Input Output Global Inc. (IOG), the company behind the Cardano blockchain is unveiling a new blockchain and token focused on data security and privacy, company CEO Charles Hoskinson stated Friday during an event at Edinburgh University in Scotland.
The “Midnight” blockchain, which is one of Cardano’s side-chains, will feature zero-knowledge-proof smart contracts, allowing participants to conduct transactions without revealing identifying information. Dust will be the name of the associated token.
Hoskinson said that the blockchain would provide a balance between user privacy and access to the system by authorized entities.
Midnight is currently in development, and IOG said that it would continue to publish updates until 2023 as it continues to be worked on.
Emurgo Pte. Ltd., one of Cardano’s founding firms, also announced on Friday the introduction of the first fiat-backed stablecoin on the network, USDA, in the first quarter of 2023.
Hoskinson also launched the Edinburgh Decentralization Index in a video before his visit. According to Hoskinson, the index will begin measuring the decentralization of cryptocurrencies in the wake of the FTX.com crash.
ADA decreased 8.2% to $0.30 in the 24 hours before 11:10 a.m. After achieving significant advances throughout the weekend after Friday’s event.
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