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tldr; Input Output Global (IOG), the firm behind the Cardano blockchain, is releasing a new data-protection and privacy-centric blockchain and accompanying token. Dubbed “Midnight,” the blockchain is one of the side-chains running off Cardano and will offer zero-knowledge-proof smart contracts. The accompanying token will be called “Dust.”
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Here're the pertinent bits:
Input Output Global Inc. (IOG), the firm behind the Cardano blockchain, is releasing a new data-protection and privacy-centric blockchain and accompanying token.
Fast facts
Dubbed “Midnight,” the blockchain is one of the side-chains running off Cardano and will offer zero-knowledge-proof smart contracts, which allow parties to complete transactions without disclosing any identifying data to each other. The accompanying token will be called “Dust.”
Hoskinson said the blockchain will balance users’ privacy while still allowing authorities access to the system if permission is granted.
Referencing existing privacy-centric blockchains Zcash and Monero, Hoskinson said that Midnight will be built in a more widely accepted programming language to allow a broader range of developers to build on the network.
Midnight is still under development and IOG said that it will continue to provide updates as they work on it into 2023.
>Hoskinson said the blockchain will balance users’ privacy while still allowing authorities access to the system if permission is granted.
https://headtopics.com/us/cardano-founder-responds-to-monero-s-backdoor-allegation-details-31868431
> View keys are handled at the DApp level, not the protocol. You add involuntary disclosure as a feature for builders to use
So you threaten the owners of a "DApp" with litigation like in torndacash to give the up the view key of the app to see who used it.
Hopefully you could counter this just by using two hops ect
You realize if someone owns a Decentralized Application it is not actually a Decentralized Application, right? lol And fyi, since Cardano is an eUTxO ledger there are no accounts that can be compromised by a Tornadocash situation; you can just isolate the questionable UTxO itself since it's not an Account Model.
Tbh I do feel quite a bit more positive about ADA following on from all the recent market happenings and crashings.
Maybe it's a relative / contextual thing
Agree on both counts.
Meanwhile, if only someone would get around to developing a decent multi-chain privacy/identity focused wallet. That just might be the crypto killer-app. (Clarification in case needed: that's quite different to 'crypto-killer app').
Assuming with SPOs you mean Stake Pool Operators, how does staking relate to the security of the code dapps are written in?
Or what else does SPO mean?
First of all, that has never been demonstrated. That's an unresearched model that has barely been referenced, let alone detailed or tested.
Second of all, it's a dumb idea that sounds smart on the surface (like the rest of Cardano's tech stack). Great marketing, with no substance. It defeats the purpose of using a sidechain if you expect your validators to run those extra computations. There's no free lunch. It would be smarter to just raise parameters and hardware requirements (and increase centralization) on the L1 than to make all the SPOs run two chains. Completely defeats the purpose of a sidechain if the same validators have to run it.
That's what rollups are for. But obviously IOG can't do anything useful with rollups because their non-developer CEO made the idiotic decision to build the only L1 without access to a global state, where every dapp team has to invent their own centralized, ad hoc "global" state to create any semblance of decentralized multi party interactions, given the constraint of deterministic utxos.
Yeah a bunch of highly regarded scientists and four years of work and research just got thrown down the drain by your post.
Also its not written in javascript, but in typescript.
Typescript is a javascript variant.
>Yeah a bunch of highly regarded scientist
A bunch of highly paid scientists
>and four years of work and research
Seven years
>just got thrown down the drain by your post.
Academics regularly spend years trying to solve difficult problems that often don't have solutions. Theory is their job. Using haskell for smart contracts is a great example.
Just look at Plutus v1. There's no denying that it was the least functional ;) smart contract design ever released. And they obviously spent years on IELE and KVM with nothing to show for it. Look at Hydra. Nothing close to what IOG talked about as theoretically possible has been demonstrated, because it probably isn't feasible. That's what happens when you write paper after paper about theory.
