Midnight is a new privacy-focused blockchain project powered by Input Output Global (IOG), the company behind Cardano.
What is Midnight (DUST)?
A new sidechain has been introduced, which is the source of new discussions between the Cardano and Monero communities. Charles Hoskinson, founder of Cardano developer Input Output Global (IOG), announced a new sidechain, Midnight, during IO Scotfest, an event held in Scotland by IOG and the University of Edinburgh.
Charles Hoskinson is preparing to launch a new blockchain with the privacy-focused project Midnight and its native token Dust. Monreo, one of the privacy-focused projects, has been incapable and unsuccessful in solving the increasing privacy problems in the blockchain. On top of that, Cardano has recently introduced Midnight, a zero-knowledge data protection-based sidechain, and the upcoming Dust Coin. The data protection-focused layer-2 protocol, called Midnight, is set to increase the value of the Cardano ecosystem.
Charles Hoskinson, founder of Input Output Global (IOG)Midnight Claims Privacy
The rapidly growing digital world in recent years continues to show itself in many areas. Almost every country has interacted with new technologies such as Blockchain, web3, and cryptocurrencies. New technologies have also brought problems. The most important of these is online problems.
Protecting privacy from online problems has created a vulnerability in the industry. Many projects have been developed to protect privacy. However, it did not achieve sufficient success. This is where Midnight, introduced by Cardano developers, comes into play. The most important goal of the development of Midnight is to provide individuals, companies and developers with fundamental freedom as well as providing privacy and security over commercial and personal data. While acknowledging privacy as a major concern, the project uses zero-knowledge resistant technology.
During the university event, Hoskinson stated that Midnight, powered by zero-knowledge resistant technology, is one of the sidechains around the Cardano network. Hoskinson also said that Midnight will go beyond previous privacy-money projects like Monero (XMR) and ZCash (ZEC) by offering zero-knowledge resistant smart contracts.
Hoskinson added that privacy is something every business must legally explore these days. Unlike previous privacy protocols, Midnight also includes the involvement of government officials based on permissions granted by the system. According to information on the Midnight official website, it aims to be a data protection-based blockchain that protects sensitive business and personal data while protecting basic freedoms of association, trade and expression. As a result, it gives users control over their privacy and privacy.
What is DUST Coin?
Attending an event at Edinburgh University, Scotland on Friday, November 18, Cardano founder Charles Hoskinson announced the Midnight Blockchain and the network’s native token, DUST. The Midnight network will be one of many sidechains around Cardano. DUST, on the other hand, has already managed to attract the attention of ADA investors as the native token of the network. Announced on November 18, DUST Coin plans to expand beyond previous privacy altcoin projects.
Although there is very little information about DUST, it has started to be the subject of many speculations because it has attracted attention. Some altcoin investors think and are worried that DUST Coin will affect the ADA price. Tweets containing many claims about DUST Coin started to be posted on Twitter. An account speculating on DUST stated that the token will exist on a different chain.
Some of the estimates have also been noted by ADA Whale and other users. According to the estimates, the common thought is that the gas fees paid for transactions in the Cardano ecosystem will be paid with DUST Coin when the Midnight network is launched.
