Cardano Plans Privacy-Focused Blockchain And A New Stablecoin
The parent company of the Cardano
The new blockchain called Midnight will run off Cardano as one of its side-chains and will offer zero-knowledge-proof smart contracts, allowing transactions to be completed without disclosing identifiable data. The native token to the Midnight blockchain will be Dust.
“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,” said Charles Hoskinson, the company’s CEO, while making the announcement at Edinburgh University in Scotland.
According to Hoskinson, the blockchain will also have a way for authorities to access the system if permission is granted.
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Additionally, Midnight blockchain will be more user-friendly for developers as it will be created in more widely known programming languages, starting with Typescript, than those used on existing privacy-focused blockchains Zcash
“We need systems that provide people with the freedom to work, collaborate and interact while maintaining control and autonomy over data,” said Hoskinson.
Midnight blockchain is still expected to be released next year, Input Output said in a post on Twitter.
Cardano will also release a new stablecoin, usda, in the first quarter of 2023, according to Emurgo, the commercial arm and a founding entity of the Cardano blockchain.
“This stablecoin not only offers stability to investors conducting financial transactions on the blockchain but advances a path forward for the Cardano ecosystem to address a problem we are uniquely positioned to solve — banking the underbanked,” said Vineeth Chuvanagiri, Emurgo’s fintech managing director.
The stablecoin will be fully fiat-backed and regulatory compliant.