacted with new technologies such as Blockchain, Web 3 and cryptocurrencies. However, privacy, one of the most critical online issuesremains a vulnerability in the industry.
Speaking at an event at the University of Edinburgh, Charles Hoskin, CEO of Cardano Blockchain, revealed that the company would launch a new token known as dust to manage this separate, privacy-focused ecosystem. The company’s new blockchain, codenamed 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 of business and personal data while providing them with fundamental freedom. While considering privacy as a primary concern, the project uses zero-knowledge technology.
Unlike previous privacy protocols, the newly formed blockchain features the involvement of government authorities based on the permissions granted by the system. As a result, it gives users control over their privacy and secrecy.
Tech moguls and crypto celebrities have always welcomed privacy products while government authorities have remained aggressive about the possibility that a product could help bad actors move funds illegally.
One of his earlier examples is the ban on Ethereum-based privacy tool Tornado Cash; officials have alleged that the crypto mixer helped North Korean hackers launder crypto funds.
Cardano CEO criticized Monero, Zcash
Today, privacy protection has become the primary concern of any legal business. However, Hoskin said adding privacy to blockchain projects has been difficult, which has slowed cryptocurrency adoption.
Midnight evolved privacy coin technology where everything was anonymous by default, which Zcash and Monero did with Snarks and ring signatures. This is a completely new way to write and execute private smart contracts and private calculations. So you can have a private DEX (decentralized exchange) or go and mine an anonymous dataset or that sort of thing.
Emurgo, another Cardano backing company, has announced the launch of a Cardano-regulated stablecoin named USDA, which is expected to roll out in early 2023. USDA is the first stablecoin project under Cardano, fully backed by fiat assets .
Fintech Managing Director at Emurgo, Vineeth Bhuvanagiri, Noted in a statement Friday;
Introducing a fully secure and regulatory compliant stablecoin is the next step in realizing the future of our community.
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