Input Output Global (IOG) is a software research and development company that played an imperative role in developing the blockchain platform Cardano. In its recent announcement, the company appointed Eran Barak as the CEO of its latest data-protection protocol, Midnight.
This new protocol is set to offer new features that mainly comprise advanced security features to improve the privacy and protection of users’ data on the Cardano network. This recent move from IOG is targeted to strengthen its position in the blockchain industry by meeting the growing demand for data protection and security concerns.
Eran Barak has had a successful career in the financial services industry, serving in multiple senior roles. Before being named the CEO of IOG’s new data-protection protocol, Midnight, he worked as the Chief Operating Officer at Symphony.
Symphony is a company that specializes in compliance-related financial services workflows. With Barak’s expertise, he is expected to significantly add value to IOG’s efforts to improve protection on Cardano’s network.
What Is The New Cardano Blockchain Project Expected To Do?
Development of the Cardano blockchain project, Midnight, is underway at the moment. The platform is being developed for global-scale applications. It is designed for developers, companies, governments, and individuals to operate securely.
This project’s unique programming model will prioritize data protection that will safeguard sensitive personal and commercial data while keeping compliance in place.
Midnight is a platform that will use zero-knowledge cryptography (ZK Proofs) with a mix of private and public computation to create a trustless environment. The platform is expected to be helpful in many fields, such as finance, supply chain management, and healthcare.
The newly appointed CEO of the business unit developing Midnight, Barak, will lead and expand the project. This blockchain protocol was announced at the end of 2022.
Midnight To Operate As Sidechain Of Cardano
The Cardano blockchain project shall be operating as a sidechain of Cardano. This also means that the project will be able to utilize the blockchain’s security and decentralized features.
The project will benefit from these aspects and help people and organizations transact, publish and share sensitive information efficiently while ensuring safety and security.
Charles Hoskinson, CEO and co-founder at IOG, stated:
Since its founding, IOG has continued to push the boundaries of innovation in the blockchain space. Midnight looks to not only challenge assumptions of what digital identity and personal ownership of data entails, but to give users the tools they need to architect confidential systems….bringing a product like Midnight to market requires someone who understands the heart of the product and the benefits it will bring to a global, digital ecosystem.
Featured Image From UnSplash, Chart From TradingView.com
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