The company that created the Cardano blockchain, Input Output, hinted to the current development of Midnight, a future data protection blockchain platform from their stables, in a recent tweet.
Midnight will soon be released on devnet, according to Input Output Global (IOG), which has exciting news to offer.
https://x.com/InputOutputHK/status/1701497036778963451?s=20
Initial information regarding Midnight and the network’s companion token, dubbed Dust, was released in November 2022. IOG said at the time that the idea was still being worked on.
Now that developers and builders will be able to test the innovation when it comes on DevNet, Midnight will advance.
Midnight’s use of zero-knowledge cryptography tries to harmonise the tenets of DeFi with those of TradFi. Users will be able to reveal data selectively while still complying with regulations. Additionally, they will have the choice of which information to reveal publicly and which to keep private.
Cardano’s future multichain vision is demonstrated by the creation of many sidechains and L2s, even while base layer use keeps growing.
About Midnight’s underlying technology: Zero-knowledge proofs (ZKPs)
By implementing zero-knowledge-proof smart contracts, Midnight, a Cardano sidechain supported by zero-knowledge-proof technology, is expected to surpass previous privacy-coin ventures.
In a series of tweets, Input Output succinctly explains the science behind Midnight: ZK (Zero-knowledge), a technique for confirming information without really disclosing anything. There are a prover and a verifier in ZK.
In this respect, zero-knowledge proofs (ZKPs) use mathematics and encryption to establish the veracity of claims.
ZK Snarks, a kind of zero knowledge, are the most alluring to verifiers because they provide both effectiveness and robust security guarantees. ZK Snarks have uses in scalability, interoperability, and data security.
Input-Output predicts that ZKPs will be more thoroughly included into decentralised solutions in the future, completely changing the way safe smart contracts and private asset management are implemented.
