Hoskinson launches Midnight to fix crypto's privacy flaws

Charles Hoskinson, founder of Cardano, has launched Midnight, a new privacy-focused blockchain within the Cardano ecosystem. Backed by a $200 million investment, Midnight aims to address what Hoskinson identifies as crypto's core design flaws: lack of privacy, complexity, and risk. The network seeks to simplify blockchain use by hiding sensitive data and making transactions more akin to modern applications, potentially paving the way for mass adoption. Midnight will roll out in phases, starting with infrastructure and moving towards applications and governance, with initial uses in confidential financial products and identity systems.