Charles Hoskinson, the chief executive officer of Input Output Global Inc. (IOG), the company that created the Cardano blockchain, announced the launch of a new blockchain that focuses on data protection and privacy on Friday during an event at Edinburgh University in Scotland.
The “Midnight” blockchain, one of the Cardano side-chains, will support zero-knowledge-proof smart contracts, which let parties conduct transactions without sharing any personal information. The token that goes with it will be called “Dust.”
According to Hoskinson, the blockchain would balance user privacy while continuing to grant authorities access to the system if they are given permission.
Hoskinson noted that Midnight will be developed in a more well-known programming language to enable a wider spectrum of developers to build on the network, citing the current privacy-focused blockchains Zcash and Monero.
IOG stated that they will continue to publish updates on Midnight until 2023 while it is still under development.
One of the founding companies behind Cardano, Emurgo Pte. Ltd., also unveiled on Friday USDA, the network’s first fiat-backed stablecoin, which will go live in the first quarter of 2023.
#EMURGO, the official commercial arm and a founding entity of the @Cardano #blockchain, announces the planned launch of its new U.S. Dollar-backed stablecoin, #USDA. A first fully fiat-backed, regulatory compliant #stablecoin in the #Cardano ecosystem.
— EMURGO (@emurgo_io) November 18, 2022
In a video released in advance of his arrival, Hoskinson also introduced the Edinburgh Decentralization Index, which he claimed will start tracking the decentralization of cryptocurrencies in light of the ripple effects of the FTX.com crash.
After making modest gains over the course of the weekend in the wake of Friday’s event, ADA, the native token of Cardano, dropped by 8.2% to US$0.30 in the 24 hours leading up to 11:10 a.m.