In a new tweet, Input Output, the firm behind the Cardano blockchain hints at the latest progress of Midnight, an upcoming data protection blockchain platform from its stables.
Input Output Global (IOG) shares the exciting update that Midnight will be launching soon on devnet.
In November 2022, an initial announcement was made about Midnight and a token called Dust to accompany the network. IOG stated at the time that the innovation remained under development.
Now Midnight will be taking a step forward as developers and builders will be able to test the innovation when it launches on DevNet.
By employing zero-knowledge cryptography, Midnight aims to bridge the principles of DeFi with the requirements of TradFi. It will allow users to selectively disclose data while meeting regulatory requirements. They will also be able to pick which data to share publicly and which to keep private.
Cardano's multichain vision for the future is shown by the development of different sidechains and L2s, even while usage on the base layer continues to expand.
About Midnight's underlying technology: Zero-knowledge proofs (ZKPs)
Midnight, a Cardano sidechain underpinned by zero-knowledge-proof technology, is projected to go beyond past privacy-coin projects by delivering zero-knowledge-proof smart contracts.
In a thread of tweets, Input Output describes Midnight's underlying technology in simple terms: ZK (Zero-knowledge), a method of verifying certain information without actually revealing it. In ZK, there is a prover and a verifier.
In this sense, zero-knowledge proofs (ZKPs) employ cryptography and math to verify the truth of statements.
A type of zero knowledge, ZK Snarks, are the most appealing to verifiers since they provide both efficiency and strong security assurances. ZK Snarks find applications in data protection, interoperability and scalability.
Looking ahead, Input-Output anticipates greater integration of ZKPs in decentralized solutions, thus revolutionizing the landscape of secure smart contracts and confidential asset management.