Erik Weijers, 17 days ago
Last weekend in Edinburgh, Cardano's parent company announced its new sidechain Midnight. It will be a smart contract blockchain that allows users to exchange data without revealing more than they want to. Cardano expects businesses to be interested in Midnight. One of the reasons business shy away from public blockchains, is precisely their lack of privacy.
In secret, developers have been working on Midnight for four years. Charles Hoskinson, Cardano's founder, admitted he was so excited that he had had to bight his tongue on many occasions.
The sidechain Midnight will benefit from Cardano's consensus mechanism while at the same time launching its own token: DUST. It is not yet known when the airdrop will happen. The community makes it a priority to first build something of use and only then launch the token.
Cardano's sidechain is based on zero-knowledge proof technology. This technique is already applied in a privacy coin such as Zcash. But Zcash is only used for payments, only a small subset of use cases of blockchain tech.
What is expected to be the main use case for Midnight? It would give you the ability to do selective disclosures. You for example prove to a (centralized or decentralized) exchange that you're a citizen of the USA without having to upload your passport aor similar documents. And indeed, my address, bank details and eye color are not their business, or are they?
Unlike what many people think, companies would welcome this technology. In many cases, they want to know no more than necessary from their clients. Extra knowledge means extra scrutiny from privacy laws and extra damage from hacks.
In an interview with Cheeky Crypto, Hoskinson gives examples of this wide-reaching technology:
Midnight is still under development. Cardano's parent company IOG will continue to provide updates as they work on it into 2023. Besides Midnight, a fiat-backed stablecoin will come to Cardano soon.
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