The system will walk the line between preserving privacy and allowing regulators and auditors a backdoor into the system when permission is granted, he said.
“Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures,” Hoskinson said in an interview with CoinDesk, referring to two other privacy coins and their encryption methods. “This is a completely new way of writing and running private smart contracts and private computation. So you can have a private DEX or go mine an anonymous data set or these types of things.”
Privacy coins have always been lionized by crypto libertarians, but have been viewed warily by regulators fearful of how the technology might help facilitate financial crime. Yet privacy is something that every business has a legal requirement to explore these days, Hoskinson said, although he noted that the difficulty of figuring out how to add privacy to blockchains has prevented its adoption.it, and somehow it’ll work,” Hoskinson said.
“This is what the enterprise absolutely wants, and we have seen Walmart and some of the largest companies in the world working on privacy with Hyperledger,” Hoskinson said. “At the same time, we can service traditional cryptocurrency needs, especially when you look at DEXs that want to prevent front-running and these types of things.”
InputOutputHK IanAllison123 “We don’t need more leaders, we don’t need more companies, we don’t need better regulation. We need to change the way the game works because human beings…are terrible in positions of trust at being able to maintain virtue.” --Charles Hoskinson, Cardano founder
InputOutputHK IanAllison123 Wow, that sounds interesting. I’m coming to watch 🤩
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