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Cardano Founder Makes Bullish 'Midnight' Statement

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Mon, 19/02/2024 - 14:00
Cardano Founder Makes Bullish 'Midnight' Statement
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Cardano founder Charles Hoskinson recently reacted to a piece on romantic chatbots posing a privacy nightmare.

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According to the report, romantic chatbots collect massive amounts of data, provide ambiguous information on how they utilize it, use insecure passwords and lack transparency.

"Midnight fixes this," Hoskinson remarked, referring to Midnight, an upcoming data-protection-focused sidechain for Cardano.

Midnight's core focus is data protection, particularly the safeguarding of sensitive data, both personal and commercial, through the use of blockchain and cryptography technology.

Cardano sidechain Midnight's application cases include identity verification, regulated access to tokenized digital assets, improved AI and LLMs, decentralized credit rating, anonymous voting and more.

Midnight proposes to bridge the ideas of DeFi and TradFi by utilizing zero-knowledge cryptography. It will allow users to make selected data disclosures while meeting regulatory needs.

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Midnight introduces smart contracts that allow individuals and businesses to preserve data secrecy without sacrificing decentralization. The Midnight smart contract model applies to a variety of use cases, including traditional banking (TradFi) and decentralized finance (DeFi) applications, identity management, supply chain management systems, healthcare applications and many others.

In Q4, several Midnight features and use cases were unveiled. Midnight employs a language meant to integrate with Typescript and is based on Substrate, a programming platform popularized by Polkadot. Since its inception in November 2023, the initial devnet has onboarded more than 600 dev teams.

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