According to ChainCatcher, Cardano's privacy public blockchain, Midnight, officially launched on Monday.
Backed by Cardano founder Charles Hoskinson with approximately $200 million in funding, Midnight aims to address what he perceives as core design flaws in the crypto industry. Built on the Cardano ecosystem, Midnight is not positioned to compete with Bitcoin or Ethereum, but rather to operate as a complementary network. By hiding sensitive data and reducing operational complexity, it enables users and businesses to use blockchain more securely and conveniently. Hoskinson identifies three core problems in the crypto industry: insufficient privacy, operational complexity, and lack of compliance. In Midnight's design, users do not need to manage their private keys, transactions do not automatically expose balances or on-chain activity, and in some scenarios, users may not even be aware of the underlying blockchain.
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