April fool's day has come early as the firm behind Cardano is set to launch a new Privacy Blockchain
I bet someone has gotten their dates all mixed up. Written this up ahead of time and accidentally set it to publish on the wrong date. I bet the new Blockchain will be called "Ironium" or something simi.. Wait, what? They.. are serious??
Midnight the new privacy Blockchain
Input Output Global (IOG), the firm behind the Cardano blockchain will be releasing a new privacy Blockchain and token. The new Blockchain will be called Midnight and the token will be called Dust. This new privacy-focused Blockchain will use what is known as a zero-knowledge proof technology. This will take the new Blockchain to the next level concerning user privacy.
This is a completely new way of writing and running private smart contracts and private computation. So you can have a private DEX (decentralized exchange) or go mine an anonymous data set or these types of things. -IOG CEO Charles Hoskinson
The new chain will take the concepts of smart contracts that were talked about in the paper "Kachina" and make them a reality. This would truly be something great. It would most lily be the best solution for innovation and privacy. As it is set to merge both these features.
Then what seems to be the issue, it is all coming out great, right? Right? Well, they also announced that in order to get around the issue that privacy coins currently have. Where auditors and regulators have no insight. Something that has led South Korea to ban all private coins from being traded in the country. Just as an example of actions being taken against these types of crypto.
What is Midnight's solution to this problem then? I mean so far they are batting a 1000 (or whatever sports metaphor or different metaphor you want to use). I am sure they will Hulk smash this problem as well. They plan to do what? They are putting in a backdoor for auditors and regulators... I will let that sink in a bit.
I now hope you see what I meant with April fools coming early, or late. A privacy Blockchain with a backdoor in it. It kind of defeats the whole purpose of privacy then. It sort of reminds me of having a safe with no door or lock. It looks nice but it won't do what it is designed to do anymore. The pure stupidity here is just baffling to me.
I am at a loss for words.
Please let me know what you think about this whole thing. Is this something you would consider using? Yes or no, please let me know in the comment section down below what your thoughts on this are. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
See you on the interwebs!
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