- The Midnight network is a product of Input Output Global with a key focus on helping web3 developers build decentralized, and regulated protocols with a high level of confidentiality in a bid to enable mass adoption of blockchain technology.
- According to IOHK Founder Charles Hoskinson, the Midnight network uses the Zero Knowledge technology to allow Dapps developers to selectively choose what data to keep public and what to keep private.
The Cardano (ADA) developers have been working on a new project to enable privacy-centric smart contracts through the blockchain network dubbed the Midnight protocol.
According to the core developers, the Midnight project is a ground-breaking data protection blockchain that allows developers to build secure and regulated applications through knowledge of traditional JavaScript in a bid to safeguard personal and commercial data.
The novel idea is expected to onboard millions of investors who have been watching from the sidelines due to the lack of privacy on tokens. Moreover, anyone with an internet connection and the right applications can access a lot of details through the traditional blockchains that support smart contracts, hence putting institutional investors away.
Key Features of Midnight Network as Envisioned by IOHK Developers
According to a recent blog post by Midnight, the network is solely focused on data protection thus containing features that help developers easily have control of the information shared with the public.
For instance, the Midnight network provides developers with shielded tokens that allow interaction without leakage of metadata like wallet addresses and transaction details.
Considering the complex network of regulation in the blockchain industry, the Midnight network allows the Dapps developers to consider different jurisdictions in a bid to accommodate all users without discrimination.
We're creating #MidnightNetwork to achieve a system that gives us confidentiality, has privacy built in its core, enables us to associate with the people we want to, to engage in legitimate, lawful commercial transactions, and express ourselves.
Hear more from @IOHK_Charles: pic.twitter.com/lzVD1k4D48
— Midnight (@MidnightNtwrk) October 12, 2023
The Midnight network enables software developers with an understanding of the TypeScript programming language to comfortably create applications, whereby it even supports the popular Integrated Development Environment (IDE) dubbed Microsoft Visual Studio Code. Notably, the Midnight network taps on the Zero Knowledge (ZK) cryptography in a bid to protect the participants’ data and still verify the validity at scale.
“Midnight’s ZK proofs allow selective disclosure of information while preventing leakage of information that could benefit malicious actors. These ZK proofs are based on a theoretical foundation of Universally Composable (UC) Framework – universally composable privacy, and universally composable security,” the company noted in a blog post.
By bringing together industry leaders, developers, content creators, and organizations, the Midnight project anticipates accelerating the adoption of mainstream smart contracts. Moreover, the use of secure tokens is expected to play a crucial role in the next crypto bull market run amid the global fight for decentralized financial systems.
Market Outlook
The IOHK developers have made a notable contribution to blockchain technology through the Cardano ecosystem that boasts more than $8.9 billion in market capitalization, and a 24-hour average traded volume of approximately $118 million. As one of the leading proof of stake networks, the Cardano developers anticipate reciprocating the success of the Midnight network that promises mainstream adoption of digital assets.