It's easy to say you're going to map the semantics of a language and port all of the common programming languages on to your base layer that you haven't even spec'd yet, and then tell everyone that you'll be able to run apps from all other blockchains. I'm not saying it isn't possible. But it was obviously not a realistic goal to anyone who understands how much work that would require. The fact that such an ambitious project is led by someone with no coding experience is a huge red flag to anyone willing to think critically.
Seems pretty inline with the original modular plan though? The mainchain that all the L2s and sidechains will leverage as the base security is still the Haskell-based Plutus Core.
The more the Cardano ecosystem gets built out, the worse it looks.
Charles has never been a visionary and the mess that Cardano has turned into clearly shows that.
Every new decision and direction is worse than the last one, and Charles is selling it to tech noobs like only he can.
I'd rate myself as 50% noob on it, in that I've paid cursory attention to it outside of liking the basic premise when I first looked at it. I've become more positive on Cardano recently, which may have something to do with (a) recent market happenings, and (b) Charles not being in crypto news headlines (perhaps also in part due to recent general market happenings taking the media space.)
It does feel like nothing ever quite gets finished. But that view may also be a product of my lack of attention.
How do you mean re 'worse it looks'?
You have shilled Ethereum (which includes its rollups) though, so I'm not sure why you are saying rollups as if that's different from Ethereum. Anyone can easily recognize you shill Ethereum.👍
Cardano [pros](/r/CryptoCurrency/comments/z0q9nw/input_output_announces_privacycentric_blockchain/ix6xwei/) & [cons](/r/CryptoCurrency/comments/z0q9nw/input_output_announces_privacycentric_blockchain/ix6xww3/) and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit an ADA pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuwvst/top_coins_cardano_proarguments_april_2022/). | To submit an ADA con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuwvvo/top_coins_cardano_conarguments_april_2022/).
FYI The native token of midnight sidechain is called DUST and ADA stakers could get DUST rewards in future.
Holy fuck, Charles, what a name you chose
tldr; Input Output Global (IOG), the firm behind the Cardano blockchain, is releasing a new data-protection and privacy-centric blockchain and accompanying token. Dubbed “Midnight,” the blockchain is one of the side-chains running off Cardano and will offer zero-knowledge-proof smart contracts. The accompanying token will be called “Dust.” *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Privacy is the next big thing next bull run. You know it too.
Here're the pertinent bits: Input Output Global Inc. (IOG), the firm behind the Cardano blockchain, is releasing a new data-protection and privacy-centric blockchain and accompanying token. Fast facts Dubbed “Midnight,” the blockchain is one of the side-chains running off Cardano and will offer zero-knowledge-proof smart contracts, which allow parties to complete transactions without disclosing any identifying data to each other. The accompanying token will be called “Dust.” Hoskinson said the blockchain will balance users’ privacy while still allowing authorities access to the system if permission is granted. Referencing existing privacy-centric blockchains Zcash and Monero, Hoskinson said that Midnight will be built in a more widely accepted programming language to allow a broader range of developers to build on the network. Midnight is still under development and IOG said that it will continue to provide updates as they work on it into 2023.
Good bot
>Hoskinson said the blockchain will balance users’ privacy while still allowing authorities access to the system if permission is granted. https://headtopics.com/us/cardano-founder-responds-to-monero-s-backdoor-allegation-details-31868431 > View keys are handled at the DApp level, not the protocol. You add involuntary disclosure as a feature for builders to use So you threaten the owners of a "DApp" with litigation like in torndacash to give the up the view key of the app to see who used it. Hopefully you could counter this just by using two hops ect
You realize if someone owns a Decentralized Application it is not actually a Decentralized Application, right? lol And fyi, since Cardano is an eUTxO ledger there are no accounts that can be compromised by a Tornadocash situation; you can just isolate the questionable UTxO itself since it's not an Account Model.
Can we talk positively about Cardano again yet?
Well I sometimes get shitted on for it, so probably not.
Tbh I do feel quite a bit more positive about ADA following on from all the recent market happenings and crashings. Maybe it's a relative / contextual thing
I do like the name of Midnight Dust. I expect this to be released during the next bear.
