Cardano (ADA) Prepares to Launch New Blockchain and Token

Input Output Global (IOG), the company behind the Cardano blockchain, is set to launch a new privacy-focused blockchain named Midnight, along with its accompanying token.

According to information listed on their website, Midnight is a blockchain solution designed to protect sensitive commercial and personal data, as well as fundamental rights for developers, businesses, and individuals.

Midnight will be powered by Zero-Knowledge technology, and is one of several side chains currently being deployed around Cardano. It aims to go beyond previous privacy-coin projects through Zero-Knowledge-Proof smart contracts, as explained by IOG CEO Charles Hoskinson at an event at the University of Edinburgh (Scotland) on November 18.

The system will balance privacy protection with providing regulatory agencies and auditors with a “backdoor” access to the system.

Hoskinson added:

“This represents a new way of writing and running private smart contracts with fully private computation. You could have a private DEX or mine an anonymous data set. An IOG paper published two years ago, titled ‘Kachina,’ explores privacy-enhanced smart contracts, and it is gradually becoming a reality.”

Yesterday, Cardano surprised the community with an announcement of its upcoming stablecoin, USDA, adding more excitement to the competitive stablecoin space.

Overall, despite the organization’s frequent major upgrades and continuous innovation, Cardano seems to be stagnating and losing growth momentum. Moreover, these efforts have not been able to prevent ADA’s price from declining by 2.3% over the past 24 hours, with the coin trading around $0.32.

1H Chart of ADA/USDT on Binance as of 09:45 AM on 11/19/2022