The new blockchain would work through privacy-enhanced smart contracts.
In an encouraging development, a new blockchain would be released by Input Output Global(IOG), the company best known to be responsible for the Cardano blockchain. The new blockchain, Midnight, is described as focused on privacy, protecting important information, and concentrating on enabling developers, companies, and individuals to build DApps, and share information safely without fear of a leak or censorship. Midnight will also be supplemented by its token called ‘dust.’
CEO of Input Output Global Charles Hoskinson announced the same at Edinburgh University in Scotland in an event on 18 November 2022. He claimed that Midnight would be supported by zero-knowledge-proof technology and that it would draw a fine line between privacy and giving access to regulators whenever permission was granted. By delivering zero-knowledge-proof smart contracts, Midnight was expected to make a breakthrough among privacy-coin projects.
“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 Hoskinson. Readers may note that IOG released a paper named ‘Kachina’ two years back, and the concept of privacy-based smart contracts mentioned in the paper is coming to reality now.