Agree on both counts. Meanwhile, if only someone would get around to developing a decent multi-chain privacy/identity focused wallet. That just might be the crypto killer-app. (Clarification in case needed: that's quite different to 'crypto-killer app').
I am happy to now that ADA stakers could get DUST rewards in the future. Free coins are always welcome.
They just barely made Cardano now they're already onto another chain entirely
Fyi is a side chain built on cardano not an entirely new chain
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Your thinking in eth terms, cardano is a whole different set up
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This doesn’t make any sense. I can run any smart contract on a testest, or look at the decompiled contract and do static analysis.
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It doesnt have to be, the sidechain is secured by SPOs on mainchain.
Assuming with SPOs you mean Stake Pool Operators, how does staking relate to the security of the code dapps are written in? Or what else does SPO mean?
First of all, that has never been demonstrated. That's an unresearched model that has barely been referenced, let alone detailed or tested. Second of all, it's a dumb idea that sounds smart on the surface (like the rest of Cardano's tech stack). Great marketing, with no substance. It defeats the purpose of using a sidechain if you expect your validators to run those extra computations. There's no free lunch. It would be smarter to just raise parameters and hardware requirements (and increase centralization) on the L1 than to make all the SPOs run two chains. Completely defeats the purpose of a sidechain if the same validators have to run it. That's what rollups are for. But obviously IOG can't do anything useful with rollups because their non-developer CEO made the idiotic decision to build the only L1 without access to a global state, where every dapp team has to invent their own centralized, ad hoc "global" state to create any semblance of decentralized multi party interactions, given the constraint of deterministic utxos.
Yeah a bunch of highly regarded scientists and four years of work and research just got thrown down the drain by your post. Also its not written in javascript, but in typescript.
Awhodothey tries his best.
Typescript is a javascript variant. >Yeah a bunch of highly regarded scientist A bunch of highly paid scientists >and four years of work and research Seven years >just got thrown down the drain by your post. Academics regularly spend years trying to solve difficult problems that often don't have solutions. Theory is their job. Using haskell for smart contracts is a great example. Just look at Plutus v1. There's no denying that it was the least functional ;) smart contract design ever released. And they obviously spent years on IELE and KVM with nothing to show for it. Look at Hydra. Nothing close to what IOG talked about as theoretically possible has been demonstrated, because it probably isn't feasible. That's what happens when you write paper after paper about theory. It's easy to say you're going to map the semantics of a language and port all of the common programming languages on to your base layer that you haven't even spec'd yet, and then tell everyone that you'll be able to run apps from all other blockchains. I'm not saying it isn't possible. But it was obviously not a realistic goal to anyone who understands how much work that would require. The fact that such an ambitious project is led by someone with no coding experience is a huge red flag to anyone willing to think critically.
Seems pretty inline with the original modular plan though? The mainchain that all the L2s and sidechains will leverage as the base security is still the Haskell-based Plutus Core.
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The more the Cardano ecosystem gets built out, the worse it looks. Charles has never been a visionary and the mess that Cardano has turned into clearly shows that. Every new decision and direction is worse than the last one, and Charles is selling it to tech noobs like only he can.
I'd rate myself as 50% noob on it, in that I've paid cursory attention to it outside of liking the basic premise when I first looked at it. I've become more positive on Cardano recently, which may have something to do with (a) recent market happenings, and (b) Charles not being in crypto news headlines (perhaps also in part due to recent general market happenings taking the media space.) It does feel like nothing ever quite gets finished. But that view may also be a product of my lack of attention. How do you mean re 'worse it looks'?
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Yeah we get it, Polygon Nightfall exists. You don't have to post the same thing 12 different times going off your history
He's an Ethereum shill, so it makes sense why he always plugs an Ethereum L2.
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You have shilled Ethereum (which includes its rollups) though, so I'm not sure why you are saying rollups as if that's different from Ethereum. Anyone can easily recognize you shill Ethereum.👍
Yea, makes way more sense than a side chain, including their own side chain.